Sam Zell Calls Buying the Tribune a ‘Mistake’

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"By definition, if you bought something and it's now worth a great deal less, you made a mistake and I'm more than willing to say I made a mistake," the Chicago billionaire said today. Somehow, his saying this doesn't make us feel any better. In other media news, the Boston Globe struggles to not go into the light, and Reader’s Digest gives its staffers a birthday present wrapped in crap.

• Bauer Publishing has fired Life & Style’s executive deputy editor and senior news editor. [MediaInk/NYP]

• Journalists are even getting kicked out of other people's offices! Police Commissioner Ray Kelly has informed news organizations that media outlets will have to leave the “Police Shack” at 1 Police Plaza because of construction. [NYO]

• Sam Zell at last admits that his purchase of the Tribune Company was “a mistake.” "By definition, if you bought something and it's now worth a great deal less, you made a mistake and I'm more than willing to say I made a mistake," said the billionaire. "I was too optimistic in terms of the newspaper's ability to preserve its position." [Bloomberg via Romenekso]

• The embattled Boston Globe announced it will cut 2009 bonuses as well as take back the ten vacation days it granted in exchange for a 5 percent pay cut. At least it is still alive — for now. [Boston Globe via Romenesko]

Reader’s Digest is forcing employees to take five days off with no pay this year and next in order to cut costs, but will give every employee a paid vacation day on their birthdays. Aw. At least they’re trying. [MediaInk/NYP]

• In case you’ve been in denial about the Death of Print, the Publishers Information Bureau claims that magazines lost over 20 percent of their revenue in the first quarter, and the Times claims the losses in newspapers could be as high as 30 percent. [MPA, NYT via Mixed Media/Portfolio]

• Dan Abrams convinced the Fishbowl blogger from Mediabistro to join him for his sinister new project, so now they're hiring! [Mediabistro]