Coordinates | 15°48′00″N47°54′00″N |
---|---|
name | Samuel Zell |
birth date | September, 1941 |
birth place | Chicago, Illinois |
occupation | Chairman of Equity Group Investments, Equity International, Equity Residential, Equity Lifestyle Properties, Anixter, Covanta and Tribune. |
networth | US$5 billion (2011) |
ethnicity | Jewish |
website | egizell.com |
signature | }} |
Zell is also co-founder and Chairman of Equity International, a private investment firm that focuses on real estate-related companies outside of the U.S. In addition, Zell maintains substantial interests in, and is the Chairman of, a number of public companies listed on the New York Stock Exchange, including: Equity Residential (EQR), the largest apartment REIT; Equity LifeStyle Properties (ELS), a real estate investment trust that owns and operates manufactured home communities; Covanta Holding Corp. (CVA), an international leader in converting waste to energy; and Anixter (AXE), a value-add provider of integrated networking and cabling solutions that support business information and network infrastructure requirements. Zell is also the chairman of Tribune Company, a private media conglomerate.
Zell is also Chairman of Capital Trust Inc., a finance and investment management company focused on the commercial real estate industry, and Anixter International, the world's largest distributor of communication products and electrical and electronic wire and cable.
In 2007 the Blackstone Group completed its purchase of Zell's Equity Office Properties Trust for $39 billion, and sold off many of the portfolio's properties for record amounts. By early 2009 most of the properties sold were "under water" (worth less than the mortgage).
On April 2, 2007, the Tribune Company announced its acceptance of Zell's offer to buy the Chicago Tribune, the Los Angeles Times, and other media assets. On December 20, 2007, Zell took the company private, and the following day he became the Chairman and CEO. He plans to sell the Chicago Cubs, and sell the company's 25 percent interest in Comcast SportsNet Chicago. Under the burden of the debt incurred as part of Zell's leveraged buyout, the Tribune Co. filed for chapter 11 bankruptcy reorganization in December 2008.
Zell is known for using "salty" language in the newsroom. In February 2008, the website LA Observed reprinted an internal memo that said:
"Last week you may have encountered some colorful uses of the lexicon from Sam Zell that we are not used to hearing at the Times... But of course we still have the same expectations at the Times of what is correct in the workplace. It's not good judgment to use profane or hostile language and we can't tolerate that... In short, nothing changes; the fundamental rules of decorum and decency apply... Sam is a force of a nature; the rest of us are bound by the normal conventions of society."
Zell, according to The Forward, is also "a major donor to causes in the Middle East. His donations include a $3.1 million donation to the Herzliya Interdisciplinary Center in Israel and separate donations to the Israel Center for Social and Economic Progress, a free market oriented Israeli think tank founded by Daniel Doron. In the United States, he has given major gifts to such Jewish causes as the American Jewish Committee and the Bernard Zell Anshe Emet Day School, a Chicago Jewish primary school named after his father."
In 2008, Zell announced a plan to place the Chicago Cubs and Wrigley Field up for sale separately in order to maximize profits. He also announced he would consider selling naming rights to Wrigley Field. These announcements were widely unpopular in Chicago and a poll taken by the Chicago Sun-Times showed that 53% of 2,000 people who voted said they would no longer attend Cubs games if the field was renamed.
In April 2008, Zell made a controversial comment about the subprime mortgage crisis at a conference in Los Angeles, where he stated, "This country needs a cleansing. We need to clean out all those people who never should have bought in the first place, and not give them sympathy.” He was referring to homeowners who purchased homes with prices beyond their ability to pay for them.
Category:1941 births Category:Living people Category:American real estate businesspeople Category:American newspaper publishers (people) Category:American billionaires Category:American philanthropists Category:People from Chicago, Illinois Category:University of Michigan alumni Category:University of Michigan Law School alumni Category:American people of Polish-Jewish descent Category:Private equity and venture capital investors
ar:سام زيل de:Sam Zell fa:سام زلThis text is licensed under the Creative Commons CC-BY-SA License. This text was originally published on Wikipedia and was developed by the Wikipedia community.
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