Re: Sale of Cubs to Ricketts Complete (p. 15)

[ManEatingTarp]

If that's not the most messed up quote I've ever seen :shock:

 

Oh, I could have made it worse.

:stickman:

[jersey cubs fan]

Ricketts is supposedly going to be on CNBC in a few minutes.

 

anything of interest?

I had to step away, I think this is the video.

 

http://www.cnbc.com/id/15840232?video=1143079343&play=1

[JGalt73]

10 seconds of Cubs talk...

 

1) Negotiations are "progressing, that's all I can say for now".

 

2) Financing is OK.

 

3) "I won't guess on timing right now."

 

...Nothing of interest.

[Little Slide Rooter]

I was listening to The Score this morning, and they were talking about the sale. Basically, they said that what might happen is that the lending banks could take control over the tribune, and its assets, including the Cubs, and Zells company would no longer be involved. The lenders would then control the Cubs until the completion of the sale. They speculated that the sale should be completed "in the next few months", which suggest that it will be beyond July.

[E.J.]

This is bordering on ridiculous already. I am really, really starting to despise the Tribune.

 

The Sports Business Journal has multiple sources saying the exclusive negotiating period between the Tribune Co. and Cubs bidder Tom Ricketts expired last month. The Tribune entered exclusive negotiations with Ricketts in January, when the company selected him over two other bidders to buy the Cubs, Wrigley Field and a 25 percent stake in regional cable network Comcast SportsNet.

 

There was no comment from representatives for Ricketts or the Tribune.

 

According to the SBJ article, the problem appears to be the level of involvement Tribune's WGN would have in the Cubs post-sale. WGN has been paying below market rates for broadcast rights to the games, and Ricketts wants that to change, sources said. The Tribune side has said that the terms bidders agreed to in November outlined WGN's role, the sources said.

 

http://muskat.mlblogs.com/archives/2009/06/sbj_snag_in_cubs_sale.html

[GhostRunner]

This is bordering on ridiculous already. I am really, really starting to despise the Tribune.

I think both parties are to blame on the WGN sticking point.

 

Granted, after Ricketts takes control of the team, Tribune shouldn't expect a sweetheart deal for it's TV station to broadcast the games. On the other hand, Ricketts should realize that WGN and the Cubs are attached at the hip in the minds of the fans, and that losing WGN as a broadcast partner would be very detrimental to the fanbase.

 

WGN ceasing to broadcast the Cubs would potentially cost Ricketts far more than the $50 million he's arguing over.

[chasinf5s]

This is bordering on ridiculous already. I am really, really starting to despise the Tribune.

I think both parties are to blame on the WGN sticking point.

 

Granted, after Ricketts takes control of the team, Tribune shouldn't expect a sweetheart deal for it's TV station to broadcast the games. On the other hand, Ricketts should realize that WGN and the Cubs are attached at the hip in the minds of the fans, and that losing WGN as a broadcast partner would be very detrimental to the fanbase.

 

WGN ceasing to broadcast the Cubs would potentially cost Ricketts far more than the $50 million he's arguing over.

 

sure it could cost him some money but in the end WGN has been losing games year after year. WGN losing the radio call would be huge though, that is where the following is now, not the tv since most are on CSN anyway.

[E.J.]

I think it's been proven that teams can make a fortune with their own broadcasting channels. Look at the Yankees, Red Sox, and Mets. The Cubs don't need WGN at all. Heck, at this point, WGN is playing less than 50% of the games anyway. The Cubs would be better off ditching WGN and CSN, and starting their own channel.

[RedFlash]

I think it's been proven that teams can make a fortune with their own broadcasting channels. Look at the Yankees, Red Sox, and Mets. The Cubs don't need WGN at all. Heck, at this point, WGN is playing less than 50% of the games anyway. The Cubs would be better off ditching WGN and CSN, and starting their own channel.

 

If it's a national network, I'm all for it. But if it's not, then I (and people not living in the Chicago viewing area) would be screwed from following the Cubs on tv. I would have to wait till the Cubs came to Atlanta (Peachtree TV) or hope they get a Nat'l tv game on ESPN, FOX, TBS to follow them. ATP I much rather have less then 50% of Cubs games on WGN over 0% of games on their own personal broadcast channel.

[UMFan83]

As much as it hurts the team short term, I don't mind Ricketts holding out for that. By not having as deep of pockets as the Trib Co., he will need to maximize profits as much as possible. Letting the Trib Co. show Cubs games for a cheap price is not doing that. Creating a Cubs Network cable channel on the other hand does do that.

[RedFlash]

As much as it hurts the team short term, I don't mind Ricketts holding out for that. By not having as deep of pockets as the Trib Co., he will need to maximize profits as much as possible. Letting the Trib Co. show Cubs games for a cheap price is not doing that. Creating a Cubs Network cable channel on the other hand does do that.

 

I do agree it makes sense in certain aspects, but what those Cubs fans who can't get the prosposed Cubs channel? Would that mean we're SOL every yr? If it wasn't for Cubs games, Scrubs reruns and Corner Gas, I have no use for WGN. Take the Cubs off WGN and I prolly won't watch WGN all that much. I'd take 50 Cub games a yr on WGN over none on a new network.

[Coach C]

As much as it hurts the team short term, I don't mind Ricketts holding out for that. By not having as deep of pockets as the Trib Co., he will need to maximize profits as much as possible. Letting the Trib Co. show Cubs games for a cheap price is not doing that. Creating a Cubs Network cable channel on the other hand does do that.

 

I do agree it makes sense in certain aspects, but what those Cubs fans who can't get the prosposed Cubs channel? Would that mean we're SOL every yr? If it wasn't for Cubs games, Scrubs reruns and Corner Gas, I have no use for WGN. Take the Cubs off WGN and I prolly won't watch WGN all that much. I'd take 50 Cub games a yr on WGN over none on a new network.

 

I'll take 162 Cubs games on WGN over any silly reruns that are just outdated.

[RedIvyCub]

You all do realize the reason for less games on WGN, don't you? It's the Superstation tax. It's why TBS under new Braves ownership is no longer the flagship station of the Braves. So don't be surprised to see no more game on WGN America down the road. Albeit, they will probably still televise on the local feed only.

 

And for those who are so upset about not seeing the Cubs on WGN...talk to fans of 28 other teams who don't have the advantage that you do. I don't think they will feel too sorry for Cubs fans if they lose WGN games. Then again, that is Zell's fear because then WGN will probably not be a Superstation much beyond that with all the horrific programming they offer.

[Banedon]

Without the Cubs, I wonder how long WGN would last? I mean, I know everybody needs their fill of "Corner Gas" or "Fresh Prince" or whatever reruns they are showing these days...But outside of Chicago sports, they don't really bring anything unique to the table.

 

I wouldn't be terribly upset though. Put em all on CSN and I'm ok.

[David]

I think it's been proven that teams can make a fortune with their own broadcasting channels. Look at the Yankees, Red Sox, and Mets. The Cubs don't need WGN at all. Heck, at this point, WGN is playing less than 50% of the games anyway. The Cubs would be better off ditching WGN and CSN, and starting their own channel.

 

 

Agreed.

[David]

As much as it hurts the team short term, I don't mind Ricketts holding out for that. By not having as deep of pockets as the Trib Co., he will need to maximize profits as much as possible. Letting the Trib Co. show Cubs games for a cheap price is not doing that. Creating a Cubs Network cable channel on the other hand does do that.

 

I do agree it makes sense in certain aspects, but what those Cubs fans who can't get the prosposed Cubs channel? Would that mean we're SOL every yr? If it wasn't for Cubs games, Scrubs reruns and Corner Gas, I have no use for WGN. Take the Cubs off WGN and I prolly won't watch WGN all that much. I'd take 50 Cub games a yr on WGN over none on a new network.

 

 

That's the Tribune's problem. Not the Cubs'.

[Careless]

I think it's been proven that teams can make a fortune with their own broadcasting channels. Look at the Yankees, Red Sox, and Mets. The Cubs don't need WGN at all. Heck, at this point, WGN is playing less than 50% of the games anyway. The Cubs would be better off ditching WGN and CSN, and starting their own channel.

 

If it's a national network, I'm all for it. But if it's not, then I (and people not living in the Chicago viewing area) would be screwed from following the Cubs on tv. I would have to wait till the Cubs came to Atlanta (Peachtree TV) or hope they get a Nat'l tv game on ESPN, FOX, TBS to follow them. ATP I much rather have less then 50% of Cubs games on WGN over 0% of games on their own personal broadcast channel.

There are no national networks for sports teams. MLB won't allow it. I mean, I get YES on my television, but it's blacked out during Yankee games. Any Cubs game that isn't shown on WGN (aside from the obvious exceptions) is one you won't be able to watch.

[SouthSideRyan]

So we found the guy who likes Corner Gas.

[Banedon]

So we found the guy who likes Corner Gas.

 

Ha! I got hung up on that part of his post too.

[GhostRunner]

I think it's been proven that teams can make a fortune with their own broadcasting channels. Look at the Yankees, Red Sox, and Mets. The Cubs don't need WGN at all. Heck, at this point, WGN is playing less than 50% of the games anyway. The Cubs would be better off ditching WGN and CSN, and starting their own channel.

 

If it's a national network, I'm all for it. But if it's not, then I (and people not living in the Chicago viewing area) would be screwed from following the Cubs on tv. I would have to wait till the Cubs came to Atlanta (Peachtree TV) or hope they get a Nat'l tv game on ESPN, FOX, TBS to follow them. ATP I much rather have less then 50% of Cubs games on WGN over 0% of games on their own personal broadcast channel.

There are no national networks for sports teams. MLB won't allow it. I mean, I get YES on my television, but it's blacked out during Yankee games. Any Cubs game that isn't shown on WGN (aside from the obvious exceptions) is one you won't be able to watch.

Exactly. YES, SNY, and NESN are all regional networks, not national.

[jersey cubs fan]

Buy extra innings.

 

 

The bottom line is the Cubs grew their fan base and profited from having a generation of pre-internet kids watch their games on WGN. But that opportunity is more or less lost now. The fan base is there, and WGN America is going to have relatively little to do with it. If you want to be able to watch every game without living near Chicago, pay the $150 (less than a dollar a game) or so to watch the season.

 

If you aren't in Chicago and you are getting WGN, you are already paying for cable, so you are clearly willing and able to pay for television entertainment. If you are bitching about it on the internet, odds are you are paying for that privilege.

 

If you don't live in Chicago but want to watch the Cubs play, you can, and it's really not all that expensive when you consider how many games you get. Sure it can be harsh to accept that when you've been getting it for "free" for so long. I've been in NY for over a decade and they stopped getting WGN on their cable systems before that. When I switched to directv it was a godsend to once again get WGN, although they still didn't have all the games. But as somebody who grew up in Chicago, then moved away, I was more than willing to pay for the privilege of watching Cubs games.

[Old Style]

I would be OK with paying for Extra Innings if I could get it on Dish Network.

[jersey cubs fan]

I would be OK with paying for Extra Innings if I could get it on Dish Network.

 

Weird.

 

About 5 seconds after I read this post, I got a call on my office phone and when I answered it was a recording, "Hi, this is Lisa from Dish Network. We have you scheduled for a free satellite...."

 

When I got directv I specifically got it because they had sunday ticket and when I moved I specifically looked for places where I could still get directv. You should look into your other service provider options.

[E.J.]

Zell Could Lose Control of Tribune

 

Chicago-based Tribune Co. and its creditors are in the early stages of negotiating a plan of reorganization in U.S. Bankruptcy Court that sources said likely would transfer control of the troubled media conglomerate from Chicago billionaire Sam Zell to a group of large banks and investors that hold $8.6 billion in senior debt.

 

The plan is still in its infancy, these sources said, and much could change as negotiations continue.

 

But the general shape of a new capital structure is coming into focus, and it centers on a debt-for-equity swap that probably would give the senior lenders a large majority ownership stake in the reorganized company.

 

A source with knowledge of the situation said the plan probably would wipe out a $90 million warrant Zell negotiated as part of his $8.2 billion deal to take the company private in 2007. The warrant gives the Tribune Co. chairman the right to buy 40 percent of the company for $500 million and is the basis of his control over Tribune Co., which owns the Chicago Tribune.

 

Bankruptcy experts said the plan's outline raises questions about whether the senior lender group would want to retain Zell and his management team or seek new leadership for the company. It also poses the question of whether Zell would want to stay without a large ongoing stake in the company.

 

"It completely depends on whether the new owners see value in keeping Zell," said Douglas Baird, a corporate reorganization specialist at the University of Chicago Law School. "They have to decide: Is the person at the helm when the company went into the storm the most able person to steer it out?"

 

 

I wonder if Zell being out of control would speed up or slow down the Cubs' sale.

[Guest]

 

I wonder if Zell being out of control would speed up or slow down the Cubs' sale.

Slow it down to a grinding halt.