Zell Wants Leno, Minority Stake in Cubs

By Margaret Lyons in News on Jun 4, 2008 4:06PM

Sam Zell wants Jay Leno to be on WGN America, he said at a meeting yesterday. In Portland with Chief Operating Officer Randy Michaels, Zell said he's interested in having Leno on the newly revamped superstation and on the Tribune's stations when the host's contract is up with NBC in 2009.

Zell also announced that the Tribune Company will likely keep a minority share in the Cubs, saying that while the team "belongs in entrepreneurial hands," it's still "an extraordinary asset for ego gratification and identification."

The Cubs, which analysts said could attract bids topping $1 billion when its home park Wrigley Field and a stake in a sports cable TV network are included, are recognized nationally due to the team's history as lovable losers as well as its national exposure on cable television. The Tribune is selling the team and other assets to reduce its debt.

Zell wouldn't elaborate on the plan, but a source close to the deal says the Trib will retain a 5 percent stake in the team. [Reuters, Trib, photo via NBC]