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Peltz Reveals Tribune Strategy

"Brace yourself Dennis FitzSimons: The 'operational activist' is here," says Crain's Chicago Business. While the focus this week was on billionaire Nelson Peltz's long proxy fight with H.J. Heinz Co., the investor also laid out his philosophy for forcing changes at the companies he and his Trian Group invests in. That includes Tribune Co., where FitzSimons is chairman and CEO--and a recent addition to Peltz's short list. While they declined to discuss a new 1.1 percent stake in Tribune, Peltz and his associates described an "operational activism" they said applies to all their holdings: "We've spent our lives living and breathing the income statement," says Peltz. "How do we get sales up? How do we get expenses under control? The companies we look at and invest in are those that haven't quite figured that one out."

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