Zell, on the other hand, believes the Los Angeles Times and Chicago Tribune must be restructured to work within their traditional business models, which unfortunately are imploding.

Thus, while he knows that his new properties must ultimately generate top-line growth, he's got far more clarity about what actions are required to reset the cost structures to fit current revenues.

Both Murdoch and Zell need to come to a common realization: The natural competitor to the New York Times as America's premier, high-end national newspaper is not the Wall Street Journal. It's the Los Angeles Times, which can bring a quality newspaper to America's NPR crowd, but without the words "New York" in the masthead.

The more the Journal chases after the New York Times's general news audience, the less progress it will likely make in broadening the global appeal of its business coverage.

3.  Murdoch willingly takes risks in buying assets; Zell only buys assets when he can avoid risks.

For all of his perceived boldness, one of Zell's big strengths is actually the conservatism he shows by using other people's money—or, as he has done with Tribune Co., even someone else's Employee Stock Ownership Plan—to do his deals.

That lowers his up-front risk significantly, but it also usually straps the new property into a skin-tight economic model, with little room for either creativity or unexpected headwinds.

4.  Murdoch knows how to focus attention; Zell only knows how to attract it.

Both men supposedly understand how to use controversy to advance their agendas, but Murdoch's approach is far more conscious.

Murdoch tends to focus the controversy on the issue he wants to see framed, such as "will the evil News Corp. be a better parent than the dysfunctional Bancrofts?"

Zell, on the other hand, often makes himself the controversy, such as cursing on camera at an female employee.

5.  Zell relishes being an outsider; Murdoch only relishes appearing to be an outsider.

In reality, Murdoch puts a far greater premium on wielding extraordinary power and influence, which only come with actually being an insider.

Consequently, Zell indulges his own personality at the expense of his business, while Murdoch frequently parks his personality to get what he wants.

Even taking all of this into account, there are two good reasons not count Zell out quite yet. First, he's a notoriously fast learner, and he clearly burns to make a success of his most public deal ever. And second, history tells us that many of the great media empires were actually built by hamfisted tyrants who occasionally knocked over a desk or two.

 

• Business Spin: Tribune Co.—I Sams What I Sams
• Business Unusual at Tribune Co.
• Lessons From a Former Murdoch Man