When Tribune Co. (OTC: TRBCQ) owner Sam Zell took the publishing and media giant private about a year ago, little did he know that his move would completely backfire, leading to a bankruptcy just under a month ago. With way too much debt, one of the nicer possessions in Zell's closet has been the Chicago Cubs. Outspoken billionaire Mark Cuban wants to buy them, but at a discount to Zell's asking price of course.

Cuban's balking at the approximately $1 billion price tag that seems to be the asking price for the Cubbies. Cuban probably is thinking that Tribune and Zell are in such dire straights that he can hold out a bit and score the Cubs for a much lower price -- perhaps $600 million or so. Zell, who is going to have to generate some asset sales regardless of how Tribune navigates through bankruptcy, needs to make this sale. In fact, all of the flash wrapped up in Tribune's assets that don't have a core function in its business probably will have to go. Time for egos to take a vacation.

Tribune Co. was for a time a great collection of media assets. Just like any other newspaper publisher, it was caught off-guard when most news seekers turned to the internet for instant news -- not late news like newspapers generally supply. Local content and freshness has been what has saved many publishers, but who knows if this will last.

For now, Zell's huge misstep with Tribune is going to demand he bite his tongue and rake in some cash. It's nice to know that two outspoken rich guys will be the ones getting to deal with each other soon, and perhaps Cuban will use his blog to chip away at the Cubs' price even more.