FitzSimons’ departure is not a surprise, as the company prepares to go private under new chairman Sam Zell by the end of this week. After 25 years at Tribune, FitzSimons could leave with $40 million, depending the timing of his exit. His severance package could reach $10.7 million, with stock options and restricted stock worth $6.9 million. FitzSimons could also receive a $4 million payment to cover his taxes on the rest of the package. FitzSimons, who became CEO in 2003 and chairman in 2004, also owned 498,202 shares as of March 31, worth $16.9 million at the price of $34 a share under the Zell buyout. Other senior executives are expected to follow suit. We’ll keep you posted. (via Romenesko)

LAT: “Zell is expected to reduce corporate overhead by delegating more operational decisions to executives at individual business units. The contrast is likely to be felt promptly at Tribune ...”

Tribune: “The Chicago-based media giant was still hoping to finalize its transaction by Thursday, but sources said the banks, worried about losing money on the deal in skittish credit markets, were scouring company records before committing to fund the transaction.”