Tribune gets waivers from FCC |
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Sat, 01 Dec 2007 00:19
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CHICAGO (AP) - Newspaper operator Tribune Co. on Friday said the Federal Communications Commission has approved waivers that would allow the company to own both a newspaper and a broadcast station in the same market until the commission votes on a permanent rule on such combinations, allowing its proposed $8.2 billion buyout to close as scheduled.Real estate investor Sam Zell is leading the proposed buyout that would take private Tribune, which owns the Los Angeles Times, the Chicago Tribune, nine other dailies and 23 television stations.When the deal closes, Zell's investment in the company will increase to $315 million and he will become chairman of Tribune's board of directors.FCC Chairman Kevin Martin said earlier he wants to vote on Dec. 18 on a permanent cross-ownership rule that would allow one company to own both a newspaper and a broadcast station in the same market. But Tribune said that it needed 20 days following FCC approval to close the deal by year-end and that a Dec. 18 decision would be too late and jeopardize financing for the deal. The temporary waivers allow the deal to continue.Tribune currently owns both newspapers and broadcast stations in five markets: New York, Chicago, Miami, Los Angeles and Hartford, Conn.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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FCC chair's plan approves Tribune buyout 