Tribune gets regulatory approvals from FCC allowing buyout to move ahead |
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Published
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Fri, 30 Nov 2007 23:57
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SAN FRANCISCO (Thomson Financial) - Tribune Co. said late Friday the Federal Communications Commission has granted the regulatory approvals that will allow its $8.2 billion buyout by a group led by real estate mogul Sam Zell to move forward.The FCC approved the transfer of Tribune's broadcasting licenses and the extension of its cross-ownership waivers in markets where the company owns both a television station and a newspaper.Tribune's going-private acquisition is expected to close by the end of the year.Tribune owns 11 daily newspapers, including the Los Angeles Times and the Chicago Tribune, and 23 television stations.The Chicago-based company's shares closed the regular session up 5 cents at $31.04.Gabriel MadwaygmCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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FCC chair's plan approves Tribune buyout 