Skip to: Content
Skip to: Site Navigation
Skip to: Search

October 16, 2008 12:08:10 AM CDT



FCC to Give Stalled Tribune Sale a Push

Posted Nov 29, 07 8:26 AM CST in Business 

(Newser) – Sam Zell’s $8.2-billion bid to take the Tribune Company private got a boost yesterday from  FCC Chairman Kevin Martin, who green-lighted a two-year exemption on rules barring ownership of newspapers and broadcast stations in the same market. Zell needs waivers for five markets in which the Tribune has dual ownership, reports the Los Angeles Times. The FCC could act as soon as tomorrow, and the deal could close by year’s end.

Martin has proposed a broader plan to lift the cross-ownership ban in the nation's top 20 markets, but waiting for the Dec. 18 vote would push the Trib deal into next year. Tribune’s stock gained 10% to $30 yesterday, still 12% below the $34 buyout price. Tribune’s attempt to sell the Chicago Cubs, expected to draw $1 billion, hasn’t moved forward because Tribune won’t release financial details on the team until January.

Sources Los Angeles Times, Wall Street Journal

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon
Samuel "Sam" Zell, Chairman, Equity Group Investments, Tribune Corporation, speaks on corporate growth strategies at the 2007 ACG Los Angeles Business Conference in Beverly Hills, Calif., Tuesday, Oct....   (Associated Press)
Flags wave along Michigan Ave. Bridge outside the Chicago Tribune Tower in Chicago in this April 12, 2006, file photo.   (Associated Press)
The Tribune Tower in Chicago is seen lit up in this Nov. 16, 2005, file photo.   (Associated Press)
Federal Communications Commission (FCC) Chairman Kevin Martin speaks during a hearing on localism, Wednesday, Oct. 31, 2007, at the FCC headquarters in Washington.   (Associated Press)
« Prev« Prev | Next »Next » Slideshow
Our editors also recommend:

Threads (
1
 of 4)

Tags

Chicago Cubs   FCC   buyout   Tribune Company   Sam Zell   Kevin Martin



Loading...

Premium Articles from HighBeam

Find more articles like this

Today's Most Popular

Loading...

Other Business Stories


What is Newser?