FCC to Give Stalled Tribune Sale a Push

Says letting newspapers own TV stations in same market would aid flagging industry

(NEWSER) - After weeks of speculation, FCC chairman Kevin Martin came out today in favor of relaxing a decades-old rule barring ownership of newspapers and TV stations in the same market. In a call to reporters and an op-ed piece in the New York Times, he said the change is needed to bolster the flagging newspaper industry; he would allow cross-ownership only in the well-diversified top 20 markets. More»

But analysts say Zell's bid should be lowered

(NEWSER) - The Tribune Co.’s shareholders approved Sam Zell's $8.2 billion takeover today, nudging the publisher one step closer to private ownership. But some analysts remain skeptical that the deal will go through as planned—the company’s declining profitability since the April announcement has triggered speculation that the 26% premium Zell offered is outdated. More»

Wall Street unsure of Zell takeover will go through

(NEWSER) - The Tribune Company’s shareholders are meeting tomorrow to approve Sam Zell’s $8.2 billion takeover, but whispers persist on Wall Street that the deal will crumble. A disappointing stock price, concerns about the fading newspaper business, and a sagging credit market have convinced some analysts that Zell’s offer of $34 a share will be lowered to ease the company’s debt. More»

Family will pay $800M for 95% stake in team, Wrigley field

(NEWSER) - It’s official: Tribune Co. has signed an agreement to sell a majority stake in the Chicago Cubs to the Ricketts family, the Chicago Tribune reports. Picked as the winning bidder for the franchise in January, family negotiated a deal to pay $800 million for a 95% stake in the Cubs, Wrigley Field, and the Tribune's stake in Comcast SportsNet Chicago. The Tribune is retaining a 5% stake in those assets. More»

(NEWSER) - It looks like the Cubs are returning to family ownership, the Chicago Tribune reports. The billionaire Ricketts family is the winning bidder to buy the baseball team from Sam Zell's Tribune Co. The $900 million deal isn't sealed yet—other baseball owners must approve, for one thing—but it's expected to be complete before spring training in April. The Wrigley family owned the team for 65 years before selling to Tribune in 1981. More»