Zell gets OK from FCC to buy Tribune Co.

[seafan]

Source: CNN Money

WASHINGTON (AP) -- The Federal Communications Commission approved the $8.2 billion buyout of the Tribune Co. by a 3-2 vote Friday, a move that will allow the deal to close by the end of the year. .....
In approving the deal, the agency agreed to waive the ban on ownership of both a newspaper and a broadcast station in the same market for two years, or possibly longer, depending on whether the agency's decision on a permanent cross-ownership rule is challenged in court.

Tribune Co. is owner of The Los Angeles Times, The Chicago Tribune, nine other dailies and 23 television stations. The buyout is being led by real estate billionaire Sam Zell and will result in the publicly traded company becoming private. .....
The three Republican commissioners voted in favor of the sale while Democrats Michael Copps and Jonathan Adelstein were opposed.

.....

FCC Chairman Kevin Martin has proposed a permanent rule that would allow one company to own a newspaper and a broadcast station in any of the 20 largest markets. The full commission is set to vote on the proposal by Dec. 18. While Martin's plan would grant Tribune some relief, it still would have pushed the closing date for the sale into next year, which the company has said would jeopardize financing for the deal.

Martin began circulating the temporary waiver plan among the other four commissioners on Tuesday. The chairman, anticipating that the ownership rules may be challenged in court, said Tribune Co.'s waivers will last six months after any potential litigation is concluded, or two years, whichever is later.

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Read more: http://money.cnn.com/2007/11/30/news/companies/tribune.ap/index.htm

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Kevin Martin cares nothing about the people's concerns about further media consolidation.

This must be challenged vigorously in the courts.

[AndyTiedye]

1. OWNED!

[blm]

3. Screwed.

Full on fascism. It's no longer creeping up on us.

[brentspeak]

2. I agree: this should be challenged in court.

Hopefully, people will be working on this, and hopefully they won't be stymied by some Federalist Society judge.

[madrchsod]

4. zell is going to have a fire sale when the market pick ups

zell is in for the money. if any part of his purchase is`t making money it`s on the block

[InkAddict]

5. So, tell me again about who we're going to bail out of their

sub-prime nightmare? Wow, now we'll get to read and listen to them gloat even more blatently? This really needs to be challenged. In the meantime, get thee to a forum (Thanx, DU), a blog, an underground alternative, or a pirate station!

Mon Dieu, Le Miserables, mon Dieu; Liberté, égalité, fraternité.