FCC Plan Would Facilitate Zell's Buyout of Tribune Co.

Wall Street journal ^ | November 29, 2007 | AMY SCHATZ and COREY BOLES

[Ernest_at_the_Beach]

Real-estate magnate Sam Zell's $8.2 billion buyout plan for Tribune Co. was back on schedule to be completed by year end after Federal Communications Commission Chairman Kevin Martin proposed a vote tomorrow to grant waivers needed to close the deal.

The waivers would allow Tribune to own newspaper and broadcast properties in the same market. They would last for two years or until six months after the conclusion of any litigation stemming from the FCC's efforts to rewrite media-ownership rules, which could take years to resolve.

Approval of the waivers, which is expected, would mean the buyout can go through next month without requiring Tribune's new owners to divest assets.

Mr. Martin said yesterday he intends to go ahead with a Dec. 18 vote on his proposal on cross-ownership limits, which would allow media companies to own both newspaper and broadcast properties in the top 20 markets. He said he didn't think it was fair to hold up the Tribune deal while the FCC was tied up in negotiations over his cross-ownership proposal or for the company to be forced to divest any stations while his ownership proposal was tied up in court, which he acknowledged would likely be "quite some time."

In particular, the waivers would avoid the need, for now, to sell the company's newspaper or one of its television stations in Hartford, Conn., although Tribune may eventually have to do so because the Hartford market is too small to be covered under Mr. Martin's cross-ownership proposal.

[Ernest_at_the_Beach]

fyi

[JennysCool]

Wish it was Zell Miller! :-)

[Milhous]

Thanks for giving me the opportunity to post this great headline:

FCC backs Zell’s Tribune heist

[therut]

Gosh I thought it was Zell Miller. That would be wonderful.