FCC Blesses Tribune Buyout With Waivers

Law360, New York (December 3, 2007, 12:00 AM EST) -- The Federal Communications Commission has approved the proposed $8.2 billion sale of Tribune Co., awarding the company exemptions from media ownership rules that would have forced its new owner to sell off certain outlets.

The FCC commissioners voted 3-2 on Friday to grant real estate mogul Sam Zell's request for waivers in five markets where Tribune currently owns both a newspaper and television station. It is a decision that many have decried as a move to encourage more consolidation in the media industry.

Proponents welcomed the...
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