FCC Chairman Backs Tribune Buy-Out

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Kenneth Martin, chairman of the Federal Communications Commissions, circulated a plan Wednesday that would allow investor Sam Zell to take Tribune Co. private.


Under FCC rules, a company cannot own a newspaper and TV in the same market. However, Tribune currently owns newspaper-TV combinations in five cities, including the Los Angeles Times and KTLA-TV (Channel 5) in Los Angeles. Tribune has temporary waivers to avoid the rule.


Martin’s plan would grant new waivers until the FCC finalizes its ownership rules.


“We are pleased with Chairman Martin’s proposal which, if approved, will enable Tribune’s going private transaction to close by the end of the year,” said Tribune Chairman Dennis FitzSimons in a statement.

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