Tribune Co gets FCC approval, nears bankruptcy exit
Nov 16 (Reuters) - Tribune Co, the owner of the Chicago Tribune, Los Angeles Times and 23 television stations, said on Friday it received a key regulatory approval needed to end its nearly four-year stay in bankruptcy.
Tribune said it received approval from the Federal Communications Commission to transfer its broadcast licenses to the new owners who will take over the company when it emerges from bankruptcy.
Tribune filed for bankruptcy in 2008, a year after real estate mogul Sam Zell gained control through a leveraged buyout.
The company plans to transfer ownership to its main creditors -- Oaktree Capital Management, JPMorgan Chase & Co and Angelo, Gordon & Co.
- Tweet this
- Share this
- Digg this
- Tesco cuts profit outlook again and suspends staff after accounting error |
- Qatar will not host 2022 World Cup, says FIFA's Zwanziger
- Echoes of Law in 1974 as City's Lampard shuns celebration
- Cameron shifts tack on constitutional shake-up to mollify Scots
- Siemens agrees to $7.6 billion deal to buy Dresser-Rand