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
- UK house prices fall for first time in 17 months - Nationwide
- UK economy picks up in second quarter, recovery pace revised higher
- Analysis - Ukraine leader clings to European goal despite Putin
- Arsenal must now beat Galatasaray, says Cazorla
- Hong Kong protesters stockpile supplies, fear fresh police advance |