FCC Order Clears Tribune's Exit From Bankruptcy

Cross-ownership waivers granted in five markets

Tribune's exit from a long and arduous bankruptcy is almost over after clearing the final regulatory hurdle at the Federal Communications Commission.

The regulator on Friday afternoon approved the media company's request for the assignment of its broadcast licenses to new owners J.P. Morgan Chase & Co., Oaktree Capital Management and Angelo, Gordon & Co. The FCC also granted Tribune a permanent waiver of the ban on newspaper-broadcast cross-ownership in Chicago (where it owns a newspaper, TV and radio station) and temporary waivers in New York, Los Angeles, South Florida and Hartford (where it has newspapers and TV).

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