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TRIBUNE
GRANTED REGULATORY APPROVALS BY
FEDERAL COMMUNICATIONS COMMISSION
FCC Grants
Transfer of Television Station Licenses and Extension of
Waivers;
Going-Private Transaction Expected to Close By End of
2007
CHICAGO, Nov.
30, 2007— Tribune Company
(NYSE:TRB) today announced that the Federal Communications
Commission has approved the transfer of its broadcasting licenses
and the extension of its cross-ownership waivers in markets where
the company owns both a television station and a newspaper.
Tribune’s going-private transaction is expected to close by
year end following satisfaction of the remaining closing
conditions, including the receipt of a solvency opinion and
completion of the committed financing.
“We
appreciate today’s action by the FCC, which allows our
transaction to move forward,” said Dennis FitzSimons, Tribune
chairman, president and chief executive officer. “We look
forward to implementing the new ownership structure that will
enable us to focus all of our energy and resources on
Tribune’s future.”
On April 2, 2007,
Tribune announced its intention to become a private company, owned
100 percent by an employee stock ownership plan (ESOP). When the
transaction closes, Sam Zell’s investment in the company will
increase to $315 million and he will become chairman of
Tribune’s board of directors.
To complete the
transaction, Tribune sought FCC approval to transfer the operating
licenses of its broadcast stations to new ownership. The company
also asked for an extension of existing waivers of the FCC’s
cross-ownership rule in New York, Los Angeles, Hartford and South
Florida—markets in which Tribune operates both a newspaper
and television station. The waivers granted today are temporary,
pending the outcome of the FCC’s ongoing review of media
ownership rules. In Chicago, the company will be exempt from
cross-ownership restrictions through a permanent waiver
provision.
TRIBUNE
(NYSE:TRB) is one of the
country’s top media companies, operating businesses in
pu
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