After financier Sam Zell schmoozed Washington lawmakers last
week, Senate Majority Leader Harry Reid joined Senate Majority Whip Richard
Durbin and other lawmakers in prodding the Federal Communications Commission
to quickly complete its review of
Zell's
$8.2 billion take-private of Tribune Co. The transaction review is being
delayed by pending media ownership issues. Some of Chicago-based Tribune's
most valuable properties are in markets where the company owns both a daily
newspaper and a TV station. That kind of cross-ownership is prohibited by the
FCC, but a number of waivers granted by the agency and loopholes in its rules
have permitted Tribune to keep them intact. —Ron Orol
See
related story from the Los Angeles Times
See
Zell Dealwatch
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