Sam Zell will be able to take over Tribune. Federal regulators waived a key rule that will allow the company to continue to own TV stations and newspaper properties in the same cities. As it currently stands, the company’s waiver will run out in two years, or six months after litigation over the cross-ownership issue ends.
The Hollywood Reporter reports the FCC permanently grandfathered the company’s ability to own the Chicago Tribune, WGN-AM, and WGN-TV in Chicago, saying the city is so diverse that there was no need to make them sell.