Wednesday, June 13, 2007

Zell goes to Capitol Hill about needed FCC waivers*

*Details here from LAT

Zell and Tribune execs met with Senate Democrats Tuesday on their concern that the FCC has yet to respond to Tribune's request for waivers nor a letter from Illinois' congressional delegation urging a quick decision.

In order to take Tribune private in the $8.2 billion deal, Zell needs to get regulatory waivers from the FCC for the company's ownership of print and broadcast properties in the same markets – Los Angeles, New York , Chicago, Hartford and Fort Lauderdale-Miami.

From AP: "There's a lot at stake here (and) 20,000 employees, their future, is on the line," (Dick) Durbin, the Senate's majority whip and second-highest ranking Democrat, said Tuesday, complaining that there has been no FCC response to the delegation's letter.
Critics of the $8.2 billion deal have argued that the media conglomerate should be broken up to avoid the cross-ownership that now exists in the five cities. A public interest law firm, Media Access Project, has urged federal regulators to deny Tribune's request for waivers.

(end of post)

No comments: