Temporary waivers granted, Tribune sues FCC * **

*Updated: The company filed suit in the D.C. Court of Appeals Wednesday over the FCC's decision to grant temporary waivers for the company's newspaper-broadcast cross-ownerships in Los Angeles, Chicago, New York, Hartford and Orlando. Why would the company sue a commission that just saved its buyout deal? Because it still gets the waiver whether it sues or not, but it wanted permanent waivers. So if it wins, the newspaper-broadcast cross-ownership ban could get thrown out altogether. Broadcasting&Cable.com, E&P

Shares jumped, closing at $32.00

** Correction: The waivers are temporary for Los Angeles, New York, Hartford and Miami-Ft. Lauderdale. A permanent waiver was granted for Chicago.
(end of post)