Tribune Company, the Chicago-based owner of several newspapers and 23 television stations, announced on Friday it has received approval needed to end its four-year bankruptcy proceedings.
“This decision will enable the company to continue moving forward toward emergence from Chapter 11, a process we expect to complete over the course of the next several weeks,” Tribune CEO Eddy Hartenstein said in a statement.
Tribune has cross-ownership of television stations and newspapers in five markets — Chicago, New York, Los Angeles, South Florida and Hartford — under exceptions to a 1975 FCC rule. Federal regulators have granted Tribune a permanent waiver in Chicago and extended waivers in the other four markets, allowing the company to continue cross-ownership. Read more