(Crain's) — In a blow to Tribune Co. as its seeks to emerge from bankruptcy proceedings, the media company may be forced to divest broadcast or newspaper operations in several markets, including Chicago, following a federal appeals court decision Thursday.
The 3rd U.S. Circuit Court of Appeals in Philadelphia overturned part of the Federal Communication Commission’s 2008 revamp of U.S. media-ownership rules that made it easier to own a newspaper and a broadcast outlet in the same market. The court said that the FCC’s retooling of the cross-ownership rules had failed to meet public notice and comment requirements.
Chicago-based Tribune has waivers from the FCC allowing it to operate broadcast outlets in five markets where it also owns or has stakes in newspapers: Chicago, New York, Los Angeles, South Florida and Hartford, Conn.
Continue by clicking link below: