Tribune Co gets FCC approval, nears bankruptcy exit
November 17, 2012 8:35 AM EST
Tribune Co, the owner of the Chicago Tribune, Los Angeles Times and 23 television stations, said on Friday it received a key regulatory approval needed to end its nearly four-year stay in bankruptcy.
Tribune said it received approval from the Federal Communications Commission to transfer its broadcast licenses to the new owners who will take over the company when it emerges from bankruptcy.
Tribune filed for bankruptcy in 2008, a year after real estate mogul Sam Zell gained control through a leveraged buyout.
(Reporting By Tom Hals; editing by Carol Bishopric)
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