Tribune deal is mired in FCC rift over cross-ownership rules: FCC chairman wants quick rule changes

[DeepModem Mom]

Source: Los Angeles Times

Tribune deal is mired in FCC rift over cross-ownership rules
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By Jim Puzzanghera, Los Angeles Times Staff Writer
October 19, 2007
WASHINGTON -- The $8.2-billion deal to take Tribune Co. private has become entangled in a newly inflamed debate over media ownership rules at the Federal Communications Commission that could pose problems for the transaction.

Tribune needs FCC waivers to complete the deal because it owns newspapers and TV stations in Los Angeles and four other markets in violation of rules that prevent such cross-ownership. Tribune owns the Los Angeles Times and KTLA-TV Channel 5 as well as other newspapers, TV stations and the Chicago Cubs baseball team.

Now, trying to capitalize on Tribune's push to complete the deal by year's end and its support from some key lawmakers, FCC Chairman Kevin J. Martin has indicated that he won't grant any waivers pending a vote on major revisions to the commission's media ownership rules, agency officials said.

"He's tying the fate of the Tribune deal that he wants to a large proceeding on media ownership," said FCC Commissioner Michael J. Copps, a Democrat who opposes loosening the rule. "To say we have to change the media ownership rules so we can get the Tribune deal done does not strike me as . . . a good way to make public policy."

Martin has proposed an ambitious timetable for the FCC to vote on a package of media ownership rule changes by Dec. 18. Among the changes he is expected to propose is the elimination of the ban on owning a newspaper and a TV station in the same market. But some FCC commissioners, lawmakers and public interest advocates criticize the vote as coming too soon....

Read more: http://www.latimes.com/business/la-fi-fcc19oct19,0,6201607.story?coll=la-home-business

[Trillo]

1. A "deal" is in jeopardy?

Quick, redline all laws in the way! A deal between the wealthy must never be threatened, even by the law, don'cha know? :nopity:

[aquart]

2. And I want to take the FCC chairman out and hang him.

But do I get what I want? NO! So I learn to live with the disappointment.

[midnight]

3. Do we change rules to protect good"deals" for the wealthy?

Michael J. Coops should stick to his guns about not allowing these quick changes-"does not strike me as a good way to make public policy"!