Yesterday the FCC granted Sam Zell the waivers needed to complete the takeover of the Tribune Company by the end of this year. Over the next two years the FCC will either revoke owning media outlets in the same city, or Sam Zell will break the company into several companies and sell off properties that are not producing enough income and also aid the payoff of the tremendous debt.
One group is seldom mentioned in the flurry of articles regarding the takeover of the Tribune Company, the employees of the company. As an employee of the Tribune Company I have to admit I do not comprehend much of how this transaction will affect my colleagues and myself. We have been reassured many times our retirement funds are protected, I guess we will have to hang on for this wild ride and hope for the best outcome.
Dennis FitzSimons said the transaction would take twenty days to be completed, so I’m assuming this means business days, which would close the transaction on December 28th, 2007.
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