Tribune Rocked by Zell Jitters

TRIBUNE ROCKED BY ZELL JITTERS
[SOURCE: New York Post, AUTHOR: Janet Whitman]
Tribune Co.'s shares sank yesterday on renewed jitters that the media company's plan to go private with backing from real-estate mogul Sam Zell is in jeopardy. Investors are fretting that the continued slump in Tribune's revenue will prompt Zell to try to rejigger the buyout's terms or pull out. Another worry is that Tribune won't get renewed waivers from the Federal Communications Commission that allow the company to operate newspapers and TV stations in the same market. Renewed outcry over plans to loosen regulations on media ownership have resulted in a delay. If the company doesn't close the transaction by the end of the year it could face huge tax consequences that could derail the buyout all together.
http://www.nypost.com/seven/11282007/business/tribune_rocked_by_zell_jitters_567156.htm