Regulators OK 1st step of Tribune buyout

REGULATORS OK 1ST STEP OF TRIBUNE BUYOUT
[SOURCE: Associated Press]
Federal antitrust regulators approved Monday the first step of real estate mogul Sam Zell's $8.2 billion purchase of the Tribune Co. According to a Federal Trade Commission notice, the government has completed its antitrust investigation of an initial investment by Zell of $250 million into the company, which owns the Chicago Tribune, Los Angeles Times and several other newspapers, as well as 23 television stations. The complex transaction still requires a second step, in which Tribune will merge with an employee stock ownership plan, or ESOP, and become a private company. That merger is subject to separate Federal Communications Commission and other regulatory approvals, as well as shareholder approval.
http://www.boston.com/business/articles/2007/04/23/regulators_ok_1st_ste...