Tribune Co.’s $8.2 billion buyout backed by real estate mogul Sam Zell got a step closer to getting done after the Chicago media conglomerate posted better-than-expected quarterly results.
Profit fell 7 percent, a smaller drop than analysts were anticipating.
Investors have been jittery that conditions at Tribune’s newspapers would deteriorate further, giving Zell the option of walking away. But yesterday’s results eased those fears, as the company, which expects to close the deal this year, beat expectations by 12 cents a share.
One final hurdle will be to get renewed waivers from the Federal Communications Commission that permit the company to operate newspapers and TV stations in the same market.
Shaun Sheehan, Tribune’s regulatory expert in Washington, told The Post he expects the FCC to make a decision on the waivers in the first half of November, despite a renewed outcry over plans to loosen the nation’s regulations on media ownership.