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FCC chairman Kevin Martin has devised a plan that will allow Sam Zell to close the buyout of the Tribune Co. by the end of December.
The plan involves granting Tribune a temporary waiver from the media rules that say a company cannot own both a newspaper and a television or radio station in the same city, The New York Times writes. The waiver would allow Tribune to close the deal before the end of the year, saving the company more than $100 million in possible taxes and other expenses.
Martin proposed a vote tomorrow to decide on the exemption, The Wall Street Journal reports.
The exemption would be temporary, while the agency considers loosening the cross-ownership restrictions in the 20 largest markets.
Martin also proposed a rule that would restrict a cable company from controlling more than 30 percent of the market, the level at which Comcast now exists.
Martin is struggling to maintain a middle position between complete deregulation - desired by the industries - and more encompassing oversight by the government, as consumer groups demand.
The proposals come just a day after Martin tabled his push to increase the agency’s authority over the cable television industry. He failed to win enough support from a strongly divided panel.
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