By: E&P Staff
In an e-mail to employees Friday, Tribune Co. Chairman and CEO Dennis FitzSimons said the company expects to close its going-private transaction by the end of the year, pending a “positive” response from the Federal Communications Commission (FCC) to its request to transfer television station licenses to the new company, and for waivers from media cross-ownership restrictions.
“We hope to receive a positive response from the FCC in the fourth quarter, which would enable our transaction to close prior to year end,” FitzSimons wrote.
A special shareholders meeting to approve the deal will be held Aug. 21. Under the plan spearheaded by Chicago real estate mogul Sam Zell, Tribune will be owned by an employee stock ownership plan (ESOP).