Tower Ticker | Chicago Tribune parent Tribune Co. today filed a series of applications with the Federal Communications Commission necessary to emerge from bankruptcy protection with its broadcast portfolio intact.
Tribune Co., which owns radio station WGN-AM 720 and 23 television stations in 19 markets, including Chicago’s WGN-Ch. 9, seeks to maintain the status quo with regard to operating its broadcast assets. This will require the FCC to sign off on assignment of their broadcast licenses to the reorganized, post-bankruptcy iteration of Tribune Co., along with continued cross-ownership waivers.
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I thought it said “auction,” not action. Auction would have been a better idea, considering how the Zell and Michaels regime have been digging both WGN-TV and WGN-AM deeper and deeper into the ratings and quality abyss.