Sam Zell wishes to clear the buyout of Tribune

Sam Zell, Chicago based investor and also the chairman of the Federal Communications Commission wish to buy the company Tribune Co. (TRB) by year end and therefore he has proposed a waiver to media cross-ownership rules and also to clear the $8.2 billion buyout of the media company.

Zell will need the waiver as there are FCC ban on cross-ownership in the area where Tribune is located that will lapse at the time of sale of the company.

Kevin Martin, FCC chief said that he will grant the needed waiver until FCC implements a permanent change in rule in the area. He said that after the permanent change in the rule Tribune will have to follow the rules.