MEDIA
03/28/2008 02:45 am ET | Updated May 25, 2011

FCC Waivers Help Tribune Sale Near Finish Line

Tribune Co. prepared Thursday to close its $8.2-billion deal to go private, triggering regulatory waivers and pulling $500 million in cash out of its coffers to reduce the amount it needed to borrow.

The stock jumped nearly 8% to close at $32, its highest price in six months, as Wall Street skeptics finally seemed to acknowledge that the deal was likely to close this year after all, and at the announced $34 price.

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