Tribune Co. is close to securing the regulatory approval it needs to emerge from its long-running bankruptcy, the Los Angeles Times reported today. The staff of the Federal Communications Commission on Wednesday recommended that the agency grant the company waivers of rules that prohibit the ownership of newspapers and broadcast stations in the same city. Tribune needs the waivers for its cross-ownership of media properties in Los Angeles and four other markets. The waivers — the last major hurdle in the four-year case — would be granted today as long as none of the five commissioners raises serious objections. No vote is required for the waivers to take effect.
