Newsday reports today on the tough spot facing the Tribune Co., which would see its Los Angeles ownership of the Times and KTLA turn more troublesome once channel 5's FCC license expires Aug. 1, 2006. From that point, Tribune would have a year to decide which property to sell — unless the Bush Administration succeeds in relaxing limits on media concentration. Last week, Tribune lost a round when a federal appeals court rejected its request to lift the ban on owning a paper and TV station in the same city. Newsday calls the company's promised appeal to the U.S. Supreme Court a longshot, and says Tribune's best hope for keeping both of its assets is probably for President Bush to be reelected. (Tribune also owns Newsday and WPIX in New York).