The FCC gave the boys from Chicago permission to own a newspaper and a television station in the same market - just what they need to complete the Sam Zell-led deal to go private by the end of the year. The waivers will last at least two years and cover Tribune's ownership of the LAT and KTLA, along with similar newspaper and TV combinations in NY, Chicago, South Florida and Hartford, Conn. Meanwhile, Moody's has downgraded Tribune credit ratings deeper into junk status, saying it expects ad revenue in 2008 and 2009 to be lower than previously expected. It's now at Ba3, three notches below investment-grade. Now comes the fun part - trying to service that debt. Best of luck, guys. (AP, LAT)