Tribune Co. clearing the final hurdle in bankruptcy

Nearly four years after the parent company of the LAT filed for Chapter 11, the end appears to be in sight. The staff of the FCC has recommended that the agency grant waivers involving ownership of television stations and newspapers in the same market. If the commission agrees, as is expected, Tribune Co. will be able to emerge from bankruptcy protection. The new owners, made up of senior creditors Oaktree Capital Management, Angelo Gordon & Co. and JPMorgan Chase, would then take over the refashioned company. Will they start selling assets? Is the LAT and Chicago Tribune at the top of the list? Might Rupert Murdoch be interested? It all remains a guessing game.