Media Industry

Federal approval Tuesday of the $12.3-billion sale of Univision Communications Inc. to a group of private investors was just the first hurdle for the new owners of the country's largest Spanish-language media company.

The president of a Kentucky company that bought 27 community newspapers from Hollinger International Inc. conceded Monday he might have received "some legal protection" by paying $2 million to a Canadian holding company owned by former press lord Conrad M. Black. But David Paxton, chief executive of Paducah, Ky.-based Paxton Media Group Inc., said the noncompetition agreement he received from Toronto-based Hollinger Inc.

After more than 120 years, the Chandlers are getting out of the newspaper business. The much-celebrated and maligned family that once dominated the civic, cultural and political life of Southern California through its control of the Los Angeles Times agreed Monday to sell its entire stake in Tribune Co., the newspaper's parent.

Sam Zell's plan to keep Tribune Co. intact faces steep regulatory hurdles. Federal law prevents a company from owning a television station and a newspaper in the same market. Tribune owns both in five markets: Los Angeles, Chicago, New York, Hartford, Conn., and Fort Lauderdale, Fla. The federal licenses for some of the TV stations are expiring, meaning the issue is coming to a head just as Tribune is being sold.

Sam Zell's plan to buy Tribune Co. would put one of the nation's largest public media companies into the hands of a maverick investor with little experience in the business but a belief that there's still money to be made in newspapers and television. The $8.2-billion deal would give the Chicago real estate magnate virtual control of the Los Angeles Times, KTLA-TV Channel 5, the Chicago Tribune, cable TV network Superstation WGN and about 30 other daily papers and TV stations.

Kevin J. Martin drank two cups of Starbucks coffee, a 20-ounce bottle of Diet Pepsi and a can of Diet Coke. Maybe it was all that stimulation that enabled the chairman of the Federal Communications Commission to do something in February his predecessor rarely did. He faced the public. For nearly six hours, a well-caffeinated Martin listened as a parade of critics stepped up to microphones at a Harrisburg, Pa.

Defense attorneys at the fraud trial of former media baron Conrad Black and three associates produced documents Monday that a prosecution witness agreed showed payments at the heart of the case had been publicly disclosed. Fred Creasey, the former comptroller who oversaw the finances for Black's media empire, said company documents filed with the Securities and Exchange Commission did include millions of dollars in so-called noncompete payments to company executives.

Nine television broadcasters said they formed the Open Mobile Video Coalition to accelerate the development of programs for mobile devices. The broadcasters represent more than 280 TV stations and reach 95 million U.S. households. They include Belo Corp., Fox Television Stations, Gannett Broadcasting, Gray Television, ION Media Networks, the NBC & Telemundo Television Stations, Sinclair Broadcast Group and Tribune Broadcasting, the coalition said.

Tribune Co., Chicago-based parent of The Times, Wednesday launched its expected $4.3-billion tender offer for more than half of its shares. The offer is the first of a two-step leveraged buyout by Chicago billionaire Sam Zell and a new employee stock ownership plan.

Rupert Murdoch made a surprising $5-billion bid Tuesday for Dow Jones & Co., parent of the Wall Street Journal, a deal that would unite the most prestigious name in business journalism with News Corp. properties such as the Fox News channel, the New York Post, "American Idol" and MySpace.com. The driving force behind the unsolicited offer appeared to be Murdoch's planned launch this summer of a financial news channel that would compete with CNBC.