Tribune (TRB) Reaches New 52-Week High on FCC News
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Tribune Co. (NYSE: TRB), the owner of the Chicago Tribune, Los Angles Times and The Sun, appeared as if it was poised to have a negative day on the New York Stock Exchange after Standard & Poor's announced after the close yesterday that it would be replacing the Company with Range Resources (NYSE: RRC). The change to the index will take place on December 20, as the Tribune will be taken private on this date.
On the other hand, Tribune is up about a dollar today, or about 3%, on news coming from the U.S. Federal Communications Commission. The FCC today voted to ease restrictions that prohibit media outlets from owning a newspaper and a television or radio station in the same market. The plan will lift a 32-year-old ban in the twenty largest American cities.
The FCC is under heavy fire today from Congress as a result of the vote. Critics of the plan say it will likely lead to consolidation through mergers in the industry, making local news less reputable and eliminating the presence of independent voices in the media.
Additionally, Tribune also announced today that it would increase its price on copies of the Chicago Tribune. The newspaper will now cost 75 cents starting December 31, a 25 cent increase, and marks the first price increase in more than 15 years.
Shares of Tribune are sitting at a new 52-week high on the several news items today. The stock price went as high as $33.40 before losing some ground in mid-day trading.
On the other hand, Tribune is up about a dollar today, or about 3%, on news coming from the U.S. Federal Communications Commission. The FCC today voted to ease restrictions that prohibit media outlets from owning a newspaper and a television or radio station in the same market. The plan will lift a 32-year-old ban in the twenty largest American cities.
The FCC is under heavy fire today from Congress as a result of the vote. Critics of the plan say it will likely lead to consolidation through mergers in the industry, making local news less reputable and eliminating the presence of independent voices in the media.
Additionally, Tribune also announced today that it would increase its price on copies of the Chicago Tribune. The newspaper will now cost 75 cents starting December 31, a 25 cent increase, and marks the first price increase in more than 15 years.
Shares of Tribune are sitting at a new 52-week high on the several news items today. The stock price went as high as $33.40 before losing some ground in mid-day trading.
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