Now that cross-ownership rules are loosening, investors have been pumping up
the stock of Tribune Co.
The bet was that in the wake of a court decision allowing cable companies to
own systems and television stations in the same market, AOL Time Warner Inc. would
buy some stations for its WB Television Network.
Tribune owns 25 percent of the network and some big-market WB affiliates.
But WB and Turner Broadcasting System Inc. chairman Jamie Kellner said "no."
Investors at a meeting with Kellner at the National Show last week said he
privately told them the company has ruled out buying stations.
He also said The WB's programming costs are surging -- from $500 million this
season to $700 million next.