FCC grants waiver to allow Tribune Co. deal

The Federal Communications Commission approved the $8.2 billion buyout of the Tribune Co. by a 3-2 vote, a move that will allow the deal to close by the end of the year. In approving the deal, the agency granted Tribune Co. a temporary waiver on rules barring ownership of both a newspaper and a broadcast station in the same city in four markets and a permanent waiver for the city of Chicago. Tribune Co. is owner of the Los Angeles Times, Chicago Tribune, nine other dailies and 23 television stations. The buyout is being led by real estate billionaire Sam Zell.

Google will bid for airwaves in FCC auction

Google Inc. confirmed its plans to bid for a prized piece of the airwaves in an upcoming government auction, further underscoring the Internet search leader's determination to shake up the wireless market and plumb more profit from mobile phones. Friday's announcement wasn't unexpected, because the company previously signaled that it might participate in the Federal Communications Commission auction scheduled to begin Jan. 24. But in a mild surprise, Google will enter the competition without a partner more experienced in the wireless industry.

To end wild week, oil falls below $89 a barrel

Crude oil prices dipped to their lowest levels in more than a month, falling below $89 a barrel, as investors sold amid signs of weakening demand and expectations that the Organization of Petroleum Exporting Countries will boost production next week. The slide in oil prices may mean that consumers will see relief at the pump soon, analysts said. Light, sweet crude for January delivery fell $2.30 to settle at $88.71 a barrel on the New York Mercantile Exchange.