Federal Communications Commission

Chairman William Kennard cancelled a 1 p.m. ET speech at Washington's Georgetown University Wednesday, fueling speculation the agency is nearing an end to its review of

America Online's

(AOL)

purchase of

Time Warner

(TWX)

.

Kennard was to address a conference on the future of music and technology.

Shares of AOL and Time Warner were trading higher on Wednesday amid

speculation that FCC approval was near. America Online shares gained $1.90, or 4.4%, to $44.75 in recent

New York Stock Exchange

trading. Time Warner gained $2.66, or 4.1%, to $67.03 on the

Big Board

.