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The

Federal Trade Commission

voted unanimously to delay any action on

America Online's

(AOL)

proposed acquisition of

TheStreet Recommends

Time Warner

(TWX)

for up to three weeks.

The commission said the two companies will use the time to address the competitive issues in connection with the proposed merger, one of which has to do with the conditions that would require Time Warner to provide open access to its cable system to competing Internet service providers, according to reports.

Shares of AOL closed lower by $3.62, or 6.4%, to $52.68, while shares of Time Warner fell 5.2%, or $4.36, to $78.84 in

New York Stock Exchange

activity.