Updated from 7:28 p.m. EST: The government Thursday cleared the last hurdle in the path of America Online's ( AOL) merger with Time Warner ( TWX), just over a year after the media megadeal was proposed. The Federal Communications Commission's approval of the deal paves the way for AOL, the nation's largest online firm, to formally acquire Time Warner, the nation's biggest media and entertainment company, creating a multimedia colossus. The FCC approval requires the companies meet three conditions. AOL and Time Warner have already made concessions to a number of regulatory agencies as the deal, which lost some 40% of its value during the stock-market plunge of the last year, wended its way through European and U.S. government channels. The merger was approved by all five FCC commissioners, though only three of them voted for the imposition of the new conditions. "AOL and Time Warner, you've got approval," commented commissioner Susan Ness, one of the majority.
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Time Warner, AOL moving in lockstep