FTC Delays Vote to Block AOL, Time Warner Merger
The
Federal Trade Commission
delayed a vote scheduled for Thursday to block
AOL's
(AOL)
planned acquisition of
Time Warner
(TWX)
.
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According to published reports, the FTC wants more information on the new Internet-access agreement between Time Warner and
EarthLink
(ELNK)
and could seek changes before approving a merger.
A series of meetings are planned this week to go over other contract terms, delaying Thursday's vote. Representatives from the companies were unavailable for comment.
Federal regulators, as a condition for approving the AOL-Time Warner merger, have required Time Warner to provide open access to its cable system to competing Internet service providers like EarthLink.
Under the terms of a draft settlement being negotiated with the FTC, AOL and Time Warner would also have to sign up two more competitors within 90 days, and abide by a series of provisions to protect competition in Web access.
Shares of AOL were recently down $1.03, or 2.3%, to $42.94 in
New York Stock Exchange
composite trading, while Time Warner fell $1.61, or 2.4%, to $64.26.
