Could the end really be near?
was benefiting from news reports this morning that the
Federal Communications Commission
could give its approval to the proposed merger between AOL and
as early as today.
Wall Street Journal
reported this morning that even though a hurdle or two remain, the FCC could give the final stamp of approval needed for the America Online/Time Warner transaction. The
reported today that two of the five-member FCC board was ready to approve the deal. The
says just one member now seems to be a holdout.
AOL was up 7.4% in preopen trading this morning, gaining $2.97 to $43 on light volume on
, the electronic trading network where investors can trade before the opening bell. Time Warner was not active.
The FCC approval process, once perceived as a cakewalk compared to the antitrust wringer the companies went through at the
Federal Trade Commission
last year, is proving to be a longer-than-expected course for AOL and Time Warner to navigate. The companies' pleas for December approval came to naught.
yesterday took a look at the
status of the deal, which has been held up by issues such as opening access to the combined company's high-speed cable systems.
Both stocks have been battered over the past several months, but they have climbed higher in recent days of trading.