FCC OKs Time, Warner Merger: Time Inc....

FCC OKs Time, Warner Merger: Time Inc. and Warner Communications Inc. said their proposed merger has cleared the last federal regulatory hurdle with the approval of the Federal Communications Commission for transfer of certain microwave licenses. In addition, the two companies said, the FCC granted a temporary waiver of cross-ownership rules which bar the ownership of cable TV systems and television stations in the same market. The waiver will give the new company 18 months to resolve the cross-ownership issue in Los Angeles and Austin, Tex., areas.