Word: fcc
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Dates: during 1960-1969
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...Telegraph Corp. and the American Broadcasting Companies nothing but static. The Federal Communications Commission approved the merger last December, but only by a bitterly divided 4-to-3 margin that failed to silence objections from Congress and the Justice Department's Antitrust Division. As the clamor mounted, the FCC finally agreed in March to take another look...
...average viewer spends more than three hours before the tube. This helps to explain why TV advertising has grown to $3 billion a year in billings and why the nation's TV stations earned about 30% profit before taxes in 1965, the last year tabulated by the FCC...
Only last December, the Federal Communications Commission agreed that a merger designed to turn Interna tional Telephone & Telegraph Corp. and American Broadcasting Co. into a $2 billion telecommunications company was a good idea. Last week the FCC changed its mind. The reason for the reversal was simple: the merger is being strongly protested by the Justice Department's antitrust division - an agen cy that easily outranks the FCC in Wash ington's hierarchy. Bowing to the anti trust division's argument that the ITT-ABC merger might impede competition and open ABC public affairs pro gramming...
...what is fast becoming an ugly intragovernmental feud over the creation of an electronics and broadcasting giant, the Justice Department insisted that the FCC had violated the law by not holding more complete hearings. Antitrust Chief Donald F. Turner is arguing that the merger may be harmful on at least two grounds: 1) that ITT once intended to create a fourth television network and is buying up the third instead, and 2) that ITT anticipates a tidy cash flow from ABC. ABC lawyers contend that a reverse flow will be more likely: at least $140 million will have...
Granting the stay order last week, the FCC set a tight timetable. The Justice Department was given two weeks to introduce evidence. After that, and after counterarguments are entered by ABC and ITT, the commission will decide whether to reopen the case and reconsider its previous approval. Chances are strong that it will reaffirm the merger. They are equally strong that Justice will then take the whole affair to court...