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News Corp. Can Acquire Chris-Craft

July 25, 2001

WASHINGTON (AP) _ Federal regulators approved News Corp.’s purchase of TV station owner Chris-Craft Industries Wednesday without requiring the companies to immediately sell off any properties.

The Federal Communications Commission gave the businesses extra time to comply with rules that limit the size and scope of media companies. And before those deadlines, the commission or the courts could ease or eliminate the regulations.

The deal between News Corp., parent of the Fox network, and Chris-Craft triggers federal restrictions on the number of TV stations one company can own and a prohibition on common ownership of broadcast stations and newspapers in the same market.

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