FCC to Extend Review for News Corp. Bid

The Federal Communications Commission will take weeks to complete its review of media titan News Corp.’s bid to acquire Chris-Craft Industries Inc. to allow three new commissioners to get up to speed, the agency’s chief said Wednesday.

The deal lacked enough support on the previous commission to win final approval.

Two Republicans, Kathleen Abernathy and Kevin Martin, and one Democrat, Michael Copps, were confirmed last week by the Senate as commissioners of the FCC, which has five seats.

News Corp., which owns the Fox television network and 23 U.S. television stations, proposed acquiring Chris-Craft, the owner of 10 stations, for $5.35 billion. That would give News Corp. two television stations in the New York area plus a newspaper.

FCC rules prohibit one company from owning a local television station and newspaper that serve the same market. However, News Corp. already has one waiver so it can own the New York Post newspaper and a New York City station.

The acquisition would give News Corp. a second area television station but has argued the newspaper is in a precarious financial position and either the original waiver should suffice or a second should be issued.

Shares of Chris-Craft closed down $1.20 to $70.10 on the New York Stock Exchange while News Corp.’s American depositary receipts closed off $1.01 to $36.09, also on the NYSE.