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Chris-Craft deal closed

FCC gives News Corp. time to divest New York Post

News Corp. and its Fox Television Stations unit said Tuesday they have officially completed the purchase of broadcaster Chris-Craft and its affiliates, a move that will give Rupert Murdoch’s conglom 32 TV stations, including duopolies in New York, Los Angeles, Dallas, Minneapolis and Phoenix.

The deal, announced last year, was closed following FCC approval last week. To comply with federal ownership regs, Fox agreed to swap stations in Salt Lake City and San Antonio for a Clear Channel-owned station in Minneapolis.

The commission also gave News Corp. two years to divest the New York Post since current rules forbid the ownership of broadcast and newspaper properties in the same market. However, many industryites expect the so-called cross-ownership ban will be overturned by then.