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IRS blesses TV merger

FCC, shareholders must now give OK

NEW YORK — News Corp. and Chris-Craft said Wednesday they received a favorable private-letter ruling from the IRS in connection with their pending merger.

The companies needed the agency’s OK for the all-stock deal to be tax-free to Chris-Craft and its publicly traded affiliates, BHC Communications and United Television.

News Corp.’s purchase of the station group still needs approval from the FCC and from shareholders. The merger is expected to close in June.

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