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Rick, the merger is still on the table. The problem is that it would be illegal under the terms of their FCC licenses, so you can expect that it will need a special sanction by the FCC, plus possibly approval from the SEC (because of monopoly issues) and the FTC (again).
Those kind of merger approvals usually take 6-12 months and you can't get a bookie to take odds on whether any of the agencies will approve it. Odds are the FCC will approve it, simply because they could arrange to "take back" one of the frequency allocations and sell it off again, and the FCC is very busy selling allocations to help pretend the federal budget is balanced.
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