Consolidation of the media is not good in my opinion. Will there be a time in the future when the media will be just one giant corporation?

The Federal Communications Commission on Friday approved Gannett's proposed acquisition of competitor Belo, clearing all regulatory hurdles for the McLean, Va.-based company to boost its TV business in pursuit of lucrative broadcast advertising and fees from cable companies.

The FCC's approval arrives less than a week after the two companies reached an agreement with the Department of Justice to sell the assets of a local station in St. Louis, KMOV-TV, that is owned by Belo, a development that set the stage for federal regulators' willingness to sign off on the deal.

Once the acquisition is completed, which is expected before the end of the year, Gannett's broadcast portfolio will increase to 42 from 23 TV stations, making it the largest independent owner of network affiliates in the top 25 markets. With 21 stations in the top 25 markets, it also becomes the largest owner of CBS affiliate stations and expands its already-largest NBC affiliate group.

More at: Gannett gets FCC approval for Belo deal