Business

A spokesman for FCC Chairman Kevin Martin confirmed that there is an agreement in principle to approve the XM Satellite Radio-Sirius Satellite Radio merger after Martin and swing vote Deborah Taylor Tate came to an agreement on terms essentially the same, with a few changes, as ones proposed by XM and Sirius in a letter to the FCC last month.

Wall Street abruptly ended an earnings-driven rally and closed sharply lower Thursday.

In its first conference call with analysts to discuss quarterly results since separating from former parent E.W. Scripps, Scripps Networks Interactive chairman and CEO Ken Lowe tried to squelch sale rumors while another executive vowed that affiliate fees for its popular Food Network channel would rise.

The nation's two satellite radio companies have agreed to pay $19.7 million to settle rules violations, a move that is expected to lead to quick approval of their merger.

The TV stations brought in $80.5 million, down from $84.5 million in the year-ago quarter. The drop is blamed on weak national and local sales, particularly retail and automotive.

Clear Channel Communications Inc. said Wednesday that it has settled lawsuits with the Tribune Co. over the Chicago-based media company's recent hiring of several executives from the radio giant.

The Screen Actors Guild is facing a revolt in Hollywood by a group of actors seeking control of the local over dissatisfaction with deadlocked labor negotiations.

Journal Communications completed its purchase of CW affiliate KWBA Tucson, Ariz. The sellers were Tucson Communications and Cascade Broadcasting Group. Journal already owns ABC affil KGUN in the market.

The proposed merger of the Sirius and XM appeared close to final approval Wednesday night, with the sole undecided member of the FCC poised to support the deal if the companies settle past rules violations.

Stocks advanced for the second straight session Wednesday as another decline in oil prices and several upbeat profit reports eased some of Wall Street's concerns about the economy.