FCC Nears Decision on Embarq Deal

The Federal Communications Commission is in the final stage of reviewing CenturyTel's $11 billion acquisition of Embarq Corp. and could sign off on the deal as soon as this week, clearing the last regulatory hurdle facing the merger of the two midsize phone companies. The three-member FCC board is waiting to review a final draft of a deal to approve the merger, said people familiar with the review, although negotiations on merger conditions have been substantially completed. The deal received shareholder approval in January and a final nod from state regulators last month. The companies have agreed to provide faster Internet speeds to their broadband customers at the request of the FCC. The companies committed to providing substantially higher speeds to customers in rural areas within a relatively short time frame to gain the FCC's approval of the deal, which was announced in October. The FCC's insistence on improved broadband service for rural customers as part of the deal shows how its been focusing more intensely recently on ways of getting more Americans online at faster speeds.