Time-Warner Deal Cleared: The Justice Department cleared...

Time-Warner Deal Cleared: The Justice Department cleared the proposed $18-billion merger of media giants Time and Warner Communications. Assistant Atty. Gen. Charles Rule said the proposed merger was determined unlikely to reduce competition substantially in any market even though it would create the world’s largest media and entertainment firm. Analysts had expected the deal to be cleared because it did not change the concentration of the cable-TV industry, the one market where both Time and Warner hold big shares. Out of 42 million households served by cable systems, Time has 4 million and Warner 1.5 million.