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Regulation


Washington Outlook: Capital Wrapup

REGULATION

Rupert Murdoch may not be off the hook quite yet with the Federal Communications Commission. Earlier this year, the FCC began probing allegations that Murdoch's Fox Broadcasting Co. had sidestepped rules limiting foreign ownership when it acquired several TV stations. At first, high-level insiders suggested that the matter would be swept under the rug. But the FCC staff isn't letting go; it's likely to find in October that Murdoch broke the rules after all. That would put the five commissioners on the spot. They could accept the finding and revoke Murdoch's licenses, jeopardizing the emerging Fox network. Or the politically cautious FCC could ignore the staff, drop the matter, and watch Beverly Hills 90210.OWEN ULLMANN


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