CenturyTel, Embarq Merger Cleared by FCC (Updated w/link to FCC order)

The Federal Communications Commission has signed off on a merger between CenturyTel and Embarq, marking the last regulatory hurdle for the companies to complete the transaction, according to a person with knowledge of the deal. The companies announced their intention to merge in October. In the context of the recent market freeze, the deal is a significant transaction and could signify further consolidation of midsize phone companies. As part of the merger, the two companies agreed to build high-speed Internet connections to 80% of their customer base within three years, which will require considerable resources because the two companies cover many rural areas.