FCC Clears CenturyLink-Level 3 Combination

CenturyLink and Level 3 Communications' proposed merger cleared its last government hurdle nearly a year after the two telecommunications companies announced their combination. The Federal Communications Commission approved the deal after similar nods by state regulators and the Department of Justice earlier in 2017. Worth $25 billion when it was announced in 2016, the deal’s close was delayed for weeks as regulators took their time to review its competitive effects. The Justice Department approved it earlier in October after executives agreed to sell off some of the companies’ fiber-optic infrastructure. CenturyLink Chief Executive Glen Post plans to run the company, which will keep its CenturyLink name, until 2019, when he hands its management over to Level 3’s CEO, Jeff Storey. The companies, which together employ more than 50,000 people, agreed to the succession plan in response to pressure from large investors. The merger will create a global telecom giant that gets roughly three-quarters of its revenue from business customers, though that market has also challenged both companies.