Fox last week won FCC approval to buy three more TV stations, signaling an end of the regulatory roadblock that has stymied the network for two years. All the sales approved last week - for stations in Denver, Memphis and Boston - were initiated last year. However, FCC approval was slowed when questions arose about Fox's foreign-ownership level.

Last August, Fox agreed to purchase Memphis ABC affiliate WHBQ from Comcorp of Tennessee for a reported $70 million. (ABC has agreed to affiliate with the current Fox affiliate in Memphis, Clear Channel's WPTY. The swap will take place Dec. 1.)

In October, Fox made an $80-million deal to...