Only last December, the Federal Communications Commission agreed that a merger designed to turn Interna tional Telephone & Telegraph Corp. and American Broadcasting Co. into a $2 billion telecommunications company was a good idea. Last week the FCC changed its mind. The reason for the reversal was simple: the merger is being strongly protested by the Justice Department's antitrust division an agen cy that easily outranks the FCC in Wash ington's hierarchy. Bowing to the anti trust division's argument that the ITT-ABC merger might impede competition and open ABC public...
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