Telephone companies look with envy at the cable-television business. But they are barred from offering cable service because regulators have feared that the phone companies' financial clout and network of lines would give them an unfair advantage over independent operators who had to install their own wiring. Now that cable companies have run wires past 80% of U.S. homes, the phone companies argue that the prohibition is unnecessary. Last week the Federal Communications Commission proposed lifting the restrictions that bar local telephone companies from offering cable service in their areas. The FCC will invite public comment on its plan before drafting...
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