WITH TWO STROKES OF THE PEN, THE FEDERAL COMmunications Commission created a lot of static in the entertainment business. By adopting the most sweeping price controls in a decade, the agency angered the cable-television industry, ordering cable systems throughout the country to cut rates for most services up to 10%, a move that could save subscribers an aggregate $1.2 billion. Rates will now be regulated by Washington and local governments. While cable companies complained, consumer groups and local governments say the FCC did not go far enough. In a separate decision that left Hollywood studios fuming, the FCC allowed ABC, CBS...
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