Shares in Rupert Murdoch's media firm News Corp have risen after regulators backed the firm's $6.8bn move into the US satellite TV market. Approval of the bid to take control of Hughes Electronics, owner of DirecTV, means Mr Murdoch can fulfil a 20-year dream of entering US satellite TV.
Investors bought News Corp's Australian shares, pushing them up 1.5%.
Watchdogs have imposed conditions to protect competition, but analysts believe they are not a major concern.
Competition
Among the limitations demanded by the Federal Communications Commission - the body which regulates US broadcasting - is a commitment by News Corp to agree to arbitration if it argues with other companies which carry the channels it creates.
The concern is that News Corp could charge its competitors more than it charges DirecTV for the channels - particularly for popular sports programming. It must also promise to treat all channels equally, and not offer content solely either to DirecTV or to its existing vehicles, the FX cable network and the broadcasting Fox network.
Even so, the deal to take control of DirecTV and its 11 million subscribers means that Rupert Murdoch can finally get into the satellite TV business in the US after two decades of trying.
His first attempt to buy DirecTV foundered two years ago, but the firm's failed merger with competitor EchoStar reopened the bidding late in 2002.
The US is not only the world's most lucrative media market by far; it is also the only major region of the world where News Copr does not have a satellite presence.
The company controls UK satellite broadcaster BSkyB and Star TV in Asia, has 25% of Australia's FoxTel, and has either a stake or control of other networks in Europe and Latin America.
Dissent
The FCC's decision was not unanimous.
The three Republican commissioners were in favour, but its two Democrats both wanted to veto the deal.
"Where's the logic - where is the public interest benefit - of giving more and more media power to fewer and fewer players?" said Michael Copps, one of the two.
Another similarly split 3-2 decision - to relax caps on media ownership in the face of vociferous public opposition from almost everyone except big broadcasters - was recently thrown out by the US Senate.
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(Mr Murdoch's) enterprises give people what they want, rather than what important people think they ought to want 
