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Short Take: FCC OKs Nynex buyout

Bell Atlantic has earned final approval from the Federal Communications Commission to proceed with its $23.7 billion acquisition of fellow Baby Bell Nynex, creating the nation's second largest telephone company. Both companies' stock jumped on the news.

Bell Atlantic has earned final approval from the Federal Communications Commission to proceed with its $23.7 billion acquisition of fellow Baby Bell Nynex, creating the nation's second largest telephone company. Both companies' stock jumped on the news.