After a year-long wait, News Corp. and Liberty Media received FCC clearance on Monday to proceed with a share swap through which News Corp. would exchange its 38.6% stake in DirecTV for Liberty’s 16.3% interest in News Corp. News of the FCC’s action came as the Justice Department terminated its antitrust inquiry into the transaction, thus lifting the final obstacle toward the deal’s consummation. Liberty, which would gain control of DirecTV with a total stake of 40.36%, would also acquire three regional sports networks (RSNs) and $625 million in cash as part of the deal that is intended to detangle a long and sometimes contentious relationship between Liberty and News Corp. Concluding that the “public interest benefits of the transfer outweighed the potential harms,” the FCC’s five members agreed unanimously to approve the transaction, subject to certain conditions intended to ensure “that the transaction will serve the Commission’s competition and diversity goals.” Specifically, the FCC is requiring the parties to observe program access, program carriage, RSN arbitration and retransmission consent conditions that are modeled upon those adopted by the agency in 2003 with respect to the transfer of DirecTV from Hughes to News Corp. As DirecTVPuerto Rico and Liberty Cablevision of Puerto Rico would come under common ownership through the deal, the FCC is also requiring Liberty to divest all attributable ownership interests connecting these two companies within one year. While acknowledging that the transaction achieves a measure of media deconsolidation that Commissioner Jonathan Adelstein described as “better than no deconsolidation at all,” the absence of conditions requiring DirecTV to offer local-into-local service to all U.S. television markets triggered a partial dissent from Adelstein and the issuance of a concurring statement from his Democratic colleague, Commissioner Michael Copps. Following on the receipt of FCC and Justice Department consents, the companies completed the transaction on Wednesday.