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Media Ownership Rules Relaxed
1The FCC, voting 3-2, OK'd new rules that let TV networks own more stations. They can now own stations reaching 45% of the U.S. audience, up from 35%. The GOP-controlled FCC also lifted a rule that bars a company from owning a newspaper and TV or radio station in the same market -- except in the smallest markets. More on this page
PeopleSoft Gets Rival For $1.6 Bil
2PeopleSoft will swap 0.86 of a share of its stock for each share of J.D. Edwards, a rival business software firm. Based on Monday's trading, that values J.D. Edwards at $12.87 a share. PeopleSoft lost 1.42 to 14.97; J.D. Edwards rose 0.78 to 12.59. The buyout comes amid weaker corporate spending on technology. More on this page
IBM Says SEC Probes Accounting
3The SEC is investigating how it recognized some revenue in '00-01, the tech giant said after the close. IBM believes the formal probe arose from another SEC probe of a customer of its Retail Store Solutions unit, which sells cash registers and other point-of-sale products. IBM said it's cooperating with the SEC. Its shares fell 3% late.
Factory Slowdown Eased In May