Reliance cleared a major hurdle in its bid for Blair.

The Federal Communications Commission granted Reliance Capital Group’s revised application to have a trustee hold John Blair & Co.’s stock on Reliance’s behalf while the FCC formally reviews the proposed transfer of Blair’s broadcast licenses to Reliance. The trusteeship is required by the agency when a company makes a tender offer to purchase a broadcaster. Blair’s holdings include five television stations. The FCC’s action was a blow to Macfadden Holdings, which made a rival bid for Blair.