The Federal Communications Commission granted media magnate...

The Federal Communications Commission granted media magnate Rupert Murdoch’s request to transfer his Boston television station to a trust to comply with cross-ownership rules . . . U.S. Shoe Corp. said a $422.5-million deal to sell its footwear division to an investment group headed by Merrill Lynch Capital Partners Inc. has fallen through. The company said Merrill Lynch advised it that certain conditions of the agreement have not been met and that it did not intend to buy the unit on originally specified terms . . . NCNB Corp. Chairman Hugh McColl said his Charlotte, N.C.-based bank may bid for the ailing Dallas-based MCorp, two days after dropping its unsolicited offer for Atlanta-based Citizens & Southern Corp. MCorp was placed into federal receivership last month following heavy real estate and energy losses . . . Australian and New Zealand food giant Goodman Fielder Wattie Ltd. spurned a $2.4-billion takeover offer by Britain’s Ranks Hovis McDougall PLC, saying “The price is totally inadequate and does not reflect the underlying value of the company.”