Viacom Wins Delay of Order to Sell Stations

Viacom Inc. won approval to further delay complying with a government order to sell television stations while the Federal Communications Commission rewrites an ownership limit as ordered by an appeals court.

The FCC gave Viacom, one of the two biggest U.S. TV station owners, a year from the approval date of a new rule to meet the cap. It now prohibits one company from owning stations that reach more than 35% of TV homes.

Viacom Class B shares fell 22 cents to $48.37 on the New York Stock Exchange.