101.   But if one presumes that media mergers are the wave of the future, then it must be considered a risk.

102.   But he was quick to say such a merger would not be likely to face regulatory difficulties because the combination would still be smaller than SBC or Verizon.

103.   But if a merger is about enhancing market power, it should either be blocked or subjected to restrictions that turn it into something more benign.

104.   But no shares will be exchanged until the merger is official, and the values will depend on the relative stock prices at that time.

105.   But one investment specialist said the merger could be a rocky one.

106.   But the government says prices would fall even more in the future if there is no merger.

107.   But the merger is far from a certainty.

108.   But the merger is already under stress and the American exchange has reportedly been shopped to potential new buyers.

109.   But the merger is likely to increase pressure felt by local banks to make similar moves.

110.   But some FTC staff attorneys and consumer advocates contend the merger would be anticompetitive and allow the new entity to raise prices with impunity.