For all intents and purposes, yesterday Rupert Murdoch bought Newsday for $580 million. Yes, there are still some hurdles, like convincing FCC chairman Kevin Martin that deserves a waiver to own two television stations and three newspapers in the same market, but we've seen stranger things happen. If Murdoch closes on the deal, with the Wall Street Journal and the New York Post, he'll end up owning three of the largest 10 newspapers in the U.S. What could the FCC possibly have wrong with that?