More than a year after it was first announced, the FCC is set approve a deal between Liberty Media (NSDQ: LINTA) and News Corp that has the former relinquishing its 16.3 percent stake in the latter for a controlling interest in DirecTV (NYSE: DTV). With the swap, Liberty also gets cash and three regional sports nets. Dow Jones Newswires reports that the three Republican members of the FCC have voted for its approval, giving the needed majority. Though academic from the perspective of the outcome, the official approval won’t happen until the two Democratic members vote. Reuters corroborates that official approval finally is expected in the next several days. The report also notes that approval is contingent on Liberty ceding management control over its cable system or DirecTV in Puerto Rico, where it would otherwise control both. The hard-fought deal was first announced at the end 2006.