Business digest || Jo-Ann Stores being taken private

Jo-Ann Stores being taken private

NEW YORK

Fabric and craft store chain Jo-Ann Stores Inc. is being taken private by investment firm Leonard Green & Partners LP for about $1.6 billion, the latest in a series of retail buyouts.

The deal is the most recent in a flurry of retail buyouts that have occurred in the past three months. Last month preppy fashion retailer J. Crew Group Inc. agreed to be purchased for $3 billion.

FCC chairman seeks conditions on deal

WASHINGTON

The head of the Federal Communications Commission is proposing regulatory conditions to ensure that cable TV giant Comcast Corp. cannot stifle competition in the video market once it takes control of NBC Universal.

The conditions laid out Thursday by FCC Chairman Julius Genachowski are intended to guarantee that satellite providers and other rival television services can still carry marquee NBC programming and that new Internet video distributors can get the content they need to grow and compete.