The FCC approved Multimedia’s financing plan.

The Federal Communications Commission’s ruling was a setback to businessman Jack Kent Cooke’s efforts to acquire the Greenville, S.C.-based media firm. The FCC action means that the company can put its recapitalization plan before shareholders in about a month. But Cooke, owner of the Washington Redskins football team, vowed to continue trying to acquire Multimedia. He said he remained confident that shareholders would choose his $65-a-share proposal over a company offer of cash and bonds.