Walt Disney Corp is getting a bit twitchy about the impending AOL/Time Warner merger so is urging regulators to split it in two as soon as the deal is done.

Disney's top lobbyist Preston Padden has been quoted by The Washington Post saying his company is going to present a detailed plan to the Federal Communications Commission next week on how to prise the two apart again. This probably means spinning off Time Warner's cable TV business.

Terra Networks takeover of Lycos should be finished by October according to Robert Davis, CEO of the search engine business.

Davis told Bloomberg Forum that they'd been hearing nothing but good news from the regulators overseeing the $12.5 billion transaction.

Alpha Telecom, which went into receivership yesterday, has been sold to fusion, a business which describes itself as the ‘pan-European specialist at financing new opportunities in the communications and Internet market’.

Alpha owed more than £20 million to its creditors, including Royal Bank of Scotland and several telecoms carriers. The telecommunications reseller, which was planning a £200 million floatation in March, had been turning over £90 million a year without making a profit.

The fusion acquisition was funded by a group of private investors headed by Chiltern plc. ®

Click here to check out the Cash Register chinging.