By James Caldwell, Torch assistant editor

Time Warner Cable and News Corporation (parent company of FOX) agreed to extend the deadline for renewing their cable TV partnership, but WWE Smackdown could still be shut out in key markets where FOX owns the MyNetworkTV affiliate.

The deadline was extended for three hours past midnight EST, but no word has surfaced on whether the partnership has been renewed at the time of this story.

Time Warner customers in key markets such as New York, Los Angeles, and Dallas could wake up without access to FOX programming, including Smackdown later today at 8:00 p.m. EST.

"Representatives for both sides indicated that negotiations, which had been taking place over the last three days in a conference room on Fox's Century City lot, were cordial," reported the Los Angeles Times.

The FCC, which regulates the TV industry, has even stepped in to urge both sides to extend the deadline for negotiations and work to find a resolution.

"I have urged Fox and Time Warner Cable to agree to a temporary extension of carriage if they do not come to terms on a new carriage agreement today, in order to prevent disruption to their viewers," FCC chairman Julius Genachowski said in a statement released on New Year’s Eve.

Caldwell's Analysis: Customers might wake up in the morning to find this temporarily resolved, just like what happened last year on New Year's when Time Warner was in a dispute with Viacom, which owns Spike TV and TNA Impact was in jeopardy of being blacked out. Or, the talks could continue without the issue being resolved, as this is a major issue that sets precedent for future negotiations between content providers and cable TV providers.

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