FOX has given Time Warner a brief extension as both parties continue to negotiate a deal to carry the FOX broadcast network in the markets where FOX owns and operates the local affiliates. If a deal doesn't get done, TWC will lose the FOX broadcast network in those markets, as well as Fox's cable properties like FX and Fox News for all TWC customers.
According to reports, the negotiations were given a three hour extension until midnight on the east west coast. Stay tuned (or not).
Update 12:01am PT January 1: FOX has given another (so far unspecified) brief extension to the negotiations, but at this point it is expected the extension means at the very least the owned and operated FOX affiliates will stay on TWC for New Year's Day.