The entertainment industry can add a new word to its vocabulary “triopoly.”

While duopolies have become increasingly common at a time of media consolidation, NBC’s plans to purchase Telemundo Communications Group Inc. would give the General Electric Co.-owned television network three stations in Los Angeles. That could complicate NBC’s efforts to get the deal approved by the Federal Communications Commission, which does not permit ownership of more than two stations in the same market.

The acquisition of Telemundo, the nation’s No. 2 Spanish-language television network, is worth $2 billion in stock and cash. NBC will also assume $700 million in debt.

Viacom Inc., owner of the CBS Network, had also expressed interest in buying Telemundo but probably wasn’t interested in spending $2.7 billion for a second-tier asset, said David Miller, a media analyst at Sutro & Co. in L.A.

The potential triopoly was not an issue in negotiations with Telemundo, said a source familiar with the talks. At a press conference last week, NBC said it would apply for a waiver in order to keep KNBC-TV Channel 4 in L.A. and add Telemundo’s local stations, KVEA-TV Channel 52 and the much smaller KWHY-TV Channel 52.

“While I would not be the one to register odds, I simply believe that they will apply for a temporary waiver and will in all likelihood receive one,” said Rick Blangiardi, president of Telemundo Group Inc.

“Our efforts to serve both the Anglo and Spanish audience is going to be very well received by the FCC,” he said.

Others expected the FCC to be less receptive. “Clearly they would have to sell off one of the stations,” said Miller.

Analyst Bishop Cheen of First Union Securities expected NBC to apply for an FCC waiver to buy itself some time in selling off one of the L.A. stations.

“Obviously you don’t want to sell off anything when there’s too much inventory in the marketplace,” Cheen said. When the economy picks up, NBC should attract a buyer because there are companies that would like to “duopolize” in L.A., he added.

Blangiardi said no changes were planned at Telemundo’s L.A. stations, which employ 235 employees. “Our expectation is that it will be business as usual,” he said.