Google has moved a step closer to finalizing its purchase of On2 Technologies, a firm specializing in video-compression technology that figures to improve the quality of its online video content.

The search giant announced today that the Justice Department and Federal Trade Commission have each granted an early termination of the waiting period required under federal antitrust law.

The early wrap-up of the Hart-Scott-Rodino waiting period removes one significant barrier to finalizing the $106.5 million deal, though On2 shareholders have filed at least two lawsuits in an attempt to block the deal.

On2 has said the suits are "without merit," and plans to contest them.

On2 will need to secure approval from its shareholders through a vote later this year before the transaction can close.