That's the news, here's the quote:

The North American anime distributor Funimation announced at its Sakura-Con panel on Friday that it licensed the first 48 episodes of the Fairy Tail fantasy adventure television anime series and The Treasure Hunter (Ci Ling) live-action film.

As is the case every time a great Japanese series is licensed by an American corporation, I don't see good things lying ahead. I haven't even started watching this series and already it's about to be deformed close to unrecognizability. On the bright side, at least it took 111 episodes. I miss the days when series had to stop airing and collect dust a few years before being licensed was even a possibility. Both legal and moral dilemmas are brought forth when foreign media is secured for distribution on official channels all around the globe. Oh well, so far it's only 48 episodes, hope they outrun Funimation. :P