New York PCS Approves Charter-Time Warner Cable Merger

By Josh Long

New York regulators have approved Charter Communications’ merger with Time Warner Inc. (TWC).

As part of the approval process with the New York Public Service Commission (PCS), Charter has committed to provide a minimum broadband speed of 60 Mbps, offer 300 Mbps throughout the state, build out its networks to unserved residential and commercial areas in its footprint, and improve its customer service.

State regulators found the merger, subject to enforceable conditions, was in the public interest.{ad}

“These conditions are designed to help ensure a near ubiquitous world-class communications network that meets the needs of all New Yorkers,” the New York PCS stated its order released Monday.

Charter’s planned merger with TWC would transform the company into the third-largest cable provider behind AT&T-DirecTV and Comcast Corp., the state PCS pointed out. The new company will serve roughly 19.4 million broadband customers, 17.3 million video customers and 9.4 million voice customers across 41 states.

Through the planned acquisition that Charter announced in May, TWC is valued at $78.7 billion. In conjunction with the merger, Charter also has inked an amended agreement to acquire Bright House Networks for $10.4 billion.

The transactions still must clear other regulatory hurdles, including approvals by the Federal Communications Commission and U.S. Department of Justice.