Charter Communications’ long-running dual takeover of rival cablecos Time Warner Cable (TWC) and Bright House Networks has finally been approved, the Federal Communications Commission (FCC) has confirmed. In a brief media announcement issued on 6 May, the regulator confirmed that it has authorised — albeit with conditions — the application filed by Charter, TWC and Advance/Newhouse Partnership (the parent of Bright House) to transfer control of certain licences and authorisations from TWC and Bright House to Charter. An order detailing the FCC’s reasoning and the conditions, will be issued in the coming days, the watchdog noted.
According to TeleGeography’s GlobalComms Database, following the completion of both deals – which were agreed back in May 2015 – TWC shareholders are expected to own between 40% and 44% of ‘New Charter’, Advance/Newhouse is expected to own between 13% and 14% of the new company and Charter owner Liberty Broadband is expected to own between 19% and 20% of the enlarged entity.
The combination of Charter, TWC and Bright House will create the second largest broadband provider in the US, behind cable giant Comcast, serving more than 20 million broadband customers.