FCC to back Charter's buys of TWC, Bright House

May 05, 2016, 5:16 PM EDT
(Source: Mike Mozart/flickr)
(Source: Mike Mozart/flickr)

Source say that a majority of the FCC has voted to back Charter Communications' purchases of Time Warner and Bright House.

Reuters reports:

The deals, which would create the second-largest U.S. broadband provider and third-largest video provider, won the backing of FCC Commissioners Jessica Rosenworcel and Michael O'Rielly this week, the sources said on condition of anonymity. FCC Chairman Tom Wheeler had already voted to approve them. The two other FCC commissioners have yet to vote on the matter. O'Rielly dissented in part, meaning the final conditions of the agency's approval could change before the full vote is completed and made public. The U.S. Justice Department gave antitrust approval to the acquisitions with conditions on April 25. The FCC declined to comment on Thursday. Charter and Time Warner Cable shareholders have approved the companies' deal. Privately-held Bright House also is in favor of its acquisition.

Bloomberg writes:

Charter last year agreed to acquire New York-based Time Warner Cable and Bright House Networks LLC, a cable company based in Syracuse, New York, for $55.1 billion and $10.4 billion, respectively, according to prices at the time. The deal came together after top U.S. cable provider Comcast Corp.’s plan to buy Time Warner Cable collapsed amid opposition from regulators concerned over Comcast’s control of broadband. California regulators are to vote on Charter’s merger May 12, and the deal could close within days of approval there, Charter Chief Executive Officer Tom Rutledge told investors April 28.