Charter Communications today said it has closed its acquisitions of Time Warner Cable and Bright House Networks following approvals from the Federal Communications Commission and regulators in California, the final state that had to sign off on the deal.
Charter's announcement today said, "The completion of the transactions will drive investment into the combined entity's advanced broadband network, resulting in faster broadband speeds, better video products, more affordable phone service, and more competition for consumers and businesses."
Charter CEO Tom Rutledge will continue to lead the expanded company, while Time Warner Cable CEO Rob Marcus will exit, reportedly with $92 million in severance pay after two and a half years at the helm.
Federal regulators imposed conditions on the deal to boost broadband competition and prevent the newly expanded Charter from trying to shut out competition from online video.
Within five years, Charter is required to bring broadband of at least 60Mbps download speeds to an additional 2 million customer locations, of which 1 million must be in competition against at least one other high-speed provider.
The conditions will be imposed for seven years.