Charter-TWC Deal Clears Final Hurdle With California Approval

Charter Communications won final regulatory approval to buy Time Warner Cable and become the second-largest US cable provider, as California authorities approved the merger, giving a boost to both companies’ shares. “We look forward to closing these transactions next week,” Charter Chief Executive Officer Tom Rutledge said. “We are pleased to have now obtained all approvals.”

Charter will need to provide broadband to more customers and offer higher speeds, the California Public Utilities Commission said as it approved the merger during a meeting in the state capital of Sacramento. The deal will give Charter new subscribers in cities including New York, Los Angeles and Dallas. The company will serve about 24 million customers, compared with 28 million for Philadelphia-based Comcast Corp.