Last Friday, the New York State Public Service Commission (PSC) revoked its approval of the 2016 merger agreement between Charter Communications, Inc. and Time Warner Cable, Inc. because in the PSC’s view, Charter, (dba Spectrum), did not comply with a condition of the approval. According to the NY State PSC, Charter was supposed to extend coverage to 145,000 new subscribers in underserved and less densely populated areas of the state. The PSC found that Charter did not meet this obligation and rescinded its approval of the merger. This could effectively force Charter to transfer its cable properties to a new owner. Charter was given 60 days to come up with a transition plan. Charter is expected to appeal the decision in court.
To see a press release outlining the decision click HERE.
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