Charter Accepts NY PSC's Conditions for Buys of TWC/BHN
Charter Communications accepted New York Public Service Commission proposed conditions for the company's buys of Bright House Networks and Time Warner Cable, a Charter spokeswoman confirmed Tuesday to us in an email. Accepting the conditions (see 1601080048) puts Charter one…
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step closer to closing the deals to acquire BHN and TWC to create New Charter. Charter still awaits approval from California, Hawaii and New Jersey in addition to the FCC and Department of Justice (see 1601040061). As a part of the New York-imposed conditions, Charter must upgrade its broadband system to deliver at least 100 Mbps statewide by the end of 2018, and 300 Mbps by the end of 2019, a PSC order said. The conditions also specify that the company will be required to create a new low-income broadband program with minimum speeds of 30 Mbps at $14.99 available for 700,000 low-income households, it said. Charter will also have to invest $50 million to improve customer service and achieve a 35 percent reduction in the rate of cable customer complaints in five years, the order said. If the company fails to meet that condition, it will trigger up to $5 million in additional investment.