Justice Department approved the Charter Communications (CHTR) takeover of Time Warner Cable (TWC) and Bright House Networks after the cable giants agreed to concessions that should benefit Netflix (NFLX) and other streaming media.
Federal Communications Commission Chairman Tom Wheeler also backed the deal. The FCC will likely approve the combination soon. After that, California regulators would pose the final hurdle for the merger. They are expected to approve it in a vote next month.
As part of the deal, Charter will expand the number of homes with broadband access by 2 million, including 1 million with another high-speed provider, Wheeler said.
Netflix has endorsed the deal, based on Charter’s pledges. Charter agreed to not impose data caps or tie Internet rates to usage. Charter also won’t be allowed to sign deals with content providers to make it harder for Netflix and other streaming services to get content.