Time Warner Cable deal gets approval

Associated Press

NEW YORK

Federal regulators will impose several conditions meant to protect online video services as they back Charter’s bid to buy Time Warner Cable and create the country’s second-largest home Internet provider.

The Justice Department approved the deal Monday, subject to court approval on the conditions, while Federal Communications Commission Chairman Tom Wheeler circulated a draft order to OK the combination.

That leaves California’s utility regulator, whose approval is expected in May.

Buying Time Warner Cable and Bright House Networks will turn Charter Communications, a mid-size cable company, into the country’s No. 2 home Internet provider, after Comcast.

The new Charter will be No. 3 in video, trailing Comcast and AT&T, which bought DirecTV last year.