California Approves Charter’s $34.5 Billion Cox Deal, Clearing Final Hurdle for Next-Week Close
Updated
Updated · Los Angeles Times · Aug 13
California Approves Charter’s $34.5 Billion Cox Deal, Clearing Final Hurdle for Next-Week Close
3 articles · Updated · Los Angeles Times · Aug 13
Summary
A unanimous California Public Utilities Commission vote approved Charter’s $34.5 billion purchase of Cox, the last major regulatory step before an expected closing next week.
The settlement ties approval to consumer conditions: Charter must offer low-income plans for up to five years, provide automatic outage bill credits, honor some “price for life” deals and supply free broadband to eligible community sites.
Charter also committed at least $275 million for California network upgrades within three years and $30 million for digital-inclusion, outreach and literacy programs.
The merger will make Spectrum the largest U.S. cable company, overtaking Comcast, with more than $10 billion in California revenue, service to over 5 million homes and 1.5 million phone subscribers.
Cox customers are expected to move to Spectrum by mid-September, gaining access in Southern California to services including SportsNet LA after Cox’s long blackout of the Dodgers channel.
Will Charter’s $34.5 billion Cox takeover lower bills and expand broadband access, or simply create a more powerful cable giant in Southern California?
Can California’s safeguards truly hold Charter accountable for $275 million in upgrades and affordability promises after the merger closes?