• News
  • Finance

New York state revokes approval of Charter-Time Warner Cable deal

New York state revokes approval of Charter-Time Warner Cable deal

The order from the New York Public Service Commission accuses Charter of "persistent actions demonstrating bad faith", claiming that the company has repeatedly failed to live up to promises it made during the merger approval process to connect more New Yorkers to high-speed internet. Under that agreement, the state allowed Charter to acquire Time Warner, making it the second-largest cable operator in the country, if the company agreed to upgrade or expand its broadband services in sparsely populated areas.

The New York State Public Service Commission said on Friday it has revoked its approval of the 2016 merger agreement between Charter Communications Inc and Time Warner Cable, arguing that the USA broadband provider failed to meet terms of the merger agreement.

The Commission says its decision, which would order the company out of the state in 60 days, is based on "various instances of misconduct" that include failures to meet deadlines, skirting obligations to serve rural communities and purposeful obfuscation of its performance and compliance obligations. ". The commission has previously directed Charter to cease its misleading campaign and has referred the matter to the NY attorney general for appropriate action".

"Charter's non-compliance and brazenly disrespectful behavior toward New York State and its customers necessitates the actions taken today seeking court-ordered penalties for its failures, and revoking the Charter merger approval", added Commission Chair John B. Rhodes. "Charter's noncompliance and brazenly disrespectful behavior toward NY state and its customers necessitates the actions taken today seeking court-ordered penalties for its failures, and revoking the Charter merger approval". "But the fact is that Spectrum has extended the reach of our advanced broadband network to more than 86,000 NY homes and businesses since our merger agreement with the PSC".

Charter will undoubtedly do everything in its power to block this move, so don't expect Spectrum to suddenly vanish from NY in two months, but perhaps this will at least lead to some positive changes. The state lawyers plan to bring an enforcement action in NY state court. According to the commission, Spectrum has blown past every network expansion target since the merger, while falsely claiming to customers that it is exceeding these commitments. In 2016, the two companies merged together with Time Warner Cable.




"Charter must ensure no interruption in service is experienced by customers, and, in the event that Charter does not do so, the Commission will take further steps, including seeking injunctive relief in Supreme Court in order to protect NY consumers".

"In the weeks leading up to an election, rhetoric often becomes politically charged", Charter said in a statement.

In yesterday's press release, the authorities noted persistent "failures in maintenance", by which they sinned provider, as well as "outrageous" disregard for Charter Communications a number of conditions exhibited prior to approval of its merger with TWC. NY has also requested that Spectrum design a transition plan.

Spectrum - formerly known as Charter - is one of the most popular cable television and Internet access providers in the United States.

Leave Your Comment

Leave Your Comment


Latest News

Breaking News



Recommended

India Wants To Work With BRICS On Fourth Industrial Revolution: PM Modi

At that crossroads, Xi suggested leaders should embrace "openness and cooperation", adding "a trade war should be rejected, because there will be no victor ".

Conor McGregor Dodges Jail Time for Violent UFC Press Conference Tantrum

He last fought inside the Octagon back in 2016 at UFC 2015, when he captured the lightweight title after defeating Eddie Alvarez . What do you think of Conor McGregor's punishment? Today's proceedings will not affect McGregor's ability to travel to the US.

Dimitar Berbatov backs Man United and Tottenham to finish above City

This has proven even more so this year, helped by the absence of many of their higher profile players. "I said before the game, it's not that he has problems - he has no problems", said Klopp.

Nick Jonas and Priyanka Chopra Are Engaged!

They later went for a trip to Goa with Chopra's family and relatives that also included actress Parineeti Chopra . Well, the rumours had first begun back in 2017 when Nick was seen posing with Priyanka at the Met Gala 2017.

CNN Airs Donald Trump Recording Secretly Made His Then-Lawyer Michael Cohen

Here's the point: the president has run through a succession of lawyers in connection with the Democrats' many attacks on him. Common Cause says the tape bolstered their argument that Trump knew about the payment and that it was potentially illegal.

US Treasury Secretary denies any chance or a currency war

Investors are now looking ahead to an important meeting between Trump and European Commission president Jean-Claude Juncker. MSCI's broadest index of Asia-Pacific shares outside Japan .miapj0000pus was up a touch waiting for other markets to open.

U.S. pushes United Nations to maintain sanctions pressure on N Korea

The secretary of state said he and President Donald Trump were "upbeat" about the prospects of North Korea fulfilling its promise. At the time, Kim committed to "work toward denuclearization".

Tekashi 6ix9ine Hospitalized After Brutal Attack

He drove home after the shoot wrapped around 4 a.m., but when he got there, another vehicle was blocking his driveway. TMZ reports , citing unnamed sources, that the men stole around $750,000 in jewelry and more than $15,000 in cash.

Kevin Anderson vs John Isner, Wimbledon 2018 semi-final

But Isner was playing his first Grand Slam semifinal while the South African was in his second after making the US Open final. Prior to facing the veteran American, Anderson had defeated the heavy favorite and defending champion Roger Federer .

Maria Butina: Feds charge Russian national for acting as covert Kremlin agent

It said that Butina had broken United States law by not disclosing that she was acting on behalf of the Russian government. Butina has previously said her outreach to American political operatives was purely out of a shared passion for firearms.