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. (Disclosure: Comcast is parent of NBCUniversal and CNBC.)