The third-largest cable provider in the United States, Charter announced its ambitious plan of purchasing Time Warner Cable and Bright House Networks.
According to Charter, the purchase would cost the company approximately $53.33 billion.
Charter representatives said that the cable company will also assume the debt of $24 billion that Time Warner Cable has owes.
Recent statistics show that in the top ten of the largest cable provider in the United States, Time Warner Cable is on the second place, while Bright House is on the tenth position.
If the ambitious deal will receive approval by Washington, Charter would go up from four million subscribers it currently has to more than 18 million subscribers in the U.S.
If the deal is approved, it will put Charter within a long distance from Comcast, which currently has approximately 22 million subscribers.
According to Charter, those who are currently subscribed to Time Warner should not expect any major changes to their subscription plans in the near future.
Experts believe that the additional resources Charter will come to have access to will allow the company to broaden the internet and cable plans sometime in the next couple of months.
Charter representatives made public that the company is looking to provide its subscribers with faster broadband internet connection, upgrade the cable TV interface and provide more public Wi-Fi connection.
These should be the top priorities if Charter purchases Time Warner and Bright House.
If Charter’s new plan will go accordingly, it would impact one in every six households in the United States.
But before it can be accomplished, Charter’s planned purchase would need to be approved by the Department of Justice and the FCC.
Tom Wheeler, chairman of FCC, said in an official statement that the Commission will have to analyze the situation and see how the American consumer would benefit from such a deal.
Wheeler added that:
“In applying the public interest test, an absence of harm is not sufficient.”
Charter representatives said they hope the company would get the approval before 2016.
Last month, a similar deal was abandoned after the government prevented it from happening. The deal was to merge Time Warner with its rival Comcast.
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