Charter Wins FCC OK to Buy Time Warner Cable

The Federal Communications Commission approved Charter Communications Inc.’s $55 billion acquisition of Time Warner Cable Inc., with conditions.

In a brief statement, the agency said it would issue an order with more details in the coming days.

Federal regulators were expected to approve the deal after the FCC and Justice Department announced several conditions late last month that would force the merged company to live up to stringent obligations that don’t apply to its bigger rivals.

According to WSJ.com, Charter agreed to abandon for seven years several common industry practices that the government feared could threaten the growth of rival online video providers such as Netflix Inc. and Hulu.