July 27, 2018 / 6:53 PM / 25 days ago

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

July 27 (Reuters) - 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 U.S. broadband provider failed to meet terms of the merger agreement.

The commission alleged that Charter did not provide the public benefits to the state of New York on which the approval was granted and also said it would seek additional penalties for Charter’s past failures and ongoing non-compliance.

“Charter, doing business as Spectrum, has — through word and deed — made clear that it has no intention of providing the public benefits upon which the Commission’s earlier approval was conditioned,” the commission said.

It wasn’t immediately clear what the rejection means for Charter. The company did not immediately respond to a request for comment.

The commission gave the company two months to find a new cable provider to replace its operations. (Reporting by Sonam Rai in Bengaluru and Sheila Dang in New York; Editing by Shounak Dasgupta)

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