New York says Charter is “just lining its pockets”, revokes Time Warner purchase
The New York state public service commission started the process of unwinding Charter Communications’ purchase of Time Warner Cable systems, in a decision issued on 27 July 2018. The NYPSC says Charter is evading its responsibility to extend its infrastructure and upgrade its service, particularly in rural areas. Those obligations were imposed when the NYPSC gave its blessing to the acquisition.
According to the NYPSC, Charter’s sins include…
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- The company’s repeated failures to meet deadlines;
- Charter’s attempts to skirt obligations to serve rural communities;
- Unsafe practices in the field;
- Its failure to fully commit to its obligations under the 2016 merger agreement; and
- The company’s purposeful obfuscation of its performance and compliance obligations to the Commission and its customers.