PURA approves Charter's acquisition of Cox subsidiaries, includes $3 million digital access contribution in settlement
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Summary
The authority approved Charter Communications’ change-of-control application for certain Cox licensees, accepting a settlement that includes a $3 million contribution for digital access and 38 numbered obligations including battery backups and 'price for life' commitments; the chairman abstained.
The Public Utilities Regulatory Authority on March 3 voted to approve Charter Communications Inc.'s application for change of control for certain Cox licensees, adopting a settlement among Charter, CEI, the Office of the Attorney General and the Office of Consumer Counsel.
Authority staff attorney Trevor Rowe summarized the terms: Charter will acquire CoxCom LLC and certain Connecticut subsidiaries; CEI will receive $4,000,000,000 in cash and a package of Charter Holdings equity (approximately 33.6 million common units and preferred units) that would represent roughly 24% of Charter’s outstanding common stock. Rowe said the settlement contains 38 numbered items imposing obligations on the settling parties, including offering battery backups, honoring price-for-life customer agreements, a $3,000,000 contribution to improve digital access and literacy, ongoing quality-of-service reporting and network-upgrade reporting.
"Staff finds that the applicant meets all the required tenets of the law and recommends the approval of the application along with the settlement agreement," Rowe said.
The panel adopted the staff-recommended approval in a motion moved by a commissioner (speaker S3) and seconded; Chairman Tom Wheel recused himself and abstained citing prior participation in the matter. Vice Chairman David Arcanti, Commissioner Jan Beecher, Commissioner Holly Cheeseman and Commissioner Everett Smith voted to approve the application.
The authority's approval implements the settlement commitments described by staff; the written order and the settlement terms will be posted to docket 250811 for implementation and compliance tracking.