Time Warner Cable is expecting to close with Charter by the end of the year.
“We’re well into the process of seeking regulatory approvals,” Time Warner Cable CEO Rob Marcus said Thursday morning during the company’s quarterly earnings call. “But if there’s anything we’ve learned, we don’t control the timing of the process.”
Time Warner Cable agreed to be acquired by Charter Communications in a $55 billion transaction one month after the Comcast/Time Warner Cable merger fell apart in the face of opposition from the FCC.
The Federal Communications Commission earlier this week issued a public notice that the agency accepted the application of the companies. Next step is another notice that would start the agency’s 180-day informal review shot clock.
“We hope that’s imminent,” Marcus said.
When asked if he knew what the FCC was thinking in terms of the merger, Marcus replied simply: “No.”
The company also responded to a second request from the Department of Justice and filed all applications with state and local governments, Marcus said.
While the FCC maintains a 180 day shot, it is an informal part of the review and is subject to being paused at will as it was twice in the AT&T-DirecTV merger. Commissioner Mike O’Rielly has repeatedly criticized the commission review process. “This process shouldn’t have taken this long, and we shouldn’t have been so cavalier with the Commission’s merger review ‘shot clock,'” O’Rielly wrote about the 15 months it took to approve AT&T-DirecTV.