Charter settles with New York State over missed deadlines2017-06-22 17:04 by Daniela
Charter Communications may have to pay a total $13 million to New York State as part of a settlement, because it failed to meet expansion goal.
The telecommunications company's 2016 acquisition of Time Warner Cable was contingent on Charter meeting a set of requirements that included network expansion to "unserved and underserved communities" by the end of 2019.
However, according to the state Public Service Commission, the company failed to build out its Spectrum cable network quickly enough in the state.
The settlement, if passed, would require Charter Communications to place $1 million out of $13 million into an escrow account 30 days after the commission adopts the settlement. That company would use that fund to award grants to third-party beneficiaries for equipment that would provide computer and internet access to low-income users.
"To ensure the company keeps its promise, Charter will forfeit its right to earn back up to $1 million each time it misses a six-month build-out target," the state said. Charter can "earn back up to $12 million based on future performance," the settlement said.
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