The Cable Guy

Charter Communications is in the process of attempting a takeover of Time Warner Cable and Bright House Networks. The hitch in the buyout lies with the FCC's approval, something that hasn't come yet.

Now, The Wall Street Journal is reporting that FCC Chairman Tom Wheeler is preparing to circulate a draft order that will approve the $55 billion deal. The order has to be voted on and approved by members of the FCC, but this is the first step in that process.

Time Warner Cable was almost bought out by Comcast last year, but that deal broke down as it neared completion. If Charter Communications manages to nail this one down, that would be a huge win for it and a blow to Comcast.

Comcast, according to the report by The Wall Street Journal, failed to land a deal with Time Warner Cable because they weren't willing to make concessions. Charter, however, seems poised to work with streaming providers like Netflix, refrain from using data caps and abide by the FCC's net neutrality rules. In fact, Netflix CEO Reed Hastings even offered that Charter buying out Time Warner Cable would be a "tremendous positive" for online video services.

This deal still has a long way to go. We'll monitor the story for more.