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Charter Communications (CHTR) Stock Slumps, Time Warner Merger Approved

NEW YORK (TheStreet) -- Charter Communications (CHTR - Get Report) stock is declining 1.33% to $214.26 on heavy trading volume on Thursday after receiving final regulatory approval to acquire rival Time Warner Cable (TWC).

California authorities approved the merger, clearing the way for Charter to become the second-biggest U.S. cable provider behind Comcast (CMCSA), Bloomberg reports. Charter will serve roughly 24 million customers, while Comcast serves about 28 million.

The company will receive new subscribers in cities such as New York, Los Angeles and Dallas.

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