Charter finalizes Bright House acquisition

Charter Communications has closed a $10.4 billion deal to acquire regional cable operator Bright House Networks.

The deal — affecting 2 million video customers in Florida, Alabama, Indiana, Michigan and California -- will give the Connecticut-based Charter 74% of Bright House, leaving Advance/Newhouse a 26% share in the company. Charter will pay $2 billion in cash to Advance/Newhouse, and purchase the rest through a stock acquisition.

The deal, according to a release, is still subject to several conditions, including shareholder approval and Time Warner Cable not matching the offer.