Federal Communications Commission Chairman Tom Wheeler on Monday said he's recommending the agency's commissioners approve Charter Communications' acquisition of Time Warner Cable. Separately, the US Department of Justice also said it will allow the $78 billion deal to go ahead; it also approved Charter's $10.4 billion purchase of Bright House Networks.

Those acquisitions will make Charter the second-largest provider of cable and TV service in the US, after Comcast.

The Justice Department said it is proposing a settlement that would restrict Charter's ability to make it harder for streaming services like Netflix and Hulu to get video content from programmers. Wheeler is proposing conditions that would bring high-speed Internet to more homes.