Charter gained approval of its Time Warner Cable acquisition from New York state regulators today in exchange for providing 300Mbps speeds to all customers by 2019 and continuation of a cheap (but very slow) entry-level Internet service.

The state Public Service Commission voted 3-0 to approve the merger today, the Times Union of Albany reported. Charter's proposed $56.7 billion acquisition of TWC still needs approval from the Federal Communications Commission, but Charter had to gain approval for license transfers in states where TWC operates as well. TWC is also headquartered in New York City.

TWC already offers 300Mbps speeds in New York City and other major metro areas, and the combined company would have to offer that speed throughout its New York service area under the merger approval. TWC charges $64.99 a month for its 300Mbps downstream and 20Mbps upstream package in New York City, though that price is only good for the first 12 months a customer has service.

TWC offers a bunch of other speed tiers all the way down to its "Everyday Low Price" of $14.99 per month for speeds of up to 3Mbps down and 1Mbps up. The company must continue offering that $14.99 price "for two years for new subscribers and three years for current ones" under another merger condition, reported The Journal News.

Charter had to demonstrate that the transaction would provide consumers a "positive net benefit" to gain approval. The conditions were necessary to make the deal benefit New Yorkers, commission staff said in its recommendations. The biggest risk from the transaction identified by PSC staff is that the merged company is expected to have a "considerably worse credit position" than TWC currently does. That could prevent investment in upgrades that benefit consumers, particularly if "the operating environment declines for cable companies." The commitment to upgrade speeds is designed to offset that risk.

“I’m hopeful with all of these conditions, we really are going to be in a position that in the next several years we’re going to see all New Yorkers have access to well-priced, high-speed, modern Internet services,” Public Service Commission Chair Audrey Zibelman said, according to The Journal News.

Charter has fewer customers than TWC despite being the one doing the acquiring here. Charter will end up as the second biggest Internet service provider in the country after Comcast if the deal goes through.

Charter announced the merger in May 2015, just a month after Comcast's attempt to buy TWC was prevented by federal regulators. Charter had aimed to close the deal by the end of 2015, but it appears FCC review will extend into March and possibly beyond.

Comcast says it is aiming to make gigabit speeds available throughout its entire nationwide territory in two or three years, despite not being required to do so.