Not even a year ago, Time Warner Cable was spurning the romantic advances of Charter Communications and its $37.3 billion offer of wedded bliss, all because it knew that Comcast was waiting in the wings with a more expensive proposal. But in case the Comcast/TWC marriage fails to get the blessing of federal regulators, Charter’s billionaire backer says he’s ready to be Time Warner Cable’s rebound relationship.

John Malone, Chairman of Liberty Media, which owns and controls a sizable chunk of Charter and who was the driving force behind the bid to acquire TWC, told investors earlier this week that he’d be ready to take another go at the cable operator if Comcast fails.

That said, Malone says that he’s “happy with the deal” that is currently on the table between Comcast and TWC, as it involves Charter getting around 4 million new customers and partial ownership of a new company called GreatLand Connections, with several million customers of its own.

Malone says that this arrangement is “in many ways from our point of view… a better deal.”

But because most cable companies operate with local monopolies and don’t compete for customers, the only way for a company like Charter to expand its reach is to acquire other pay-TV operators. So, whether it’s Comcast or Charter or some other candidate with a gleam for acquisition in its eye, TWC will be bought at some point in the coming years and competition will remain virtually nonexistent in most markets.

[via WSJ.com]