Charter Communications’ proposed acquisition of Time Warner Cable and Bright House networks got the go-ahead from the U.S. Justice Department today, clearing the way for creation of what will be the second-largest broadband provider and third-largest video provider in the U.S., Reuters reports.

“The Justice Department’s approval carried conditions designed to protect competition, coming at a time when the pay television industry faces stagnation coupled with new competition from over-the-web rivals like Netflix and Hulu,” the story reports. “The Federal Communications Commission must also approve the deal, and the agency’s chairman on Monday said he, too, is looking to protect competition.”

The report adds: “FCC Chairman Tom Wheeler said he circulated an order seeking approval of the merger with conditions that ‘will directly benefit consumers by bringing and protecting competition to the video marketplace and increasing broadband deployment.'”