The end of an era: $65B Time Warner Cable merger just went into effect

The final big deal in the U.S. cable industry, which has been dwindling in recent years thanks to streaming services like Netflix and Amazon Prime, might have just taken place.

In a staggering $65 billion merger, Charter Communications claimed ownership over small cable operator Bright House and another cable company you may have heard of called Time Warner Cable.

So sadly, yes, the iconic Time Warner Cable as you know it will soon cease to exist.

The merge was announced over a year ago, reached its final approval a week ago and officially takes effect on May 18.​

However, it's safe to say that Time Warner Cable somewhat saw this coming.

The company has faced a lot of heat and backlash for what some consider malpractice, including:

Comcast, which had originally tried to acquire Time Warner Cable last year, was blocked by the Department of Justice as well as the Federal Communications Commission as the two believed that the merging of the two companies would have "given Comcast too much power to stifle the competition that online video streaming services pose to cable TV."

SEE ALSO: Hulu confirms plans for live channels

It's easier to approve a deal with the second and third most powerful cable companies rather than allowing the number one provider to merge with the third largest, as it would essentially monopolize the cable industry.

The completion of the Charter merger will make it the second largest broadband provider in the country, with Comcast still clinching the top spot.

Charter will have its cable and broadband services operating under the name 'Spectrum'.

Related: In another merger, Unilever buys Dollar Shave Club in reported $1 billion deal

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