California regulators approved Charter Communications' $34.5 billion acquisition of Cox Communications, clearing the final major obstacle to a deal expected to close next week after prior federal and state approvals. The California Public Utilities Commission unanimously backed two settlement agreements requiring Charter to offer more affordable broadband packages for low-income residents, including several tiers of California LifeLine service for up to five years, invest $30 million in digital inclusion and outreach efforts, and spend at least $275 million on network upgrades, including a 1-gigabit service buildout in its existing Spectrum footprint within three years. The combined company would make Spectrum the dominant cable and broadband provider across much of Southern California and cement Charter's position as the largest U.S. cable operator, ahead of Comcast.