Netflix supports Charter takeover of Time Warner Cable

Charter Communications Inc. has won the backing of Netflix Inc. as it seeks regulatory approval of its pending $55 billion acquisition of Time Warner Cable. But there is a catch.

Netflix said it will support the acquisition in exchange for access to Charter's customers, according to Bloomberg Business.

The streaming service accounts for 37 percent of all download traffic during peak evening hours on Charter's Internet service.

Read more from Bloomberg Business.