New York regulators have given the green light for Charter Communications to buy Time Warner Cable, potentially easing the third-largest cable company's bid to create a media and Internet giant.

"We are very happy to have obtained this approval from the New York state [public service commission]," said Charter chief executive Tom Rutledge in a statement.

As a condition of the approval, Charter has agreed to build out Internet services throughout New York and to support download speeds in the state of at least 60 Mbps.

The news isn't a huge surprise, but it does lend the company additional momentum as it awaits approval from regulators at the Federal Communications Commission, who must still agree to the deal before it can move ahead. Most analysts predict that Charter's merger will be blessed by the government, although some say the company has underestimated the Justice Department, which also has to sign off.

Opponents of the deal, such as Dish Network and various consumer groups, say it could harm nascent Internet streaming services such as its own SlingTV application. The FCC, in explaining why it rejected Comcast's attempt to buy Time Warner Cable, invoked a similar theory. But it's unclear now whether it believes Charter poses the same risk as Comcast.