about 14%, and other current Time Warner Cable shareholders are expected to hold a combined 44% stake. The merger was approved by the Department of Justice and FCC on April 25, 2016; it is subject to conditions, including a requirement that Charter must not implement usage-based billing, nor use its dominant position in the market to impact the online video industry – which includes a prohibition on charging for interconnections. Charter was also required to expand its services to 2 million new households, with at least 1 million being in markets where competing providers operate. The merger was completed on May 18, 2016. The purchase made Charter the third-largest pay television company in the United States, behind AT&T and Comcast (the former having completed its merger with DirecTV in mid-2015). 2017–present: Post-TWC acquisition On January 26, 2017, it was reported that Verizon Communications was in talks with Charter to discuss a possible buyout. President and CEO of Liberty Media, Greg Maffei said that they were not interested in the deal. The deal was rejected around the end of May 2017. Charter claimed that the deal was too low for them to accept, and Charter's largest shareholder Liberty Media stated that they were not ready to sell. In March 2017 under new FCC leadership, Charter's regulatory conditions were changed to require that Charter expand its services to 2 million households that are not currently served by any broadband provider, as opposed to requiring one million of these households to be in areas served by a competitor. The decision was made under goals by new chairman Ajit Pai to increase the availability of broadband in rural areas not served by high-speed Internet, but was criticized for maintaining oligopolies rather than encouraging wider competition. In May 2017, it was reported that Charter and Comcast had entered into an agreement to "explore working together in a number of potential operational areas in the wireless space" in respect to mobile virtual network operators (MVNOs); both providers have agreements with Verizon Wireless to re-sell its services, and Comcast announced that it would begin to do so under the brand Xfinity Mobile later in the year. The agreement includes a provision, lasting for one year, that requires the companies to receive consent from each other before performing wireless-related acquisitions or mergers. On June 21, 2017, it was reported that Charter was in talks to buy Cox Communications.