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John Malone's Charter Communications Inc struck a $56 billion deal to buy Time Warner Cable Inc, seeking to combine the third and second largest U.S. cable operators to better compete against market leader Comcast Corp. The Federal Communications Commission immediately served notice that it would closely scrutinize the deal, focusing not only on absence of harm but benefits to the public. Charter, in which Malone-chaired Liberty Broadband Corp owns about 26 percent, is offering about $195.71 in cash-and-stock for each Time Warner Cable share, based on Charter's closing price on May 20. A merger of Charter and Time Warner Cable, with other related deals, would create a company that controls more than 20 percent of the U.S. broadband market, according to research firm MoffettNathanson.

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By Jeff Mason RANCHO MIRAGE, Calif. (Reuters) – It may not have been a hacking, but a computer outage at the hotel where U.S. President Barack Obama resided this week could not have come at a more inconvenient time. The president flew to San Francisco on Thursday to preach the benefits of better corporate cybersecurity practices. The entire two days he was in town, the computer system at his upscale hotel, The Fairmont, was down. “There's certainly no evidence to say anything was hacked or compromised,” said Thomas Klein, the hotel's general manager, noting the irony of Obama's attendance at a cybersecurity summit during the same period.