U.S. cable operator Charter Communications announced on Tuesday that it has struck a $55.3 billion deal to buy Time Warner Cable .

The merger will make Charter the second largest TV and Internet service provider in the country. However, before the transaction can be confirmed, it must first undergo a review from the Federal Communications Commission. FCC chairman Tom Wheeler promised that the FCC will "look to see how American consumers would benefit if the deal were to be approved," reports Reuters.

Charter's purchase of Time Warner Cable will actually total around $79 billion, including its debt.

"With our larger reach, we will be able to accelerate the deployment of faster Internet speeds, state-of-the-art video experiences, and fully-featured voice products," said Charter CEO Tom Rutledge in a statement, according to USA Today.

The announcement comes just one month after Comcast Corp. decided to end its $45.2 billion merger agreement with Time Warner Cable.

The media giant received major backlash from consumers in addition to opposition from federal antitrust regulators shortly after the deal was announced. Comcast also stated that it is no longer pursing a related transaction with Charter Communications. In the deal, Comcast planned to move 3.9 million of its TV customers to Charter Communications.

However, consumers and advocacy groups launched massive campaigns online and in Washington, D.C., demanding regulators to stop the proposal, which they claim would have given one company a monopoly of power in pay-TV and Internet services.

However, executives from both Charter and Time Warner Cable seem confident that the FCC will allow the media companies to merge.

"It's a smaller company so some of the concerns that were raised about potential abuses of a larger company don't pertain here," Time Warner Chief Executive Officer Rob Marcus said.

"It is also the case that we don't have any of the other complications that arose out of Comcast being a vertically integrated media company with a broadcast network, a movie studio, a national cable networks," he added.