Charter Comms to wed Time Warner Cable in monster merger
Proposes $78.7 BEELLION cash'n'shares deal
Charter Communications has confirmed plans to merge with Time Warner Cable in a cash and shares deal worth $78.7bn.
The earlier rumoured price of $55bn covers the cash element of the sale, while the remaining $23.7bn will be made up of Charter Communications shares.
Charter additionally said it planned to acquire Bright House Networks for $10.4bn.
The three companies' tech and broadband services will apparently serve 23.9 million customers in 41 states across the US.
Charter Communications' chief Tom Rutledge said in a canned statement:
Representatives of each of these companies have invented some of the most revolutionary communications products ever created; innovations like video on demand, VoIP phone service, remote storage DVR, cable TV through an app, downloadable security, and the first backward-compatible, cloud-based user interface.
That spirit of innovation will live on, and it will create real benefits and great long-term value for the customers, shareholders and employees of all three companies.
The planned merger – subject to regulatory approval – is expected to close at the end of this year.
The deal values Time Warner Cable shares at roughly $195.71 each, based on Charter Communication's closing price on 20 May. ®