Charter nears $55 billion deal to acquire Time Warner Cable
Charter Communications is said to be close to acquiring Time Warner Cable (TWC) in a deal valued at $55.1 billion.
The companies are reportedly in advanced talks in a proposed deal which could see Charter paying about $195 a share in cash and stock.
The combination of the fourth and second-largest cable companies in the US could form a rival for Comcast. The combined group would have 23 million customers, compared to Comcast’s 27 million.
Charter is also renegotiating its offer to purchase Bright House Networks for $10.4 billion which it plans to merge with the combined entity.
Charter, owned by billionaire John Malone’s Liberty Media, had sought to acquire TWC during 2013-2014. It was rejected when Comcast trumped its offer with a $45.2 agreement for TWC. However the planned merger between Comcast and TWC fell apart in April 2015 after significant opposition from US regulators.
Altice, backed by billionaire Patrick Drahi, was also said to be in pursuit of TWC. The company last week agreed to acquire a majority stake in Suddenlink Communications for $9.1 billion.