Charter becomes second-biggest US cable group after three-way merger
US cable operator Charter Communications is now the second-biggest in the US after completing its three-way merger with Time Warner Cable and Bright House Networks.
The US Department of Justice and the Federal Communications Commission approved Charter’s two deals in April – a $78 billion acquisition of Time Warner Cable and a $10.4 billion takeover of Bright House Networks.
Tom Rutledge, chairman and CEO of Charter since 2012, will become chairman and CEO of the combined company.
Shares in the expanded Charter will start trading on Nasdaq in New York later today. TWC shares will no longer trade on the New York Stock Exchange.
Charter said that the combination of Charter, TWC and Bright House will create a leading broadband services and technology company, serving over 25 million customers in 41 states of the US.
Rutledge said: “Today we join together three companies, each operating with tremendous momentum. Current Bright House Networks and Time Warner Cable customers won’t see many changes right away, though in the coming months they will begin to hear more from us about the Spectrum brand, and the product improvements and consumer-friendly policies that come with it.”