A PYMNTS Company

US: Charter confirms acquisition of Time Warner Cable in $55 billion deal

By  |  May 26, 2015

Charter Communications, the No. 3 cable TV operator, offered to buy No. 2 Time Warner Cable Inc for $56 billion on Tuesday but immediately ran into questions about whether regulators would agree to the combined company, which would control a big swath of the cable and Internet markets.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    The union of the two companies would compete against cable market leader Comcast, confront the increased popularity of streaming services, and mark a huge step toward industry consolidation, long advocated by cable pioneer John Malone, Charter’s biggest shareholder.

    The merger partners, which promised better access to broadband Internet for consumers, faster speeds and more public Wi-Fi networks, nonetheless could face regulatory obstacles that helped sink Comcast’s earlier bid for Time Warner Cable.

    “With today’s announcement, we have delivered on our commitment to maximizing shareholder value,” Time Warner Cable CEO Rob Marcus said.

    We’d love to be your preferred source for news.

    Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!

    Add as Preferred Source

    Charter currently has about 4.1 million TV subscribers and 4.9 million broadband subscribers.

    Through the transactions announced on Tuesday, New Charter will have 17 million residential TV subscribers and 18.8 million on the broadband side, making it a counterweight to Comcast, which has about 22 million subscribers.

     

    Full content: The New York Times

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.