360° Coverage : Comcast Snatches Time Warner Cable Away From Charter In $45B Deal

2 Updates

Comcast Snatches Time Warner Cable Away From Charter In $45B Deal

Feb 13 2014, 3:02am CST | by

In fending off an increasingly hostile takeover attempt by Charter Communications, Time Warner Cable had insisted it was worth $160 a share. Now it appears that’s what its shareholders will get....

Filed under: news

 
 
 

28 weeks ago

Comcast Snatches Time Warner Cable Away From Charter In $45B Deal

Feb 13 2014, 3:02am CST | by

In fending off an increasingly hostile takeover attempt by Charter Communications, Time Warner Cable had insisted it was worth $160 a share. Now it appears that’s what its shareholders will get.

Comcast has reportedly agreed to buy its smaller rival in an all-stock deal for roughly $159 a share, or $45 billion. The combination of the nation’s biggest and second biggest cable providers would create a behemoth with 33 million subscribers. To pass muster with anti-trust authorities and the FCC, Comcast is reportedly planning to divest cable systems with 3 million subscribers, keeping its share of the market below 30%.

The surprise deal is expected to be announced Thursday morning. It should end an eight-month-long pursuit of Time Warner Cable by Charter Communications and controlling shareholder John Malone, who had made three offers, the latest of which was worth $132.50 a share. On Tuesday, Charter had announced it would nominate 13 candidates for Time Warner Cable’s board who would presumably have been friendlier to Charter’s advances.

The deal thwarts Malone’s ambitions to reclaim a dominant position in the industry he helped to create in the 1980s. He sold TCI, then the nation’s largest cable company, to AT&T in 1999 for $54 billion. Last May the billionaire bought back in to the U.S. cable business, acquiring a 27% stake in Charter through his Liberty Media.

With many pay TV providers hemorrhaging subscribers and programming costs rising, Malone has been one of a number influential figures advocating industry consolidation.

Comcast, led by CEO Brian Roberts, had recently held talks with Charter to acquire some of Time Warner Cable’s East Coast units in the event that Charter succeeded in its bid, according to the Wall Street Journal. Apparently the company decided that wasn’t enough. Charter would be Comcast’s second industry-reshaping acquisition of the past few years, following the completion last year of its purchase of NBC Universal from GE.

Source: Forbes Business

 
Update
2

4 days ago

Khazanah throws MAS RM6b lifeline

Aug 29 2014 5:01pm CDT | Source: Business Times Singapore

August 30, 2014 1:15 AMKHAZANAH Nasional will inject RM6 billion (SS$2.4 billion) over three years to resuscitate loss-making Malaysia Airlines (MAS) under a recovery plan that includes even an Act of Parliament. Other key moves are migrating its operations, assets and liabilities to a new company (NewCo) ...
Source: Business Times Singapore   Full article at: Business Times Singapore
 

 
Update
1

5 days ago

MAS posts loss of RM307m for Q2

Aug 28 2014 5:00pm CDT | Source: Business Times Singapore

August 29, 2014 1:13 AMMALAYSIA Airlines (MAS) registered a loss of RM307 million (S$122 million) for the second quarter to end-June, but warned of worse to come in the second half when the "full financial impact of the double ...
Source: Business Times Singapore   Full article at: Business Times Singapore
 

 

Don't miss ...

 

<a href="/latest_stories/all/all/30" rel="author">Forbes</a>
Forbes is among the most trusted resources for the world's business and investment leaders, providing them the uncompromising commentary, concise analysis, relevant tools and real-time reporting they need to succeed at work, profit from investing and have fun with the rewards of winning.

 

blog comments powered by Disqus

Latest stories

2016 NASA asteroid mission awaits your messages
Washington, Sep 3 (IANS) NASA has invited the public to submit short messages and images on social media that could be placed in a time capsule aboard a spacecraft to be launched in 2016 for an asteroid study.
 
 
Exercise can stem frequent night urination in men
New York, Sep 3 (IANS) Men who are physically active are at lower risk of nocturia - waking up at night to urinate, says a study.
 
 
Nippon Life keen to hike stake in Reliance Life
Tokyo, Sep 3 (IANS) Nippon Life Insurance of Japan wants to hike its stake in its Indian joint venture Reliance Life Insurance to 49 percent from 26 percent, when India notifies the decision of higher foreign equity cap in the sector, a news report here said.
 
 
Sex hormones linked to sudden cardiac arrest
New York, Sep 3 (IANS) In what could lead to prevention of sudden cardiac arrest, a study led by an Indian-origin cardiologist has found that levels of sex hormones in the blood are linked to the heart rhythm disorder.
 
 
 

Latest from the Network

Vince Vaughn for The Politician?
Vince Vaughn is set to star in 'The Politician'. The 'Wedding Crashers' star is attached to take on the lead role in the upcoming Columbia comedy about a scandal-hit politician, according to The Hollywood Reporter. The...
Read more on Movie Balla
 
910 militants, 82 soldiers killed in North Waziristan
Islamabad, Sep 3 (IANS) At least 910 militants and 82 Pakistani soldiers have been killed in operation Zarb-i-Azb in North Waziristan, the military said Wednesday. The statement issued by the Inter-Services Public...
Read more on Politics Balla
 
'Headscarf instils positive body image in British Muslim women'
London, Sep 3 (IANS) British Muslim women who wear a hijab (headscarf) generally have a more positive body image, are less reliant on media messages about beauty ideals and place less importance on appearance than...
Read more on Celebrity Balla
 
Console games new threat to global climate: Study
New York, Sep 3 (IANS) Console games downloaded over broadband internet are causing more greenhouse gas emissions than Blu-ray discs delivered via retail stores, new research reveals. It is not always true that...
Read more on Celebrity Balla
 
Human greed driving species towards extinction: Study
Washington, Sep 3 (IANS) In a disturbing trend, scientists have reported that species are becoming extinct as much as 1,000 times more frequently - 10 times worse than the previous estimates - owing to human population...
Read more on Politics Balla
 
Kelly Brook's traumatic childhood
Kelly Brook has opened up about ''violent and horrific'' memories from her childhood. The 35-year-old actress has revealed that although she enjoyed some aspects of growing up on a council estate in Kent, South East...
Read more on Celebrity Balla
 
Emmy Rossum not 'easy'
Emmy Rossum insists she's not ''easy'' like her 'Shameless' character. The 27-year-old actress stars as Fiona Gallagher in the US remake of the hit series and she's revealed that although she's had sex on a first date,...
Read more on Celebrity Balla
 
2016 NASA asteroid mission awaits your messages
Washington, Sep 3 (IANS) NASA has invited the public to submit short messages and images on social media that could be placed in a time capsule aboard a spacecraft to be launched in 2016 for an asteroid study. Called...
Read more on Apple Balla
 
Exercise can stem frequent night urination in men
New York, Sep 3 (IANS) Men who are physically active are at lower risk of nocturia - waking up at night to urinate, says a study. Nocturia is the most common and bothersome lower urinary tract affliction in men. "...
Read more on Celebrity Balla
 
Nippon Life keen to hike stake in Reliance Life
Tokyo, Sep 3 (IANS) Nippon Life Insurance of Japan wants to hike its stake in its Indian joint venture Reliance Life Insurance to 49 percent from 26 percent, when India notifies the decision of higher foreign equity...
Read more on Business Balla