10 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....

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22 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
10

6 weeks ago

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Jun 9 2014 7:54am CDT | Source: Business Times Malaysia

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KUALA LUMPUR: About RM47 million of contributions in the Teachers Provident Fund (KWSG) still remain unclaimed, the Dewan Raky ...
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6 weeks ago

Gold shop lost almost RM1mil

Jun 9 2014 3:50am CDT | Source: Business Times Malaysia

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6 weeks ago

Motion to debate MAS losses in Dewan Rakyat rejected

Jun 9 2014 3:39am CDT | Source: Business Times Malaysia

Federal Aviation Administration Bans All US Flights To Israel
KUALA LUMPUR: AN emergency motion to debate the losses incurred by Malaysia Airlines last year, amounting to RM1.2 billion was rejected by the Dewan Rakyat t ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
7

6 weeks ago

MH370 Tragedy: Hisham: RM27.6 mil spent on 1st phase of SAR

Jun 9 2014 2:11am CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia spent some RM27.6 million in its first phase of the search operations for missing Malaysia Airline flight MH370, said Acting Transport Minister, Datuk Seri Hishammuddin Hu ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
6

6 weeks ago

9.1m litres of diesel seized in a month

Jun 8 2014 1:11am CDT | Source: Business Times Malaysia

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PUTRAJAYA: The Domestic Trade, Cooperatives, and Consumerism ministry has seized some 9.1 million litres of diesel and property worth RM58 million since mounting ‘Operasi Diesel Selatan’ ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
5

6 weeks ago

Girl, 9, awarded RM2.78m compensation for medical negligence

Jun 6 2014 4:56am CDT | Source: Business Times Malaysia

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KUALA LUMPUR: A nine-year-old girl who suffered brain damage during her birth at a government hospital was awarded over RM2.78 million in c ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
4

6 weeks ago

Malaysia's total trade in April up 12pc

Jun 5 2014 11:52pm CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia's total trade in April 2014 rose by 12 per cent from a year ago to RM123.86 billion due to growing trading activities, International Trade and Industry Ministe ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
3

7 weeks ago

Works Ministry to spend RM20m for upgrading works at 50 accident black spots

Jun 4 2014 11:35pm CDT | Source: Business Times Malaysia

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JOHOR BARU: The Works Ministry will implement upgrading works at 50 accident prone locations in the country that have been identified this year involving an allocation of RM20 milli ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
2

7 weeks ago

Najib launches loan scheme for Ramadan traders

Jun 4 2014 10:24pm CDT | Source: Business Times Malaysia

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PUTRAJAYA: Prime Minister Datuk Seri Najib Razak today launches RM45 million Ramadan Ba ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
1

7 weeks ago

Residents bring up objection against Kidex to Suhakam

Jun 4 2014 4:49am CDT | Source: Business Times Malaysia

PETALING JAYA: A group of 20 Petaling Jaya residents held a meeting with the Human Rights Commission of Malaysia (Suhakam) over their objection against the proposed RM2.2 billion Kinrara Damansara Skyway (K ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 

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