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

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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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31 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

2 weeks 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) and slashing the ...
Source: Business Times Singapore   Full article at: Business Times Singapore
 

 
Update
1

3 weeks 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 tragedies of MH370 and MH17" hits ho ...
Source: Business Times Singapore   Full article at: Business Times Singapore
 

 

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