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

 
 
 

35 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

7 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) ...
Source: Business Times Singapore   Full article at: Business Times Singapore
 

 
Update
1

7 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 t ...
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

US plane on secret mission returns to Earth
Los Angeles, Oct 18 (IANS) After spending about 22 months orbiting the Earth on a secret mission, a US Air Force X-37B unmanned, reusable space plane has finally returned.
 
 
Smoking during pregnancy alters newborn's DNA
New York, Oct 18 (IANS) Babies born to mothers who smoke during pregnancy may find it difficult to cope with stressors of daily life later due to an alteration in DNA of a gene that regulates passage of stress hormones from mother to foetus, a study says.
 
 
First hydrogen-deficient supernova progenitor traced
Tokyo, Oct 18 (IANS) In a finding that may have important implications for the evolution of massive stars, a group of researchers presented a model that provides the first characterisation of the progenitor (parent) of a hydrogen-deficient supernova.
 
 
Britain to expand Ebola screening beyond London
London, Oct 18 (IANS) British health authorities have said that screening of passengers arriving from regions affected by the Ebola outbreak will be extended to the Manchester and Birmingham airports.
 
 
 

Latest from the Network

Bush shoe-tossing painting hits record at Doha auction
Doha, Oct 15 (IANS/EFE) A controversial painting by Iranian artist Mahmud Obaidi, depicting an Iraqi journalist throwing shoe in 2008 at then US president George W. Bush, was sold for $62,500 at a Sotheby's auction in...
Read more on Celebrity Balla
 
US offers $45 mn bounty for eight terror leaders
Washington, Oct 15 (IANS) The US said Tuesday it is offering rewards totalling up to 45 million dollars for information on eight key leaders of the Al Qaeda in the Arabian Peninsula (AQAP) terrorist organisation. The...
Read more on Politics Balla
 
UNSC extends peacekeeping mission's term in Abyei
United Nations, Oct 15 (IANS) The UN Security Council (UNSC) has renewed the mandate of the UN peacekeeping mission in the Abyei border region between Sudan and South Sudan. In an unanimously adopted resolution, the...
Read more on Politics Balla
 
Ebola cases in West Africa could reach 10,000 per week: WHO
Geneva, Oct 15 (IANS) The World Health Organisation (WHO) has warned that the Ebola epidemic in West Africa could reach 5,000 to 10,000 cases per week by the first week of December. "Quite frankly, ladies and...
Read more on Business Balla
 
Turkey, Singapore sign strategic partnership agreement
Ankara, Oct 15 (IANS) Turkey and Singapore have signed a strategic partnership agreement to boost economic, political and cultural cooperation, as well as security collaboration, during the official visit of...
Read more on Politics Balla
 
Christina Aguilera is returning to 'The Voice' USA
Christina Aguilera will return to 'The Voice' USA next year. The 'Your Body' hitmaker, who previously shared a rotating spot on the judging panel with Shakira, has been replaced by Gwen Stefani this season as she is...
Read more on Celebrity Balla
 
Kesha's music producer hits back
Kesha is being countersued by her record company boss, Dr. Luke. The 41-year-old music producer, who runs Kemosabe Records, claims the 27-year-old 'Tik Tok' singer is a liar and is trying to extort him after she accused...
Read more on Celebrity Balla
 
Jason Derulo won't get back together with Jordin Sparks
Jason Derulo insists his split from Jordin Sparks is permanent. The 'Talk Dirty' hitmaker, who recently ended his relationship with the 'No Air' singer after three years of dating, has ruled out getting back together...
Read more on Celebrity Balla
 
Josh Groban feels 'very lucky' to be dating Kat Dennings
Josh Groban feels ''very lucky'' to be dating Kat Dennings. The 'Brave' hitmaker was very nervous before singing in front of the '2 Broke Girls' actress for the first time at the Carousel of Hope Ball in Beverly Hills,...
Read more on Celebrity Balla
 
Australian Richard Flanagan wins 2014 Man Booker prize
London, Oct 15 (IANS) The first Man Booker prize to allow American nominees was Tuesday night won by an Australian, with Richard Flanagan triumphing for a novel of love and war that tells the harrowing stories of...
Read more on Celebrity Balla