Charter Communications Buys Time Warner Cable in $78.7bn Deal

By Tim Maytom


Charter Communications has agreed a takeover deal with Time Warner Cable, which will see the media giant bought out for $78.7bn (£51.1bn) in cash and shares.

The new company will include Bright House networks, and will provide broadband services for 23.9m customers in 41 states across the US, with the aim of competing with market leader Comcast.

Time Warner Cable was formally partnered with AOL, which was recently acquired by mobile network Verizon for $4.4bn.

The Charter Communications deal, which includes a cash element of $55bn, values Time Warner Cable shares at $195.71 each, and saw share prices rise by 11 per cent in pre-market trading, while Charter shares went up 3.2 per cent to $181.

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Source:: Mobile App News