Charter Communications agreed to acquire Time Warner Cable in a deal valued at $78.7 billion. In addition, Charter and Advance/Newhouse Partnership amended an earlier merger deal (announced March 31) to allow for the three-way combination reate a leading broadband services and technology company serving 23.9 million customers in 41 states. Liberty Broadband has agreed to purchase, upon closing of the Time Warner Cable transaction, $4.3 billion of newly issued shares of New Charter.
The companies said their mega-merger will drive investment in their advanced broadband network, allowing for wider deployment of new competitive facilities based Wi-Fi networks in public places, and the footprint expansion of optical networks to serve the large marketplace of small and medium sized businesses.
“With our larger reach, we will be able to accelerate the deployment of faster Internet speeds, state-of-the-art video experiences, and fully–featured voice products, at highly competitive prices. In addition, we will drive greater competition through further deployment of new competitive facilities-based WiFi networks in public places, and the expansion of the facilities footprint of optical networks to serve the large, small and medium sized business services marketplace. New Charter will capitalize on technology to create and maintain a more effective and efficient service model. Put simply, the scale of New Charter, along with the combined talents we can bring to bear, position us to deliver a communications future that will unleash the full power of the two-way, interactive cable network,” stated Tom Rutledge, President and CEO of Charter Communications.
http://ir.charter.com/phoenix.zhtml?c=112298&p=irol-irhome
http://www.timewarnercable.com/
