Charter Wants to Buy Time Warner for $55 Billion After It Was Jilted by Comcast
Last month, Comcast decided to not buy Time Warner Cable, walking away from a very long engagement. Today, Charter Communications announced it was swooping in, proposing a $55 billion deal to purchase TWC.
Charter, whose deal is worth $11 billion more than what Comcast offered for TWC, had previously attempted to engineer a hostile takeover in 2013 before it was thwarted by Comcast’s merger proposal. (Basically, Charter is the Nice Guy of the cable world.) According to the Wall Street Journal, the deal must be approved by regulatory agencies in Washington, which doesn’t bode well for the merger: the Comcast-TWC merger was blocked by the FCC and the Department of Justice, which argued that such a deal wasn’t in the public interest.
Charter also announced that it was buying Bright House Networks, a smaller competitor, for $10.4 billion. If things go their way, Charter/TWC/Bright House/Pile o’ Cable will be the second-largest cable provider in the country, with roughly 23 million subscribers.
Have a tip we should know? firstname.lastname@example.org