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Charter Communications has made official its intent to merge with Time Warner Cable and acquire Bright House Networks. The deal for Time Warner Cable adds up to $78.7 billion including debt ($55 billion without). Additionally, Charter has agreed to purchase Bright House Networks for $10.4 billion and own 86-87% of the company while Advance/Newhouse (ANH) would own 13-14%.
“This agreement recognizes the unique value of Time Warner Cable, and brings together three great companies that share a common philosophy of strong operations, great products, robust network investment and putting customers first,” said Robert D. Marcus, Chairman and CEO of Time Warner Cable.
“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,” mentioned Tom Rutledge, President and CEO of Charter Communications.
“In addition, I am very pleased that Tom Rutledge will be the CEO of the new company. Tom recognizes the importance of placing a high priority focus on customer care drawing from the expertise of all three companies, and I believe this will be a strong pillar of the new company’s culture,” said Steve Miron, Chief Executive Officer of Bright House Networks.
Charter believes the government will approve this merger.
[Source]: Time Warner Cable: Charter Communications to Merge with Time Warner Cable and Acquire Bright House Networks.