Comcast to Buy Time Warner Cable in $45 Billion Deal
Posted on February 13, 2014The two largest cable operators in the U.S. are merging. Comcast is buying Time Warner Cable (TWC) in a $45 billion deal. The share purchase price is $158.82. Charter had offered $132.5 a share for Time Warner, which the company said was too low. The mega cable deal was first reported by CNBC. It will be officially announced later today.
Reuters reports that the combined entity will have about 30 million customers. CNN/Money says Comcast will be in one out of every three U.S. homes if the deal is approved by regulators.
Variety reports that media watchdog organizations are already concerned about the enormous amount of customers Comcast/TWC will oversee. It certainly leaves cable subscribers with less options. Variety also says the deal "is sure to raise regulatory scrutiny."
The L.A. Times reports that current Time Warner chief executive Rob Marcus will resign after the sale closes.