Comcast Will Acquire Time Warner Cable
CNBC reporter David Faber is breaking the news on Twitter
that Comcast has beaten Charter to the punch and will be acquiring Time Warner Cable in an all-stock deal valued at around $159 per share (valuing Time Warner Cable at around $44.4 billion). The news is being backed up by Bloomberg
, quoting sources that state the deal should officially be announced tomorrow morning.
Charter Communications had been trying to acquire Time Warner Cable, but had refused to match the $160 per share desired by Time Warner Cable executives. Those acquisition efforts turned hostile this week as Charter moved to nominate a group of carefully chosen cable industry veterans and former investment bankers to the Time Warner Cable board.
It's very likely that if a deal gets done, Comcast will in turn sell geographic regions that make sense to Charter. Still, it remains unclear if regulators will approve a deal that makes the nation's largest pay TV company, largest broadband company, and third largest phone company -- even larger.Update
: Here's the official statement
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Just what we need. More consolidation!