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Comcast to buy Time Warner Cable for $45B



Published: Thu, February 13, 2014 @ 10:40 a.m.

LOS ANGELES (AP) — Comcast Corp. will buy Time Warner Cable Inc. for about $45.2 billion in a deal that would combine the nation's top two cable TV companies and create a dominant force in creating and delivering entertainment.

The all-stock deal, which was approved by the boards of both companies, trumps a proposal from Charter Communications to buy Time Warner Cable for about $38 billion. It is expected to close by the end of the year, pending shareholder and regulatory approvals.

The combined entity will end up with about 30 million subscribers, as the two companies already have strongholds in major markets like New York, Chicago and Los Angeles. Comcast has 22 million pay TV customers but plans to divest 3 million after the deal closes. Time Warner Cable will contribute 11.2 million customers.

The price amounts to $158.82 per share for Time Warner Cable and is about 17 percent above that stock's Wednesday closing price of $135.31. It tops a Charter Communications Inc. proposal to buy Time Warner Cable for about $132.50 per share.


Comments

1NilesOhio(730 comments)posted 7 months, 2 weeks ago

Great. The next step is to watch our cable bills go through the roof.

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