UPDATE: Charter Communications Buying Time Warner Cable
UNDATED – Charter Communications will spend $55.33 billion to acquire Time Warner Cable in a cash-and-stock deal that would instantly create one of the largest pay-television and broadband operators in the U.S.
As part of the agreement, Charter will also buy Bright House Networks for more than $10 billion.
Charter will provide $100 in cash and shares of a new public parent company equal to 0.5409 shares of Charter for each outstanding Time Warner Cable Inc. share. The transaction values each Time Warner Cable share at about $195.71.
The companies on Tuesday valued Time Warner Cable at a total of $78.7 billion.
Shares of Charter Communications Inc. are up more than 3 percent in premarket trading.