NEW YORK: US cable company Charter Communications has bought rival Time Warner Cable for $78.7 billion.
The deal, a major consolidation on the American market, will involve a major financial package for the cable giant that was also courted by France’s Altice in exploratory talks.
Charter is giving $195 per share and $100 in cash, for the number two company in the US market, it said. If successful, the merger would mark a major consolidation in the industry, something that does not always happen smoothly in the United States.
Comcast had planned a merger with TWC that was blocked by regulatory authorities.
Charter also owns smaller media network Bright House, and the deal would make it a major player in the country’s market as cable providers scramble to stay lean and aggressive during an explosion in online media.
