New York--Charter Communications announced Tuesday it is acquiring rival Time Warner Cable to create a powerful new player in the US pay TV and broadband sector.
The deal worth $55.3 billion plus debt comes weeks after Comcast abandoned a bid for TWC in the face of opposition from US antitrust regulators. Including debt, the deal is valued at $78.7 billion.
The merger, which also needs regulatory approval, would create a major new rival for Comcast, whose plan for TWC drew fierce opposition from consumer groups and fueled fears of creating a dominant player in the broadband Internet market.
Charter also brings into the mix Bright House Networks, for which it announced a buyout earlier this year.
The combination of Charter, Time Warner Cable and Bright House will have 23.9 million customers in 41 states.
AFP
