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Charter Comms to wed Time Warner Cable in monster merger

Proposes $78.7 BEELLION cash'n'shares deal

Charter Communications has confirmed plans to merge with Time Warner Cable in a cash and shares deal worth $78.7bn.

The earlier rumoured price of $55bn covers the cash element of the sale, while the remaining $23.7bn will be made up of Charter Communications shares.

Charter additionally said it planned to acquire Bright House Networks for $10.4bn.

The three companies' tech and broadband services will apparently serve 23.9 million customers in 41 states across the US.

Charter Communications' chief Tom Rutledge said in a canned statement:

Representatives of each of these companies have invented some of the most revolutionary communications products ever created; innovations like video on demand, VoIP phone service, remote storage DVR, cable TV through an app, downloadable security, and the first backward-compatible, cloud-based user interface.

That spirit of innovation will live on, and it will create real benefits and great long-term value for the customers, shareholders and employees of all three companies.

The planned merger – subject to regulatory approval – is expected to close at the end of this year.

The deal values Time Warner Cable shares at roughly $195.71 each, based on Charter Communication's closing price on 20 May. ®

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