Charter Communications Inc. said May 26 it would seek to merge with fellow cable company Time Warner Cable in a $55 billion deal, just a month after Comcast Corp. withdrew a $45.2 billion bid for Time Warner Cable because of regulatory concerns.
The deal, which Stamford, Connecticut-based Charter says it hopes to close by year’s end, will form a new public parent company called New Charter. Earlier this year, Charter said it would acquire video service provider Bright House Networks for $10.4 billion. That transaction would now be folded into Charter’s proposed takeover of Time Warner Cable. Advance/Newhouse Partnership, the parent company of Bright House, will own 13-14 percent of New Charter, and Liberty Broadband Corp. will buy a 19-20 percent stake for $4.3 billion.
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