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10:34 BST, May 13, 2016Charter Communications Inc’s proposal to merge with Time Warner Cable and acquire Bright House Networks has received the green light from the California Public Utilities Commission – the last regulatory hurdle for the deal to go ahead.
Charter CEO Tom Rutledge said in a statement: “We look forward to closing these transactions next week and to begin delivering the many benefits of these transactions to consumers,”
“We’re thrilled that the transaction has cleared the final regulatory hurdle, and we look forward to closing the deal quickly,” Time Warner Cable CEO Rob Marcus said.
Charter will provide $100.00 in cash and shares of a new public parent company (“New Charter”) equivalent to 0.5409 shares of CHTR for each Time Warner Cable share outstanding. The deal values Time Warner Cable at $78.7 billion.
Charter Communications, Inc. received approval from the Federal Communications Commission for its merger with Time Warner Cable Inc on May 6.
The deal will position Charter as one of the largest providers in the US
Time Warner Cable Inc. is one of the biggest providers of video, high-speed data and voice services in the US, with approximately 16 million customers.
The acquisition will give the Charter new subscribers in major cities such as New York, Los Angeles and Dallas, boosting its total number of customers to around 24 million – only 4 million customers behind Comcast Corp.