Comcast Corp.'s (CMCSK) Chairman and CEO Brian Roberts issued statement regarding the Charter/Time Warner Cable/Bright House transactions.
"This deal makes all the sense in the world. I would like to congratulate all the parties," Roberts said.
Earlier today, Charter Communications, Inc. (CHTR) and Time Warner Cable Inc. (TWC) announced that they have entered into a definitive agreement for Charter to merge with Time Warner Cable. The deal values Time Warner Cable at $78.7 billion.
Charter will provide $100.00 in cash and shares of a new public parent company equivalent to 0.5409 shares of CHTR for each Time Warner Cable share outstanding. The deal values each Time Warner Cable share at approximately $195.71 based on Charter's market closing price on May 20, or approximately $200 based on Charter's 60-trading day volume weighted average price.
Advance/Newhouse Partnership, a parent of Bright House Networks, LLC, and Charter announced that the two companies have amended the agreement which the two parties announced on March 31, 2015, whereby Charter will acquire Bright House Networks for $10.4 billion. The amended agreement provides for Charter and Advance/Newhouse to form a new partnership of which New Charter will own between approximately 86% and 87% and of which Advance/Newhouse will own between approximately 13% and 14%, depending on the Time Warner Cable shareholders' cash election option.
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