Charter nears $55 billion deal for Time Warner Cable
The deal is expected to be announced on Tuesday.
The agreement represents a victory for media mogul John Malone, whose Liberty Broadband Corp is Charter's largest shareholder. Liberty is supporting the deal by acquiring $5 billion in new Charter stock, one of the people said.
Time Warner Cable shareholders will have an option on the amount of the $195 per share acquisition price to be paid in cash: able to take either $100 or $115 in cash, and the balance in Charter stock, one of the people said.
The deal is expected to be announced on Tuesday, people familiar with the matter said. Charter will also acquire Bright House Networks, the sixth-largest U.S. cable operator, for $10.4 billion, the people added. ■