\n\tPHILADELPHIA\/NEW YORK: In an all-stock transaction worth $45.2 billion, Comcast Corporation is acquiring Time Warner Cable in a deal that is expected to close by the end of the year, pending regulatory approval.<\/p>\n
\n\tComcast will acquire 100 percent of Time Warner Cable’s 284.9 million shares. In exchange, Time Warner Cable shareholders will own approximately 23 percent of Comcast’s common stock. The companies say the merger will create $1.5 billion in operating efficiencies.<\/p>\n
\n\tAs part of the regulatory approval process, Comcast says it will divest systems serving about 3 million of TWC's 11 million subs. The combined cable company will be led by Neil Smit as president and CEO, serving about 30 million customers.<\/p>\n
\n\t"The combination of Time Warner Cable and Comcast creates an exciting opportunity for our company, for our customers, and for our shareholders," said Brian L. Roberts, chairman and CEO of Comcast Corporation. "In addition to creating a world-class company, this is a compelling financial and strategic transaction for our shareholders. Also, it is our intention to expand our buyback program by an additional $10 billion at the close of the transaction. We believe there are meaningful operational efficiencies and the adjusted purchase multiple is approximately 6.7 times operating cash flow. This transaction will be accretive and will yield many synergies and benefits in the years ahead. Rob Marcus [chairman and CEO of TWC] and his team have created a pure-play cable company that, combined with Comcast, has the foundation for future growth. We are looking forward to working with his team as we bring our companies together to deliver the most innovative products and services and a superior customer experience within the highly competitive and dynamic marketplace in which we operate."<\/p>\n
\n\t"This combination creates a company that delivers maximum value for our shareholders, enormous opportunities for our employees and a superior experience for our customers," said Marcus. "Comcast and Time Warner Cable have been the leaders in all of the industry’s most important innovations of the last 25 years and this merger will accelerate the pace of that innovation. Brian Roberts, Neil Smit, Michael Angelakis and the Comcast management team have built an industry-leading platform and innovative products and services, and we’re excited to be part of delivering all of the possibilities of cable’s superior broadband networks to more American consumers."<\/p>\n","protected":false},"excerpt":{"rendered":"
PHILADELPHIA\/NEW YORK: In an all-stock transaction worth $45.2 billion, Comcast Corporation is acquiring Time Warner Cable in a deal that is expected to close by the end of the year, pending regulatory approval. Comcast will acquire 100 percent of Time Warner Cable’s 284.9 million shares. In exchange, Time Warner Cable shareholders will own approximately 23 …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[69],"tags":[],"class_list":["post-5510","post","type-post","status-publish","format-standard","","category-top-stories"],"yoast_head":"\n