Time Warner Cable Said to Be in Sale Talks With Altice, Charter
2015-05-22 20:59:03.455 GMT
By Ed Hammond, Manuel Baigorri and Dinesh Nair
(Bloomberg) -- Time Warner Cable Inc. is in talks about a
potential sale to either Altice SA or Charter Communications
Inc., people with knowledge of the matter said.
Talks are expected to continue through the weekend, and an
agreement with either suitor could be reached as soon as next
week, said the people who asked not to be identified discussing
private information. The talks may fall apart and there is no
certainty a deal will be reached, the people said.
A spokesman for Time Warner Cable declined to comment, as
did spokesmen for Charter and Altice.
Altice Chairman Patrick Drahi is seeking to expand his
telecommunications empire to a U.S. cable market that is being
quickly reshaped by a series of mergers. A bid for Time Warner
Cable could come just days after Altice agreed to buy Suddenlink
Communications for $9.1 billion. Cable providers are trying to
get bigger as their traditional business of selling TV service
comes under pressure from online rivals.
Last month, Comcast Corp., the nation’s biggest cable
company, dropped its plan to buy Time Warner Cable, the No. 2,
in the face of regulatory hurdles.
Charter Communications Inc., which had made a bid for Time
Warner Cable in 2014 before Comcast appeared to trump its
proposal, may pursue the company again. Advisers to Charter
contacted Time Warner Cable about possibly renewing talks as
soon as the deal with Comcast evaporated, people familiar with
the situation said.
For Related News and Information:
Altice to Acquire Suddenlink Stake in $9.1 Billion U.S. Deal
The French Billionaire Who Wants to Rule the U.S. Cable Business
Telecom Deals Are Back as Billionaires Jostle to Expand Empires
Top Stories: TOP<GO>
Top Deal Stories: DTOP<GO>
--With assistance from Gerry Smith in New York.
To contact the reporters on this story:
Ed Hammond in New York at +1-212-617-1963 or
ehammond12@bloomberg.net;
Manuel Baigorri in London at +44-20-3525-4457 or
mbaigorri@bloomberg.net;
Dinesh Nair in London at +44-20-3525-3212 or
dnair5@bloomberg.net
To contact the editors responsible for this story:
Mohammed Hadi at +1-212-617-2914 or
mhadi1@bloomberg.net;
Aaron Kirchfeld at +44-20-3525-8830 or
akirchfeld@bloomberg.net
Elizabeth Wollman
2015-05-22 20:59:03.455 GMT
By Ed Hammond, Manuel Baigorri and Dinesh Nair
(Bloomberg) -- Time Warner Cable Inc. is in talks about a
potential sale to either Altice SA or Charter Communications
Inc., people with knowledge of the matter said.
Talks are expected to continue through the weekend, and an
agreement with either suitor could be reached as soon as next
week, said the people who asked not to be identified discussing
private information. The talks may fall apart and there is no
certainty a deal will be reached, the people said.
A spokesman for Time Warner Cable declined to comment, as
did spokesmen for Charter and Altice.
Altice Chairman Patrick Drahi is seeking to expand his
telecommunications empire to a U.S. cable market that is being
quickly reshaped by a series of mergers. A bid for Time Warner
Cable could come just days after Altice agreed to buy Suddenlink
Communications for $9.1 billion. Cable providers are trying to
get bigger as their traditional business of selling TV service
comes under pressure from online rivals.
Last month, Comcast Corp., the nation’s biggest cable
company, dropped its plan to buy Time Warner Cable, the No. 2,
in the face of regulatory hurdles.
Charter Communications Inc., which had made a bid for Time
Warner Cable in 2014 before Comcast appeared to trump its
proposal, may pursue the company again. Advisers to Charter
contacted Time Warner Cable about possibly renewing talks as
soon as the deal with Comcast evaporated, people familiar with
the situation said.
For Related News and Information:
Altice to Acquire Suddenlink Stake in $9.1 Billion U.S. Deal
The French Billionaire Who Wants to Rule the U.S. Cable Business
Telecom Deals Are Back as Billionaires Jostle to Expand Empires
Top Stories: TOP<GO>
Top Deal Stories: DTOP<GO>
--With assistance from Gerry Smith in New York.
To contact the reporters on this story:
Ed Hammond in New York at +1-212-617-1963 or
ehammond12@bloomberg.net;
Manuel Baigorri in London at +44-20-3525-4457 or
mbaigorri@bloomberg.net;
Dinesh Nair in London at +44-20-3525-3212 or
dnair5@bloomberg.net
To contact the editors responsible for this story:
Mohammed Hadi at +1-212-617-2914 or
mhadi1@bloomberg.net;
Aaron Kirchfeld at +44-20-3525-8830 or
akirchfeld@bloomberg.net
Elizabeth Wollman