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CHARTER COMMUNICATIONS, INC.
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Charter Communications completes purchase of Time Warner Cable

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05/18/2016 | 06:35pm CET
A Time Warner Cable sign and logo are seen on a Time Warner Cable store in the Manhattan borough of New York City

Charter Communications Inc (>> Charter Communications, Inc.) said Wednesday it has completed its acquisition of Time Warner Cable Inc (>> Time Warner Cable Inc) and Bright House Networks LLC, creating the second-largest U.S. broadband provider and third-largest pay TV provider.

Charter Communications Inc (>> Charter Communications, Inc.) said Wednesday it has completed its acquisition of Time Warner Cable Inc (>> Time Warner Cable Inc) and Bright House Networks LLC, creating the second-largest U.S. broadband provider and third-largest pay TV provider.

The combination of Charter, TWC and Bright House will serve over 25 million customers in 41 states.

The completion of the deals came days after Charter won final regulatory approvals, about a year after the transactions were announced. On May 6, the U.S. Federal Communications Commission confirmed it had approved Charter's acquisitions. Last week, California state regulators approved the deal.

Charter has valued its deal for Time Warner Cable at $56.7 billion, excluding debt, and the acquisition of Bright House at $10.4 billion.

Charter said Wednesday the deals "will drive investment into the combined entity's advanced broadband network, resulting in faster broadband speeds, better video products, more affordable phone service and more competition, for consumers and businesses."

The U.S. Justice Department gave antitrust approval to the acquisitions with conditions on April 25, saying the deal prevents Charter "from using its leverage over programmers to harm competition.

The pay television industry faces stagnation due to new competition from over-the-web rivals like Netflix Inc (>> Netflix, Inc.) and Hulu.

The Justice Department said in a court filing last week that internal documents show Charter and Time Warner have typically been less concerned about competition from providers like Netflix "that do not offer live or current season programming" and more concerned by the threat posed by companies like Sling TV and HBO NOW that offer current season content.

As part of the approval process, Charter agreed to refrain from telling its content providers that they cannot also sell shows online, and to face restrictions from the FCC for up to seven years.

The FCC's approval conditions require Charter to extend high-speed internet access to another two million customers within five years, with one million served by a broadband competitor.

Charter, backed by billionaire John Malone's Liberty Media Corp, had pursued Time Warner Cable as far back as 2013.

The two companies had acrimonious exchanges in 2013 and early 2014 that ended with Time Warner Cable rejecting unsolicited approaches by Charter and instead finding a white knight in Comcast Corp (>> Comcast Corporation), the No. 1 U.S. cable services provider. But Comcast ultimately abandoned the transaction.

(Reporting by David Shepardson; Editing by Frances Kerry)

By David Shepardson

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Financials ($)
Sales 2017 41 587 M
EBIT 2017 4 431 M
Net income 2017 612 M
Debt 2017 66 783 M
Yield 2017 -
P/E ratio 2017 128,43
P/E ratio 2018 58,96
EV / Sales 2017 3,86x
EV / Sales 2018 3,74x
Capitalization 93 714 M
Income Statement Evolution
Consensus
 
Mean consensus OUTPERFORM
Number of Analysts 26
Average target price 390 $
Spread / Average Target 15%
EPS Revisions
Managers
NameTitle
Thomas M. Rutledge Chairman & Chief Executive Officer
John Bickham President & Chief Operating Officer
Christopher L. Winfrey Chief Financial Officer & Executive VP
James A. Blackley EVP-Engineering & Information Technology
W. Lance Conn Independent Director
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