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4-Traders Homepage  >  Equities  >  Nasdaq  >  Charter Communications Inc    CHTR

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Charter Communications : State Public Service Commission greenlights $13 million Charter Communications settlement

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09/21/2017 | 07:40am CEST

The state Public Service Commission has approved a $13 million settlement agreement with Charter Communications Inc. after the cable company failed to build out its cable network as required in last year's approval of Charter's acquisition of Time Warner Cable Inc., according to a recent press release.

The $13 million settlement is the largest cable company financial settlement of its kind in state history and possibly the largest in the nation's, the release said.

"In its approval of the merger, the commission required Charter to undertake several types of investments and other activities," Commission Chairman John B. Rhodes said in the release. "While Charter is delivering on many of them, it failed to expand the reach of its network to unserved and underserved customers at the pace it committed. We are taking these additional steps to ensure full and complete compliance."

On Jan. 8, 2016, the PSC approved Charter's acquisition of Time Warner Cable, a company that provides television, internet and voice services, using strengthened review standards signed into law by Gov. Andrew Cuomo.

According to the release, to obtain approval, Charter agreed to a number of conditions required by the PSC, including delivering broadband speed upgrades to 100 megabytes per second statewide by the end of 2018 and 300 MBPS by the end of 2019, and building out its network to pass an additional 145,000 unserved or underserved homes and businesses within four years of the closing of the transaction in four equal phases of 36,250 premises per year.

While Charter has reported that it completed the first speed upgrade ahead of schedule, as of May 18, it had only extended its network to pass 15,164 of the 36,250 premises it was required to pass in the first year, the release said. Under the revised agreement, Charter commits to completing its build-out requirement of 145,000 new passings in 21,646 increments over six periods through May 18, 2020, according to the release.

To ensure the company keeps its promise, Charter will forfeit its right to earn back up to $1 million each time it misses a six-month build-out target, although the actual amount forfeited will vary, depending upon the percentage of the target missed and whether or not Charter can demonstrate it has timely performed specific tasks, the release added.

As part of the settlement agreement, Charter developed a website, www.bldlkup.com, to inform homeowners and businesses whether their address is included in Charter's broadband expansion plan.

According to the release, Charter is the largest cable provider in the state, providing digital cable television, broadband internet, and telephone service to more than 2 million subscribers, including those in the Buffalo metropolitan area.

© Copyright © 2017 Orchard Park Bee, All rights reserved., source Newspapers

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Financials ($)
Sales 2017 41 654 M
EBIT 2017 4 848 M
Net income 2017 989 M
Debt 2017 64 010 M
Yield 2017 -
P/E ratio 2017 90,82
P/E ratio 2018 46,17
EV / Sales 2017 3,95x
EV / Sales 2018 3,79x
Capitalization 100 B
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Number of Analysts 26
Average target price 407 $
Spread / Average Target 16%
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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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