New Time Warner Cable acquisition follows failed attempt by Comcast
Time Warner Cable has become the subject of another acquisition, barely a month after the attempted merger between TWC and Comcast failed. This time, Charter is the potential suitor to the cable company, with it providing $100 in cash and half a share of the "New Charter" parent company in exchange for each TWC share, a price that effectively values Time Warner Cable at approximately $55 billion.
Worcester, MA city council advises city manager not to allow Comcast transfer
A city council has declared it does not want Comcast to provide service to its residents. The council of Worcester, MA has voted against the transfer of the city's cable license from Charter to Comcast over the cable giant's "substandard consumer service practices," as well as believing it lacks the management experience to maintain the service for the region.
Majority of shareholders support merger, Lexington puts resolutions in play to stop transfer
Comcast and Time Warner Cable have jumped at least two hurdles on their way to merging into one company. This week the majority of Comcast and Time Warner Cable shareholders voted to approve the deal for the merger. However, it appears that another problem has surfaced with the government of second-largest city that Time Warner Cable serves.
Clock stopped on FCC time table, grants more time to respond to 850-page response
After receiving a lengthy responses from Comcast and Time Warner Cable and several other factors, the Federal Communications Commission (FCC) decided to extend the "Replies to Responses and Oppositions" period for the proposed Comcast-Time Warner Cable merger. The period, which was originally scheduled to end October 8, is now extended to October 29. As a result, the FCC has paused its 180-day "shot clock" for transaction reviews.
Move to pave the way to merger will make Charter the second largest provider
Comcast Corporation and Charter Communications today announced that the companies have reached an agreement on a series of transactions that will see the Comcast-Time Warner Cable merger divest approximately 3.9 million customers. The sale is part of the terms of the deal, where Comcast has agreed to cede a portion of its subscriber so that its total is less than 30 percent of total cable company subscribers overall.
Bid possible due to decline in Comcast stock price since merger announcement
Just a few short days after Comcast's hearing on Capital Hill, Charter Communications is said to be evaluating the notion of starting a bidding war for Time Warner Cable against Comcast. Potentially at stake are the subscribers that Comcast has promised to divest should the merger take place -- worth hundreds of millions of dollars annually.
Deal offers $159 per share for buyout
Reports of a finalized deal between Time Warner Cable and Comcast have begun to circulate. According to CNBC reporter David Faber, Comcast will be offering $159 per share to purchase Time Warner Cable. Any deal would be subject to Federal Communications scrutiny, and would likely take over a year to finalize.
Deal, if completed, would be third largest valued merger since 2009
Charter Communications today tendered an buyout plan to Time Warner Cable, offering about $132.50 a share. The deal values Time Warner Cable at $61 billion, and offers $83 in cash per share, and $49.50 in Charter stock to shareholders, making it the third-largest deal for any global company since 2009.
TiVo protects rights to patents by using them to countersue DVR maker Cisco
Very soon after Cisco sued TiVo to challenge TiVo's claims to patents used in DVRs, TiVo has gone ahead and sued Cisco back. According to a Tuesday report, there are four patents in contention and TiVo is involved in several lawsuits against a number of companies that bought the allegedly offending DVRs from Cisco. Cisco's Scientific Atlanta arm sells boxes to cable providers that include AT&T, Time Warner Cable, and Verizon Communications.
Agency sees big improvement since 2009 survey
A report issued today by the Federal Communications Commission shows broadband speeds in the U.S. are now significantly closer to what Internet service providers advertise than they were in 2009. The report found that actual download speeds provided by the majority of U.S. broadband providers were within 80 percent or better of companies' advertised speeds. In 2009, download speeds were more often around 50 percent of the advertised rate.
Shaw Cable brings back Moxi DVR as Arris Gateway
Moxi DVRs are now available yet again, but have unusually been confined to Canada. Shaw Cable is offering the device, now known as the Shaw Gateway, while the Moxi Mate is now called the Portal. The device has six tuners and a built-in 500GB hard drive.
Netflix ISP chart puts Charter top, Clearwire last
Netflix as it promised Wednesday posted a chart detailing which Internet providers were the best and worst at providing Internet movie streaming. In spite of its complaints about Comcast possibly double charging for access and objecting to Time Warner, it gave cable providers most of the top spots for performance between October and January. The top seven were dominated by leader Charter as well as Cox, Suddenlink, Cablevision and Cable One.
Chater teams with TiVo to bring its set top boxes
Cable and telecommunications provider Charter Communications and TiVo kicked off the week with an announcement that they will cooperate on bringing TiVo's interface to Charter's set-tops. The hybrid platform will bring with it IP technologies in addition to the standard cable experience, and include both TiVo's newer HD user interface and TiVo Premiere boxes. Future TiVo platforms will also be used, adding new services and third-party apps.
Company considering dynamic throttling
Charter Communications is reportedly planning to strictly enforce data caps for broadband customers, sources have told DSL Reports. Despite executives' promises that data caps would only be enforced in extreme situations, unnamed support representatives suggest the company will give two warnings before suspending service for up to six months unless customers switch to a business-level agreement.
Charter Files Chapter 11
Charter today said it had filed for Chapter 11 bankruptcy. The anticipated move will see the cable and Internet provider restructure itself under a plan that it had already established ahead of the actual filing to recover its operations. Under the efforts, Charter expects to eliminate about $8 billion of debt and won't require that debtors finance the company to keep it running. Microsoft co-founder Paul Allen will also maintain his stake in the company.
Cable and telephone provider Charter Communications has announced that it will file for Chapter 11 bankruptcy, after reaching an agreement with a debt holders committee that outlined the conditions of a financial restructuring. The company could see a reduction of approximately $8 billion in debt, with a formal filing to occur on or before April 1st. Charter currently has roughly $800 million in cash on hand to help with the restructuring and operations through the transition.
Charter 60Mbps Internet
Charter Communications recently announced it will launch the one of the fastest widely available Internet services in the US, capable of delivering 60Mbps download speeds and 5Mbps uploads. Called Charter High-Speed Internet Ultra60, the service will initially be released in downtown St. Louis before expanding to other, unnamed markets. At the same time, the Internet provider says it will upgrade its Charter High-Speed Internet Max service to give subscribers 20Mbps download speeds instead of the current 16Mbps without increasing their monthly rates.
Paul Allen 700MHz Bid
Microsoft co-founder Paul Allen is one of those already confirmed as bidding in the upcoming FCC auction for the 700MHz wireless band, according to the list of accepted applicants (PDF). The former executive is using a proxy firm known as Vulcan Spectrum in an attempt to capture a slice of the soon to be free wireless spectrum, which has been eagerly sought after by telecom providers for its potential with long-range Internet and similar data. Neither Allen nor Vulcan has revealed the reasons behind the bid, though Allen is also a significant stakeholder in cable provider Charter.