Media giant to pay $159 per share for the cable company, a 17.5 percent premium, according to CNBC's David Faber. February 12, 2014 7:27 PM PST (Credit: Marguerite Reardon/CNET) Comcast will announce Thursday that it has agreed to purchase Time Warner Cable for $44.2 billion, according to a report late Wednesday by CNBC's David Faber. The media and communications company will reportedly pay $159 per share for the cable company's 277.9 million outstanding shares, a 17.5 percent premium over Time Warner Cable's closing price of $135.31 on Wednesday. Comcast is willing to divest itself of 3 million subscribers in an effort to head off any regulatory objections to the deal, sources told Faber. CNET has contacted Comcast and Time Warner Cable for comment and will update this report when we learn more. If approved, the deal would expand Comcast's cable empire to serving 33 million customers across the country, adding huge metro markets like New York and Los Angeles to Comcast's already large footprint. Comcast already serves major markets such as Chicago; Boston; Washington, D.C.; Philadelphia; Detroit; Houston; and Denver. More to come...
Media giant to pay $159 per share for the cable company, a 17.5 percent premium, according to CNBC's David Faber.
Comcast will announce Thursday that it has agreed to purchase Time Warner Cable for $44.2 billion, according to a report late Wednesday by CNBC's David Faber.
The media and communications company will reportedly pay $159 per share for the cable company's 277.9 million outstanding shares, a 17.5 percent premium over Time Warner Cable's closing price of $135.31 on Wednesday. Comcast is willing to divest itself of 3 million subscribers in an effort to head off any regulatory objections to the deal, sources told Faber.
CNET has contacted Comcast and Time Warner Cable for comment and will update this report when we learn more.
If approved, the deal would expand Comcast's cable empire to serving 33 million customers across the country, adding huge metro markets like New York and Los Angeles to Comcast's already large footprint. Comcast already serves major markets such as Chicago; Boston; Washington, D.C.; Philadelphia; Detroit; Houston; and Denver.
More to come...
