Time Warner Cable Inc, being circled by potential buyers, could pay out more than $50 million to incoming Chief Executive Robert Marcus as part of his contract, if the company is bought while he is CEO and he gets replaced. Marcus, 48, is set to take over the top job at the No. 2 U.S. cable company from Glenn Britt on Jan. 1 as takeover speculation surges.For Marcus to receive the money upon his departure, Time Warner Cable would have to see a change in control from "an applicable merger, acquisition, sale or other agreement," once he is CEO, according to an employment agreement outlined in a regulatory filing.If he makes way for a new chief, Marcus would receive three times his base salary of $1.5 million and three times his $5 million annual bonus, which equals $19.5 million.Marcus would also be entitled to stock options accrued over his time at the company. Based on Time Warner Cable's closing price of $136.56 on Tuesday, Marcus would be able to cash out of roughly $37 million in stock, according to a proxy filing. That would bring Marcus' total payout to about $56.5 million.
Time Warner Cable Inc. (TWC) is a provider of video, high-speed data and voice services in the United States with systems located in five geographic areas: New York State, the Carolinas, Ohio, Southern California and Texas. Shares of TWC fell by 0.05% or $-0.07/share to $136.49. In the past year, the shares have traded as low as $84.57 and as high as $139.17. On average, 2111100 shares of TWC exchange hands on a given day and today's volume is recorded at 1177157.
Time Warner Inc. (Time Warner) is a media and entertainment company. Shares of TWX traded higher by 0.38% or $0.25/share to $65.99. In the past year, the shares have traded as low as $45.88 and as high as $70.77. On average, 4253970 shares of TWX exchange hands on a given day and today's volume is recorded at 1141776.
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