Charter Communications Inc has agreed in principle to sell Time Warner Cable Inc's New York, North Caroline and New England assets to Comcast Corp, if it succeeds in buying Time Warner Cable, according to a Bloomberg report on Monday. The deal would hinge on Charter's successful acquisition of Time Warner Cable, Bloomberg said, citing anonymous sources. Under the framework agreement, Charter would purchase all of Time Warner Cable on its own and later sell these markets to Comcast, they added.Reuters reported on Friday that Comcast was seeking an agreement that would give it the New York market and parts of New England.The people declined to be named because the matter is not public, Bloomberg said. A spokesman for Charter failed to comment while a Comcast representative could not immediately be reached.Charter has offered $132.50 per share for Time Warner Cable, which rejected the bid as "grossly inadequate."
Charter Communications, Inc. (Charter) provides cable services in the United States, offering a range of entertainment, information and communications solutions to residential and commercial customers. Shares of CHTR traded higher by 5.65% or $7.42/share to $138.84. In the past year, the shares have traded as low as $76.19 and as high as $144.02. On average, 938508 shares of CHTR exchange hands on a given day and today's volume is recorded at 3030551.
Time Warner Inc. (Time Warner) is a media and entertainment company. Shares of TWX fell by 0.14% or $-0.09/share to $63.23. In the past year, the shares have traded as low as $49.50 and as high as $70.77. On average, 4589110 shares of TWX exchange hands on a given day and today's volume is recorded at 4819049.
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