Comcast Corp and Charter Communications Inc said on Thursday that cable veteran Michael Willner will run the cable company that will be spun off as part of a three-way deal that hinges on regulators approving Comcast's $45 billion takeover of Time Warner Cable Inc. The yet-to-be-named company that was announced on April 28 will serve 2.5 million customers in states including Indiana, Michigan and Wisconsin. The company, which will have an equity value of $5.8 billion, will be two-thirds owned by Comcast shareholders and one-third owned by Charter.Willner, 62, had a long career at Insight Communications, a cable operator that was acquired by Time Warner Cable in 2011 for about $3 billion. No former Time Warner Cable or Insight cable subscribers will be part of the new company, however.Comcast is awaiting approval by the U.S. Justice Department and the U.S. Federal Communications Commission to take over Time Warner Cable, a process that could take many months and affect the future of cable and broadband. The spinoff depends on that deal being approved, as well as a swap of 1.6 million subscribers.Charter will have a services agreement to help manage and provide technology to the company, which will pay a fee of about 4 percent of its revenue to Charter as part of the deal. Charter has to wait at least four years before it can gain ownership control of the company, however.
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 fell by 0.66% or $-0.9/share to $135.25. In the past year, the shares have traded as low as $109.63 and as high as $144.02. On average, 1549430 shares of CHTR exchange hands on a given day and today's volume is recorded at 207359.
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 0.89% or $-1.2/share to $134.03. In the past year, the shares have traded as low as $92.87 and as high as $147.28. On average, 3111700 shares of TWC exchange hands on a given day and today's volume is recorded at 512311.
Time Warner Inc. (Time Warner) is a media and entertainment company. Shares of TWX fell by 1.45% or $-1.0/share to $67.95. In the past year, the shares have traded as low as $55.71 and as high as $70.77. On average, 5549330 shares of TWX exchange hands on a given day and today's volume is recorded at 1312790.
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