Patrick Drahi, the billionaire owner of European telecoms group Altice, said he didn't bid for Time Warner Cable because his company lacked management resources to digest such a big deal in a market it had only recently entered."I didn't follow up on the exchanges we had on Time Warner Cable (TWC) that were mentioned in the media because we were not ready," Drahi told a French parliamentary hearing on Wednesday.The 51-year-old Franco-Israeli businessman met with TWC chief executive Robert Marcus last week, but decided not to move ahead despite having lined up French and foreign banks willing to finance the deal.Instead, U.S. number three cable group Charter Communications, backed by Drahi's mentor turned rival, cable tycoon John Malone, agreed on Tuesday to purchase number two TWC for $56 billion.
Charter Communications, Inc. provides cable services offering a range of entertainment, information and communications solutions to residential and commercial customers. Shares of CHTR remained unchanged at $179.78. In the past year, the shares have traded as low as $137.51 and as high as $199.00. On average, 1443310 shares of CHTR exchange hands on a given day and today's volume is recorded at 1001.
Time Warner Cable Inc. (TWC) is a provider of video, high-speed data and voice services in the United States with clustered cable systems located in five geographic areas including New York State, the Carolinas, the Midwest, Southern California and Texas. Shares of TWC remained unchanged at $183.60. In the past year, the shares have traded as low as $128.78 and as high as $184.89. On average, 4027190 shares of TWC exchange hands on a given day and today's volume is recorded at 4402.
Time Warner Inc. (Time Warner), is a media and entertainment company. Shares of TWX remained unchanged at $84.32. In the past year, the shares have traded as low as $65.21 and as high as $88.25. On average, 3675390 shares of TWX exchange hands on a given day and today's volume is recorded at 0.