Charter Communications Acquires Time Warner Cable for $55.3 Billion

The company confirmed Tuesday that Charter Communications has acquired Time Warner Cable for $55.33 billion.
The deal, which values Time Warner Cable at $78.7 billion or approx. $195.71 per share, will see the two companies merge in a new company called New Charter. The new company will be one of the largest pay TV and broadband operators in the U.S.
Charter will provide $100 in cash and shares of a new public parent company equal to 0.5409 shares of Charter for each outstanding Time Warner Cable Inc. share.
The news confirmed Monday's report that the two companies were merging, and comes about one month after Comcast withdrew its bid for TWC due to regulatory concerns.
As part of the agreement, Charter will also buy Bright House Networks for more than $10 billion.
Shares of Charter Communications Inc. are up more than 3 percent in premarket trading.