From CNET: When one door closes, another opens.
That's the mantra Time Warner Cable must be saying on Tuesday after Charter Communications announced that it will merge with the cable provider and form a new firm known for now as "New Charter."
If successful, the newly formed company would combine Time Warner Cable's more than 15 million customers with Charter's nearly 7 million subscribers, making it the second-largest company in the cable industry behind Comcast, which has 27 million subscribers. Bright House Networks, which Charter plans to acquire for $4.5 billion, will also be rolled into New Charter, adding its approximately 2 million customers to the newly merged company. In total, the new company would serve 23.9 million customers across 41 states.
Charter's deal values Time Warner Cable at $78.7 billion, or $195.71 a share. Charter president and CEO Tom Rutledge would stay on as New Charter's chairman and CEO if the deal is approved.
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