Cable TV

Time Warner shareholders to vote today for share swap and Comcast merger

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BENGALURU: Comcast Corporation (Comcast) announced yesterday that, at its special meeting of shareholders held at The Kimmel Centre for The Performing Arts in Philadelphia, more than 99 per cent of Comcast shareholders voting supported Comcast’s proposal to issue 2.875 shares of Comcast class A common stock for every one share of Time Warner Cable common stock in connection with Comcast’s proposed merger with Time Warner Cable.



 

The merger between Comcast and Time Warner Cable is subject to various regulatory approvals and other customary conditions and also requires approval by Time Warner Cable shareholders, who are expected to vote on the merger today, 9 October 2014.  Subject to satisfaction of these conditions, the merger is expected to close in early 2015, says Comcast.



 

If the deal closes, the combined firm would serve 30 per cent of US cable TV households and about 40 per cent of US homes that have broadband internet service.



 

In addition, Comcast will sell 1.4 million Time Warner Cable subscribers to Charter Communications for about $7.3 billion. Comcast would also divest 2.5 million subscribers to a new public company which will be owned 66 per cent by Comcast shareholders, and 33 per cent by Charter, which will manage its network and customers. Finally, Comcast and Charter will swap about 1.6 million subscribers with each other.

 

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