What was once considered to be a passing interest, the company is expected to announce the acquisition soon.
What was just a passing rumor that rippled throughout the internet last week now appears to be a fact: Charter is close to buying Time Warner Cable, CNN reports. The struggling company has tried to stay afloat, but a merger seemed to be the best way to save them. According to various sources, the cable company is on the cusp of reaching a deal to buy TWC for approximately $195 per share. As the merger hasn't gone public yet, there hasn't been any announcement of the details. However, the combination of Charter and Time Warner Cable would mean a monopoly of sorts on the market.
Reportedly, Charter could announce the purchase as early as Tuesday -- if so, it's not wasting much time following Comcast's failed TWC deal. The Comcast deal was supposed to go through, but negotiations stopped in April after the companies were in talks for nearly a year.
Neither side of the agreement, nor Comcast, is commenting on the rumor, though last week Charter CEO Tom Rutledge said last week that "we look forward to completing the transaction as planned, and our teams are working together to make that happen."
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Many within the industry say that Charter's buyout means that they are looking to compete with Comcast and take over the US market. While combining with Time Warner Cable wouldn't put Charter at the top of the list, that's still Comcast, they would at least eliminate another competitor.
The announcement would mean a huge change in the way that cable companies interact with each other, and it is said that this might lead to a change in the way Comcast does business.