published Wednesday, February 12th, 2014

Comcast to buy Time Warner Cable for $45 billion

  • photo
    A Time Warner Cable truck is parked in New York in this file photo. Comcast has agreed to buy Time Warner Cable for $45.2 billion in stock, or $158.82 per share, in a deal that would combine the top two cable TV companies in the nation, according to a person familiar with the matter who spoke on condition of anonymity because it had not been announced formally.
    Photo by Associated Press /Chattanooga Times Free Press.

LOS ANGELES — Comcast has agreed to buy Time Warner Cable for $45.2 billion in stock, or $158.82 per share, in a deal that would combine the top two cable TV companies in the nation.

That's according to a person familiar with the matter who spoke on condition of anonymity because it had not been announced formally. An announcement is set for Thursday morning, the person said.

The price is about 17 percent above Time Warner Cable shares' closing price Wednesday.

The deal trumps a proposal by Charter Communications Inc. to buy Time Warner for about $38 billion in cash and stock worth $132.50 per share and comes just a day after Charter said it was preparing a proxy fight by nominating a full slate of directors to Time Warner Cable's board.

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