Time Warner Cable is set to be sold to Charter Communications for $55 billion on the heels of its collapsed merger with Comcast, according to Bloomberg.
The financial news service reported on Monday that “Charter will pay $195 a share in cash and stock, according to people familiar with the matter,” and that the deal will be announced as soon as Tuesday.
Charter will pay $100 a share in cash and the rest in its own stock, said the people, who asked not to identified because the talks are confidential. Bright House Networks, a smaller cable company, will also be merged into the combined Charter-Time Warner Cable, they said.
Time Warner Cable has a market value of $48.4 billion. A deal for the cable giant to merge with Comcast fell apart in April in the wake of government opposition.
