US Charter buys Time Warner Cable for $79 bn

US cable company Charter Communications announced on Tuesday it is acquiring rival Time Warner Cable in a deal valued at $78.7 billion, in a major consolidation on the American market. The deal will involve a major financial package for the cable giant that was also courted by France’s Altice in exploratory talks.

Charter is giving 195 per share and 100 in cash, for the number two company in the US market, it said. If successful, the merger would mark a major consolidation in the industry, something that does not always happen smoothly in the United States. 

Comcast had planned a merger with TWC that was blocked by regulatory authorities. 

Charter also owns smaller media network Bright House, and the deal would make it a major player in the country’s market as cable providers scramble to stay lean and aggressive during an explosion in online media.