Time Warner Cable Inc.
 (TWC)

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  • Thu, Feb. 11, 7:49 PM
    • The Californic Public Utilities Commission has shortened its time frame for coming to a decision on Charter Communications' (CHTR -1%) buyout of Time Warner Cable (TWC +0.1%) and Bright House Networks, CTFN reports.
    • The administrative law judge on the case has set a final decision for May 12, earlier than the previously scheduled June 10. That means a proposed decision could come April 12.
    • The schedule shift comes amid grumbling by deal proponents who are eager to get it done. Industry analyst Craig Moffett had called the state's timeline "exceedingly tedious." Charter has said they are ready and willing to close on the deal and hoped for quicker action by California.
    • Previously: Charter -3.3% as loss widens on merger costs (Feb. 04 2016)
    • Previously: Charter-TWC: Progress inches along; Moffett raises deal odds (Jan. 28 2016)
    | Thu, Feb. 11, 7:49 PM
  • Thu, Feb. 4, 2:48 PM
    • Charter Communications (NASDAQ:CHTR) is off 3.3% today after a largely in-line Q4 report where sales gained on video subscriber increases, but costs related to the company's planned merger with Time Warner Cable (NYSE:TWC) drove a wider net loss.
    • Loss increased to $122M from a year-ago $48M. Residential revenue grew 7.2% in the quarter, while commercial revenue was up 12.3%.
    • Adjusted EBITDA was up 7.5%; excluding transition costs for pending transactions, it was up 8.4%.
    • It was the first full year in more than a decade where the company added residential and business subscribers. Residential relationships were up 5% to 6.28M; small/medium business relationships grew 17% to 390,000.
    • Monthly residential revenue per customer was $111.19 (up 2%). Free cash flow for 2015 was $547M, vs. the prior year's $171M.
    • Press Release
    | Thu, Feb. 4, 2:48 PM
  • Mon, Feb. 1, 5:24 PM
    • In an increasingly rare drama-free re-signing, Scripps (NYSE:SSP) has struck a multi-year retransmission agreement with Time Warner Cable (NYSE:TWC).
    • The deal also covers some Bright House Networks systems for which TWC handles negotiations. It covers stations representing some 3M households in 14 markets.
    | Mon, Feb. 1, 5:24 PM
  • Thu, Jan. 28, 11:01 AM
    • With the FCC plugging along on its merger review, Time Warner Cable (TWC +0.3%) chief Rob Marcus says there's no "specific timetable" for the company's tie-up with Charter Communications (CHTR -0.4%), but that they're working with the agency to ensure a deal "expeditiously."
    • The FCC is on day 124 of a 180-day "shot clock" to review the deal, but a review in California could take even longer. Analyst Craig Moffett says it's not a done deal, but he's bumping up his chances of success: "The odds that the deal will hit a major stumbling block are getting smaller ... We’re raising our odds of approval to 90%, from 80% previously."
    • Most of the Stop Mega Cable Coalition to kibosh the deal aren't opposed, he notes, but rather just asking for conditions to the tie-up.
    • The merger's in the process of clearing a major hurdle at the California Public Utility Commission, where a hearing last night featured some pointed opposition that focused on market concentration and fuzzy details on Southern California customers (particularly low-income broadband users) specifically.
    • Marcus figured the PUC hearing went well: "We remain hopeful that the approval process in California can be accelerated." Moffett notes the PUC is working on an "exceedingly tedious" timeline that stretches to June 10.
    • Previously: Time Warner Cable up after subscribers drive Q4 beat (Jan. 28 2016)
    • Previously: Time Warner Cable beats by $0.02, beats on revenue (Jan. 28 2016)
    | Thu, Jan. 28, 11:01 AM
  • Thu, Jan. 28, 9:32 AM
    • Time Warner Cable (NYSE:TWC) is up 0.7% out of the open as it beat expectations on top and bottom lines for Q4 and added video subscribers in a cord-cutting age, though profits declined as costs increased.
    • EPS fell to $1.80 from $2.03 and adjusted OIBDA slipped 0.4% to $2.13B. High-speed data gains drove results; on residential service, both in added subscribers and in revenue per subscriber, as price and equipment charges rose.
    • Revenue by segment, Residential: Video, $2.47B (up 0.3%); High-speed data, $1.8B (up 10.6%); Voice, $497M (up 5.7%); other, $24M (up 4.3%). By segment in Business Services: Video, $99M (up 6.5%); High-speed data, $430M (up 19.1%); Voice, $157M (up 13.8%); Wholesale transport, $128M (up 14.3%); other, $50M (down 2%).
    • It was the company's first full year of net video subscriber adds since 2006. TWC added 200,000 net residential subscribers (net 54,000 video, 281,000 high-speed data) and 18,000 business subscribers.
    • In its residential bundles: net adds of 205,000 triple play and 43,000 single play, but net decline of 48,000 double play.
    • Press Release
    | Thu, Jan. 28, 9:32 AM
  • Thu, Jan. 28, 6:22 AM
    • Time Warner Cable (NYSE:TWC): Q4 EPS of $1.80 beats by $0.02.
    • Revenue of $6.07B (+4.8% Y/Y) beats by $20M.
    • Press Release
    | Thu, Jan. 28, 6:22 AM
  • Wed, Jan. 27, 5:30 PM
    | Wed, Jan. 27, 5:30 PM | 18 Comments
  • Wed, Jan. 27, 1:09 PM
    • The FCC is planning to allow for open competition in pay-TV set-top boxes, which would open a new front against multichannel providers for hardware makers including Apple and Alphabet as well as TiVo.
    • A document shows that FCC Chairman Tom Wheeler plans a proposal that would see a Feb. 18 vote, to open up a market where Americans spend $20B a year to lease equipment from their providers -- an average of $231/year.
    • The proposal also looks to prevent pay TV providers from using security systems to prevent competition. An industry trade group opposes competition in the device market, saying it wouldn't provide new programming or lower TV bills.
    • The entry of Apple and Google could mean that traditional set-top functions are provided by a tablet instead.
    • Set-top box rental fees have jumped 185% since 1994, the FCC's document says, while the cost of TVs, computers and mobile phones has fallen 90% in that time frame.
    • Updated 1:11 p.m.: FCC Chairman Tom Wheeler tweets: "It is time for us to unlock the set-top box market, as we did w/ Ma Bell phones & devices on wireless networks."
    • Pay TV players: CMCSA, TWC, CHTR, CVC/OTCPK:ATCEY, T, DISH, VZ, FTR, CTL
    | Wed, Jan. 27, 1:09 PM | 26 Comments
  • Tue, Jan. 26, 3:50 PM
    • Opponents are preparing for the attack tonight as the California Public Utility Commission holds a public hearing on the merger of Charter Communications (CHTR -0.2%) and Time Warner Cable (TWC +0.1%).
    • Common Cause, Free Press and the National Hispanic Media Coalition are among the high profile opponents planning to speak against the deal at the hearing.
    • While Charter has been arguing that the buyout will create a stronger national broadband competitor -- and one friendly to net neutrality and streaming video -- Common Cause's Todd O'Boyle says otherwise: “Allowing two of America’s biggest cable companies to combine fails the most basic test: It does nothing to advance the public interest."
    • Of state-by-state reviews of such a merger, California and New York loom largest; New York's PUC conditionally approved the deal last week.
    • Previously: California PUC plans Jan. 26 hearing on Charter-TWC deal (Jan. 19 2016)
    • Previously: Charter's Rutledge unsure whether company will bid for spectrum (Jan. 15 2016)
    • Previously: Time Warner opposes Charter-TWC deal on HBO streaming worries (Jan. 15 2016)
    | Tue, Jan. 26, 3:50 PM
  • Tue, Jan. 19, 7:19 PM
    • California's Public Utilities Commission plans a public hearing for Jan. 26 (9 p.m. ET) to consider the merger between Charter (CHTR +1.4%) and Time Warner Cable (TWC +0.4%).
    • An administrative law judge will preside, but no action is planned until all the public comments are vetted. The judge will issue a recommendation (deny, grant or modify the proposal) before the CPUC commissioners vote on the deal.
    • The standards to consider: "How the transaction will affect broadband deployment and/or affordability; whether the proposed change of control is in the public interest; and whether there are any implications for public safety from the transaction."
    • New York's State Public Service Commission has approved of the deal already.
    • Previously: Time Warner opposes Charter-TWC deal on HBO streaming worries (Jan. 15 2016)
    | Tue, Jan. 19, 7:19 PM
  • Fri, Jan. 15, 6:03 PM
    • Charter Communications (CHTR -4.2%) chief Tom Rutledge is coy about the odds -- "unlikely but not impossible" -- that Charter will bid in the upcoming broadcast incentive spectrum auction, pointing to its bid for Time Warner Cable (TWC -2.7%).
    • "While we'd like to participate in the auction, it's a very awkward time for us," he tells Reuters. "If somehow we get a faster close, then we might."
    • Applications for the March 29 auction will roll in from Jan. 26-Feb. 9; meanwhile, Rutledge thinks the FCC will rule on the merger in March.
    • Eyes will be on cablecos like Charter and Comcast who aren't typical spectrum buyers but who have spoken of wireless ambitions. Charter has said it plans more Wi-Fi hotspots and some sort of mobile offering but hasn't detailed a strategy.
    • Rutledge said he doesn't know which specific concerns were raised at the FCC by Time Warner and HBO, which have filed in opposition to the Charter-TWC deal.
    • Previously: Time Warner opposes Charter-TWC deal on HBO streaming worries (Jan. 15 2016)
    | Fri, Jan. 15, 6:03 PM | 1 Comment
  • Fri, Jan. 15, 12:10 PM
    • Time Warner (TWX -1.6%) has joined voices in opposition to Charter's (CHTR -3.6%) proposed buyout of Time Warner Cable (TWC -2.6%), touching one of FCC Chairman Tom Wheeler's hot buttons: It says HBO's push into streaming could be affected.
    • The company launched its direct-to-consumer version of HBO, HBO Now, last April -- setting a key anchor point in the cord-cutting debate defining media companies today.
    • Time Warner's concerned about statements by Charter management suggesting the combined company "would be inclined to take action directed at programmers in response to the development of 'over the top' services with the purpose and/or effect of slowing down the development of OTT options to the detriment of consumers."
    • Dish Network (DISH -3.9%) has filed actively in opposition to the merger and Dish Chairman Charlie Ergen used a meeting with FCC staffers to make the same point: The combination could "degrade" or "destroy" online video competition, which includes its Sling TV service.
    • "We think the (Charter-TWC) transaction is more likely than not to be approved," wrote Bernstein's Paul de Sa, "although a rejection is not out of the question, for example, if there is significant documentary evidence of anticompetitive intent toward over-the-top (OTT) video providers as Dish alleges."
    | Fri, Jan. 15, 12:10 PM | 4 Comments
  • Fri, Jan. 8, 1:14 PM
    • Charter Communications (CHTR +1.7%) has gotten approval from New York state for its merger with Time Warner Cable (TWC +1.7%), a "significant step forward" for the deal.
    • The company had made additional assurances to New York's Public Service Commission, including providing a minimum speed of 60 Mpbs and offering a tier at 300 Mbps throughout the state; building networks out to unserved areas in the footprint; and investing in customer service.
    • The transaction is in the middle of a pause in its review at the FCC while the agency reviews a number of supplemental materials it received in December and examines the deals impact on residential customers and on regional sports networks.
    • Previously: Charter, TWC trade lower as FCC delays merger review (Jan. 05 2016)
    | Fri, Jan. 8, 1:14 PM
  • Wed, Jan. 6, 6:16 PM
    • Time Warner Cable (TWC -0.6%) says it's advising 320,000 customers to change passwords after the FBI told them that accounts may have been compromised.
    • "Our understanding is that the compromise had nothing to do with TWC's systems or processes," the company is saying in an e-mail to customers. A spokeswoman says the only effect is on customers with Roadrunner e-mail addresses (those with "rr" in the domain name).
    • TWC doesn't understand how the breach may have occurred but suggests it may have come through phishing attacks or via breaches of third parties that store TWC customer information.
    • TWC has been flat in after-hours trading.
    | Wed, Jan. 6, 6:16 PM | 1 Comment
  • Tue, Jan. 5, 10:40 AM
    • Charter Communications (NASDAQ:CHTR) is off 1% -- and Time Warner Cable (NYSE:TWC) down 0.5% -- after the two companies' $55B merger deal got another delay with the FCC pausing its "shot clock."
    • A two-week delay in the deal review will give the FCC more time to review supplemental materials from December, it said -- particularly including white papers about what will happen to TWC SportsNet and SportsNet LA, and some details about Charter's residential approach.
    • On Dec. 31, the FCC says, it received a new letter from Charter about an interconnection agreement, and the same day got an explanation about how Charter approaches residential pricing and packaging, "including an explanation of how that methodology will be employed throughout the new firm after the transaction."
    • The agency says the delay will make for a more "efficient and expeditious" review of the deal.
    • Previously: FCC stalls Charter-TWC review to more closely probe issues (Jan. 04 2016)
    | Tue, Jan. 5, 10:40 AM
  • Mon, Jan. 4, 5:42 PM
    • The FCC is delaying its review of Charter's (CHTR -3%) $55B bid to acquire Time Warner Cable (TWC -1.3%) by two weeks.
    • The agency says its pause will end on Jan. 20, after it takes more time to look at the impact of the proposed deal on TWC's regional sports networks and Charter's residential pricing/packaging, among other issues.
    • Comparing that with the agency's informal 180-day "shot clock," after the pause, the review is scheduled to wrap in late March.
    • FCC's letter
    | Mon, Jan. 4, 5:42 PM
Company Description
Time Warner Cable Inc provides video, high-speed data and voice services. The Company also offers security and home management services, networking and transport services and enterprise-class, cloud-enabled hosting, managed applications and services.
Sector: Services
Industry: CATV Systems
Country: United States