Time Warner Cable Inc.
 (TWC)

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  • 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
  • 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. 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
  • 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
  • Sun, Jan. 3, 8:45 AM
    • Despite a record-setting year for M&A, 2015 has also been full of plenty of no's from U.S. antitrust officials:
    • Staples (NASDAQ:SPLS) agreed to buy its rival Office Depot (NASDAQ:ODP) in February for more than $6B, but regulators worried the tie-up would eliminate competition and sought to block the merger in December.
    • Although General Electric (NYSE:GE) decided to sell its appliances business to Electrolux (OTCPK:ELUXY) for $3.3B in 2014, the Justice Department filed suit this summer, alleging the deal would result in higher kitchen appliance prices. GE walked away from the deal last month.
    • Sysco (NYSE:SYY) reached its $3.5B deal for U.S. Foods in December 2013, hoping the combination would help it cut costs, however, the tie-up got shot down by the FTC in June.
    • The nation's two biggest cable operators, Comcast (NASDAQ:CMCSA) and Time Warner Cable (NYSE:TWC), reached a $45.2B deal to combine in February 2014, although the DOJ said the merger would make Comcast "an unavoidable gatekeeper for Internet-based services." The latter canceled the deal in April.
    • Thai Union (OTC:TUFRF), owner of the Chicken of the Sea brand, struck a $1.5B deal for U.S. rival Bumble Bee Seafoods in December 2014, but the companies walked away from the agreement a year later amid antitrust objections.
    | Sun, Jan. 3, 8:45 AM | 19 Comments
  • Dec. 2, 2015, 4:55 PM
    • Dish Network (DISH -2.2%) has already filed against the merger of Charter (CHTR -1.1%) with Time Warner Cable (TWC -1%), but Dish Chairman Charlie Ergen used a key FCC meeting to amp up the rhetoric.
    • Allowing the proposed merger could "degrade" or "destroy" online video competition, he said, and he reiterated language that Dish had used in previous filings that the deal would create a "suffocating duopoly" (New Charter and Comcast).
    • Ergen has his own interests in streaming video -- Dish owns the subscription OTT service Sling TV. FCC Chairman Tom Wheeler has made protection of online video a key consideration in evaluating the deal.
    • Ergen suggested that behavioral conditions wouldn't make up for the possible damage: "The applicants’ commitments are inadequate to mitigate the harm to consumers, competition, and innovation that would result from the merger as presently constructed,” he told almost two dozen top agency staffers.
    • Previously: Dish Network: Charter-TWC not in public's interest (Nov. 13 2015)
    • Previously: Dish Network files FCC petition to deny Charter-TWC merger (Oct. 13 2015)
    | Dec. 2, 2015, 4:55 PM
  • Nov. 24, 2015, 2:31 PM
    • As states dig in to the details of Charter Communications' (CHTR -0.4%) $56.7B plan to buy Time Warner Cable (TWC -0.4%), a deal that was delayed into Q1 could slip toward June -- maybe largely due to California.
    • State regulators are taking a bigger role in this merger, says RBC Capital's Jonathan Atkin, and a California administrative law judge has a decision set for May with a PUC vote set for June 16.
    • "This delay of approximately two months vs. the original timeline reflects the (law judge) acceptance of public interest group arguments to introduce evidentiary hearings," Atkin writes. Dish Network has gone on the record with its opposition to the deal, saying it would establish a "suffocating duopoly."
    • "We continue to work with the California PUC and their staff and remain confident we will obtain all of the approvals necessary for closing in due course," Charter told IBD in response.
    | Nov. 24, 2015, 2:31 PM
  • Nov. 13, 2015, 10:01 AM
    • In a new reply filed with the FCC as its comment period ended, Dish Network (DISH -0.8%) says the merger between Charter (CHTR -1.2%) and Time Warner Cable (TWC -0.1%) isn't in the public interest, targeting the key attribute the agency reviews in potential mergers.
    • "The proposed merger is harmful for consumers, competition and innovation, and should be denied," the company said.
    • Dish Network had filed a petition with the agency in October in opposition to the merger. Its new reply comes in response to filings from Charter, TWC and Bright House Networks (also set to be acquired by Charter in the deal).
    • "The merger will create a dominant duopoly," Dish said in its most recent statement.
    • Speaking at Liberty Broadband's investor meeting yesterday, Charter chief Tom Rutledge suggested the deal's in its endgame.
    • "Everyone has had their say," Rutledge said. "The shot clock has stayed ticking as a result of our responsiveness so far. And there are very few local franchised authorities left for us to get clearance on. Our financing is done. We're sitting here, ready to close."
    • Previously: AT&T: We're not opposed to Charter-TWC, but probe carefully (Oct. 14 2015)
    • Previously: Dish Network files FCC petition to deny Charter-TWC merger (Oct. 13 2015)
    | Nov. 13, 2015, 10:01 AM | 1 Comment
  • Nov. 9, 2015, 8:05 PM
    • With the review of Charter Communications' (NASDAQ:CHTR) buyout of Time Warner Cable (NYSE:TWC) proceeding apace at the FCC, the agency is sending requests tied to cable mogul John Malone's holdings not only in Charter but in content companies like Discovery (NASDAQ:DISCA) and Starz (NASDAQ:STRZA), which supply Charter rivals.
    • The agency has sent letters to the companies that list Malone as their chairman -- Liberty Media (NASDAQ:LMCA), Liberty Interactive (NASDAQ:QVCA) and Liberty Broadband (NASDAQ:LBRDA), which holds 26% of Charter -- and asked about Malone's influence over those entities as well as the content creators and DirecTV.
    • It's a "pretty meaningful request," says BTIG's Rich Greenfield, while Craig Moffett points at the Comcast deal for NBCUniversal in saying that Malone's tangled ownership is "probably not a big issue."
    • Malone has a 46.6% voting interest in Liberty Broadband, which would be entitled to vote no more than 25.01% of shares in the new combination, Charter has said. His interests in Discovery and Starz are "minority interests" where he wouldn't control day-to-day decisions.
    • The American Cable Association (representing smaller providers) argues that Malone's interests aren't insubstantial and that consumers can expect higher rates unless the FCC imposes conditions on the deal.
    • Previously: BTIG: Are TWC, Charter too strong separately to sell merger case? (Nov. 02 2015)
    • Previously: Charter call: Talking wireless ambitions, slamming password sharing (Oct. 29 2015)
    | Nov. 9, 2015, 8:05 PM | 6 Comments
  • Nov. 2, 2015, 3:50 PM
    • Merger partners Time Warner Cable (TWC -1.2%) and Charter Communications (CHTR -2.1%) reported solid quarters last week (TWC, CHTR) -- so solid, in fact, that one analyst raised some doubts on the deal.
    • The merger still has a better than 50% chance at approval, says BTIG Research's Rich Greenfield, but he says the more his team thinks about management commentary from the quarter, "the more we wonder whether regulators will buy into the supposed benefits of a merger that essentially creates another Comcast.”
    • When Charter reported on Thursday, shares rose 5%; TWC shares were up 3.9%.
    • Together, the company's conference calls and notices showed strength in new product, new subscribers and higher speeds, which makes Greenfield wonder whether BTIG was "too positive" on the merger's chances for regulatory approval.
    • Previously: Charter call: Talking wireless ambitions, slamming password sharing (Oct. 29 2015)
    • Previously: Charter up 1.6% on Q3 beat, subscriber growth (Oct. 29 2015)
    • Previously: Time Warner Cable +2% on record subscriber gains (Oct. 29 2015)
    | Nov. 2, 2015, 3:50 PM
  • Oct. 14, 2015, 8:05 PM
    | Oct. 14, 2015, 8:05 PM
  • Oct. 13, 2015, 2:16 PM
    | Oct. 13, 2015, 2:16 PM
  • Oct. 12, 2015, 7:53 PM
    • The National Association of Broadcasters is calling for a suspension of the merger review of Charter (NASDAQ:CHTR) and Time Warner Cable (NYSE:TWC) -- and wants the deal killed unless the agency reforms broadcast ownership rules, currently awaiting an overdue review.
    • The trade group took the opportunity to slam consolidation among distributors in general while broadcasters face more onerous restrictions.
    • “While essentially forbidding the joint sale of advertising time by two TV stations in the same market, the Commission has permitted all major pay-TV providers – large cable operators including TWC, satellite TV operators and the telcos – to join forces to create a single platform for local and national advertisers," says the group's petition.
    • If the Charter-TWC deal goes through, the top four pay-TV providers would control 79% of the nationwide market, the NAB says.
    • A quadrennial review of media ownership was delayed in 2010 and again in 2014.
    • NAB petition
    | Oct. 12, 2015, 7:53 PM
  • Sep. 22, 2015, 3:26 PM
    • With its merger review under way, the FCC is asking Charter Communications (CHTR -0.9%) and Time Warner Cable (TWC -0.5%) for documents about customer gains/losses to streaming video competitors, and whether they've slowed or blocked access to those services.
    • We're in early days of the regulatory review of Charter's proposed takeover, but the FCC is showing concern about competition with over-the-top services from Netflix, Hulu and Amazon.com. The merger would create the country's second-largest cable company.
    • Shareholders of both Charter and TWC approved the deal overwhelmingly yesterday. The FCC is asking for the information from both companies by Oct. 13.
    • Previously: Charter shareholders near unanimous in favor of TWC, Bright House buyouts (Sep. 21 2015)
    | Sep. 22, 2015, 3:26 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