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Time Warner Cable Inc. (TWC)

  • Tue, Sep. 22, 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 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)
    | Tue, Sep. 22, 3:26 PM | Comment!
  • Mon, Sep. 21, 4:36 PM
    | Mon, Sep. 21, 4:36 PM | Comment!
  • Mon, Sep. 21, 11:52 AM
    | Mon, Sep. 21, 11:52 AM | Comment!
  • Mon, Sep. 21, 2:29 AM
    • Charter Communications (NASDAQ:CHTR) and Time Warner Cable (NYSE:TWC) shareholders will vote today on their proposed $56.7B merger, a deal that would create the country's second-largest broadband Internet provider and third-largest video service.
    • The vote comes a little more than a week after the FCC started a 180-day "shot clock" to review the acquisition.
    • Charter shareholders will also vote on the company’s $10.4B deal for Bright House and the sale of $5B in stock to Liberty Broadband (NASDAQ:LBRDA).
    | Mon, Sep. 21, 2:29 AM | Comment!
  • Thu, Sep. 17, 4:13 PM
    • Time Warner Cable (NYSE:TWC) declares $0.75/share quarterly dividend, in line with previous.
    • Forward yield 1.57%
    • Payable Oct. 22; for shareholders of record Oct. 1; ex-div Sept. 29.
    | Thu, Sep. 17, 4:13 PM | Comment!
  • Fri, Sep. 11, 7:21 PM
    • The FCC's published its protective orders for merger reviews, meaning it's started a clock on Charter Communications' (NASDAQ:CHTR) buyout of Time Warner Cable (NYSE:TWC).
    • Initial comments are due Oct. 13.
    • GOP commissioner Ajit Pai, who dissented from the orders in part, alluded to last year's dispute over giving outside parties access to negotiating documents in the Comcast/TWC and AT&T/DirecTV deals.
    • "A new transaction is upon us," wrote Pai, "and the Commission sees another chance to give outside parties a sneak peek at confidential programming agreements. This Order is obviously the first step in the Commission’s misguided effort to do so."
    | Fri, Sep. 11, 7:21 PM | Comment!
  • Tue, Sep. 8, 6:18 PM
    • Time Warner Cable (TWC +1.3%) has added 29 European countries to its all-in unlimited phone calling plan, bringing the total number countries to 35 including the U.S.
    • The unlimited service can be used with the company's recent Phone2Go app, allowing customers to use their TWC phone via an Android or iOS app using Wi-Fi or cellular data.
    • The European countries include all EU countries (including France, Germany and the UK) along with Norway.
    • The carrier offers a Global Penny plan for $2.95/month more, offering $0.01/minute calls to other countries.
    | Tue, Sep. 8, 6:18 PM | 1 Comment
  • Wed, Sep. 2, 5:08 PM
    • The FCC will be able to start the "shot clock" on Charter Communications' (CHTR +1.1%) buyout of Time Warner Cable (TWC +1%), having approved protective orders that can begin a comment cycle.
    • The approvals came despite at least partial dissent from the two Republican commissioners, Ajit Pai and Michael O'Rielly.
    • The disputed portions cover the protection of sensitive deal-related information, which drew attention during the deal reviews for AT&T/DirecTV and Comcast/TWC.
    | Wed, Sep. 2, 5:08 PM | Comment!
  • Fri, Aug. 28, 8:24 PM
    • The telecom/media sectors have been ripe for merger activity and speculation with more than 360 telecom deals announced this year, but cheaper targets are getting harder to come by -- that, according to two of the big spenders.
    • Speaking at CTAM in Amsterdam, Charter Communications (NASDAQ:CHTR) Chairman Eric Zinterhofer said “Asset valuations are high -- we’re not going to pay 9, 10 or 11 times” earnings multiples. Charter's in the middle of assembling funding for its $78.7B buyout of Time Warner Cable (NYSE:TWC) and Bright House Networks. Interest rates will have to rise before the valuations come down, he says.
    • France's Altice (OTCPK:ATCEY), briefly considered a bidder for TWC and harboring ambitions to expand in America, will focus on digesting existing deals, like its purchase of Suddenlink Communications, and including integrating French wireless firm SFR with cableco Numericable.
    • “There are no obvious targets for us, not KPN, not anyone else -- it all depends on price,” says Altice CEO Dexter Goei. “There’s a scarcity of assets that are cheap, but if a stock is too expensive today, maybe we’ll look again in two years when China blows up or something else happens. We’re always opportunistic.”
    • Previous coverage of Charter/TWC/Bright House
    | Fri, Aug. 28, 8:24 PM | Comment!
  • Fri, Aug. 28, 12:50 PM
    • Barclays' Kannan Venkateshwar has raised the firm's price targets on merger partners Charter Communications (CHTR -0.8%) and Time Warner Cable (TWC -0.7%), noting growing operating leverage and what looks like a conservative take on synergies.
    • The price target on Charter was raised to $204, from $157. Based on that, Venkateshwar raised the target on Time Warner Cable to $206, from $166.
    • Time Warner Cable is currently trading at $186.63, implying more than 10% upside, while Charter's trading at $180.28, implying more than 13% upside.
    • Charter's seeing operating leverage for the first time after years of investment, Venkateshwar says, boosting confidence that it could generate earnings growth after engulfing TWC and Bright House Networks.
    • Venkateshwar estimates synergies close to a $1B, higher than Charter's guidance to $800M, and believes the company may be able to boost better margin expansion -- closer to that of Comcast.
    | Fri, Aug. 28, 12:50 PM | Comment!
  • Tue, Aug. 25, 5:35 PM
    • investors should stick with "market darlings" - the 25 stocks that had performed the best during the six months before a market pullback - according to the analyst team at RBC.
    • The firm notes that although many recent winners are leading the market lower, the extent of the underperformance is just 1%; it also says investing in the group following sharp market pullbacks is a winning strategy over the ensuing week, month and six months.
    | Tue, Aug. 25, 5:35 PM | 59 Comments
  • Thu, Aug. 20, 7:29 PM
    • At least one end result of media consolidation will be all of the big four wireless firms linking up (via merger or alliances) with pay TV, says Oppenheimer's Tim Horan, with a prediction for the four survivors: AT&T, Verizon, Sprint -- and Comcast.
    • "Regardless of the timing, we expect all four wireless carriers to align with a paid TV provider in some form," Horan says. He writes that Oppenheimer sees Comcast (NASDAQ:CMCSA) and T-Mobile (NYSE:TMUS) aligning somehow, though Comcast denied interest in outright acquiring the carrier in June.
    • Comcast's hand might be forced by AT&T's (NYSE:T) plans for product bundling now that it's closed on DirecTV (NASDAQ:DTV). Charter (NASDAQ:CHTR) -- currently busy trying to acquire Time Warner Cable (NYSE:TWC) -- could deal for wireless as well, as it expands its public Wi-Fi.
    • Horan also thinks that Verizon (NYSE:VZ) might be the only real buyer for Dish Network's (NASDAQ:DISH) spectrum haul, which might come on the block after the FCC denied Dish $3.3B in spectrum-auction discounts. Oppenheimer sees only a 10% chance that Dish buys T-Mobile.
    • SoftBank had explored a sale of Sprint (NYSE:S) to TV providers including Comcast and Altice, unsuccessfully, and a potential merger with T-Mobile is considered at least as far off as the 2016 presidential election.
    | Thu, Aug. 20, 7:29 PM | 21 Comments
  • Mon, Aug. 17, 3:34 PM
    • With a rack of 13F filings on the weekend disclosing Q2 holdings, it turns out that Time Warner Cable (TWC +2.1%) was among the top adds by hedge funds and influential investors.
    • The company -- in the long process of being acquired by Charter Communications (CHTR +3.6%) -- got new stakes from 7.7% of filers, according to, which tracks 196 funds. Among those, Soros Fund Management took a 1.45M-share position.
    • Only Perrigo (PRGO +0.6%) was added by more filers, at 10.2%. Investors filing that they had opened new buys of TWC came to 16.7M shares added in aggregate.
    • On the other hand: TWC was also eliminated by the highest percentage of filers -- 6.6%, getting rid of 8.89M shares. On a net basis, acquisitions of shares still outnumbered dispositions. The second-biggest stock eliminated was Applied Materials (AMAT +2.3%), cut by 6.1% of filers who shed 28.36M shares in aggregate.
    • Previously: Buffett 13-F and media: Bought Charter, cut stake in Viacom (Aug. 14 2015)
    • More 13F coverage
    | Mon, Aug. 17, 3:34 PM | Comment!
  • Fri, Aug. 14, 6:10 PM
    • Along with Warren Buffett cutting stakes in energy (but leaving Berkshire's "Big Four" alone), the latest 13F filing shows a telecom/media changeout as well.
    • Berkshire Hathaway (BRK.A, BRK.B) boosted its stake in Charter Communications (NASDAQ:CHTR) -- itself in the process of buying out Time Warner Cable (NYSE:TWC) -- by 42%, to about 8.5M shares ($1.5B worth).
    • In the other direction, its stake in Viacom (VIA, VIAB) declined by 32%, to about $250M worth.
    • A notation that confidential information has been omitted suggests a secretive stake is being built -- Berkshire used such a notation while building an IBM stake in 2011 -- but confirmation won't come for three months, in mid-November.
    • After hours: VIAB +0.8%; CHTR +0.1%.
    • 13F filing
    | Fri, Aug. 14, 6:10 PM | 5 Comments
  • Thu, Jul. 30, 9:42 AM
    • Time Warner Cable (NYSE:TWC) is up 0.2% out of the open after a Q2 miss on top and bottom lines as costs rose in several areas, including content acquisition and sales and marketing.
    • The cableco did post its first positive Q2 for net customer adds since 2008. It added 66K net residential customer relationships, its best Q2 on that front ever.
    • Operating income dropped 11.5%, to $1.03B, in part due to higher depreciation from TWC Maxx and other investments, while EPS dropped 18.5% to $1.54. Aggressive investing along with pension expenses led adjusted OIBDA down 1.2% to $2B.
    • Revenue breakouts: Residential services, $4.76B (up 2.1%); Business services, $803M (up 16.2%); Other, $431M (down 1.1%). Of residential services, video revenue was $2.51B (down 1.3%); high-speed data, $1.74B (up 8.5%); voice, $478M (down 2.4%). For business services, video, $95M (up 5.6%); high-speed data, $391M (up 18.1%); voice, $147M (up 19.5%); wholesale transport, $120M (up 23.7%).
    • A residential video net decline of 45K customers and residential high-speed data net adds of 172K also marked TWC's best Q2 in those areas since 2008. Residential voice net adds of 252K and triple play net adds of 233K represented its best Q2 ever.
    • Press Release
    | Thu, Jul. 30, 9:42 AM | Comment!
  • Thu, Jul. 30, 6:02 AM
    • Time Warner Cable (NYSE:TWC): Q2 EPS of $1.54 misses by $0.27.
    • Revenue of $5.93B (+3.5% Y/Y) misses by $10M.
    • Press Release
    | Thu, Jul. 30, 6:02 AM | Comment!
TWC vs. ETF Alternatives
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