Apr. 2, 2014, 8:05 AM
- The 10% drop in the stock price of Comcast (CMCSA) over the last seven weeks has complicated its planned merger with Time Warner Cable (TWC).
- The value of Comcast's offer is now down to $143.55 per share compared to $158.82 per share when the deal was announced.
- What to watch: Though the acquisition agreement doesn't contain a collar which forces Comcast to kick in more shares, a higher deal price from another bidder could still emerge. Charter Communications (CHTR) with backer Liberty Media (LMCA) in tow comes to mind.
Mar. 31, 2014, 3:09 PM
- Early indications are that the divestiture of 3M subscribers by Comcast (CMCSA +1.2%) could be worth in the neighborhood of $18B.
- The company is moving the assets to pave the way with regulators for a merger with Time Warner Cable (TWC +1.3%).
- Sources indicate that there is strong interest from other cable companies for the Comcast subscribers.
- Inside the numbers: An acquisition cost of $6K per sub seems a bit high to some media analysts unless the cable users lived in a top tier market.
Mar. 28, 2014, 7:53 AM
- Charter Communications (CHTR) asks shareholders of Time Warner Cable (TWC) to vote against the proposed merger with Comcast (CMCSA).
- The company wants TWC shareholders to go back to looking at strategic options.
- Due to a slip in the stock price of Comcast, the merger consideration for TWC shareholders is now at $141.16/share. Charter is quick to point out that TWC has said previously it wouldn't take a penny less than $160.
Mar. 26, 2014, 1:42 PM
- Dish Network (DISH +6%) CEO Charlie Ergen has approached DirecTV (DTV +6.2%) about a merger, reports Bloomberg.
- Ergen has been vocal in the past on the need for the two companies to merge, while DirecTV CEO Mike White has played it cool on the subject.
- A ramp-up of talk on a DISH-DTV combination could catch the ears of regulators looking at the proposed merger between Comcast (CMCSA +1%) and Time Warner Cable (TWC +0.4%).
Mar. 20, 2014, 11:03 AM
- Time Warner Cable (TWC +0.9%) CEO Rob Marcus has 80M reasons to hope the buyout by Comcast is cleared by regulators.
- At TWC's current share price, the exec will earn $20.5M in cash, $56.5M in equity, $400K in benefits, and another $2.5M in a bonus through his golden parachute compensation package.
- Deadline uncovered the extravagant package buried in the SEC S-4 filed this morning by Comcast.
Mar. 20, 2014, 9:14 AM
- Comcast (CMCSA) files a new document with the SEC outlining details of its proposed merger with Time Warner Cable (TWC).
- The document discloses the obligations of each company in order to complete the merger. The biggest obstacle by far will be appeasing regulators on the federal and state level.
- SEC Form S-4
Mar. 20, 2014, 7:43 AM
- The merger between Comcast (CMCSA) and Time Warner Cable (TWC) faces a powerful headwind in the state of New York where moves are being proposed to strengthen the power of the Public Service Commission.
- New state rules backed by Governor Andrew Cuomo would give the PSC more oversight and pressure Comcast to prove its acquisition won't hurt consumers.
Mar. 19, 2014, 11:25 AM
- The pay-TV industry in the U.S. posted its first-ever decline in video subscribers during 2013, according to data compiled by SNL Kagan.
- The group (TWC, CVC, CHTR, DTV, DISH, VZ, T) lost 251K subscribers during the period.
- Even a late charge in Q4 by Comcast CMCSA couldn't turn the tide.
- What to watch: Online TV services which offer limited programming packages are expected to start cropping up this year to put additional pressure on pay-TV operators. Companies such as Dish Network plan to walk a tightrope of enticing cord-cutters and cord-nevers to sign on without cannibalizing current video subscriber counts.
Mar. 19, 2014, 9:37 AM
- Time Warner Cable (TWC) continues to upgrade existing stores and build modern outlets as it looks to shed its image with consumers.
- A DMV-like payment center is now known as a Time Warner Store.
- Employees are free to roam TWC stores to assist customers with the company's growing list of products and services.
Mar. 17, 2014, 9:40 AM
- The city of Los Angeles has sued Time Warner Cable (TWC) for nearly $10M in overdue franchise fees it says it's owed.
- City officials conducted a press conference to announce the lawsuit and rail against the company.
- Time Warner Cable has already drawn the wrath of some consumers in the region for hiking the fees for access to L.A. Dodgers baseball.
Mar. 10, 2014, 5:51 PM
- Sean "Diddy" Combs is offering ~$200M for the Fuse music network owned by Madison Square Garden (MSG), according to a Bloomberg report.
- Sources say Combs would convert Fuse into Revolt TV, the music-focused channel the hip-hop mogul launched in October.
- Fuse is available in ~74M homes through pay-TV systems including DirecTV (DTV), Dish Network (DISH) and Cablevision (CVC), while Revolt TV currently reaches ~22.8M homes and is carried by Comcast (CMCSA) and Time Warner Cable (TWC).
Mar. 5, 2014, 2:53 PM
- Time Warner Cable (TWC +0.8%) CFO Artie Minson tips off at the Morgan Stanley Technology, Media, and Telecom Conference that subscriber trends are improving in Q1 with total relationship adds up over 75K.
- The company lost 50K video subscribers in the first two months of the year, compared to the 217K lost between Q3 and Q4 of last year, but is seeing some positive momentum.
- His comments on bringing Netflix into the cable set top box aren't dismissive, but lean to the non-committal side.
- Morgan Stanley Technology, Media, and Telecom Conference webcast
Mar. 5, 2014, 10:35 AM
- Dish Network (DISH +1.4%) is considering charging $20-$30 a month for an over-the-top service that could rattle the pay-TV sector.
- A groundbreaking deal with Disney gives Dish a great starting point for content, but it's still working on landing deals with other programmers. The service might include 20 to 30 channels.
- The company believes younger consumers and cord-cutters could be enticed at the lower price points as traditional packages stay north of the $100/month level.
- Cable operators (CVC, TWC, CHTR) and DirecTV (DTV) could feel some pressure if the initiative launches.
Mar. 4, 2014, 9:29 AM| Mar. 4, 2014, 9:29 AM | Comment!
Mar. 3, 2014, 11:02 AM
- Execs with Comcast (CMCSA -1.2%) area leaning heavily on the company's previous compliance with its deal to purchase NBCUniversal as they talk to regulators about the merger with Time Warner Cable (TWC -0.9%).
- In a blog post, Comcast highlighted in great detail how it exceeded targets set as a condition of the NBCUniversal purchase.
Feb. 28, 2014, 4:43 PM
- Comcast (CMCSA) reportedly is considering options for how to divest ~3M cable subscribers as part of a takeover of Time Warner Cable (TWC), including spinning them off in a new publicly-traded company.
- Regulators may push for the spin-out option because it would create a new competitor; such a new company would be the fourth-largest U.S. cable company by subscribers, trailing the merged CMCSA-TWC, Cox Communications and Charter Communications (CHTR).
- Comcast also may have received interest from several companies that want to buy the cable assets; Charter is interested, Liberty Media (LMCA) CEO Greg Maffei said today on a conference call, and Bright House Networks and Suddenlink are said to have expressed interest.
- Comcast hasn’t picked which cities would be divested or spun out, and sources say it won’t make a decision for at least three months as regulators examine the TWC deal.
TWC vs. ETF Alternatives
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.
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