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Comcast Plans To Buy Time Warner Cable In $45 Billion Deal

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Comcast (Photo by Justin Sullivan/Getty Images)

Comcast (Photo by Justin Sullivan/Getty Images)

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LOS ANGELES, Calif. (AP) – Comcast Corp. has confirmed that it plans to buy Time Warner Cable for about $45.2 billion in stock in a deal that would combine the nation’s top two cable TV companies.

The deal amounts to $158.82 per share, which is about 17 percent above the Wednesday closing price of Time Warner Cable Inc. shares.

The deal trumps a proposal by Charter Communications Inc. to buy Time Warner for about $38 billion in cash and stock worth $132.50 per share and comes just a day after Charter said it was preparing a proxy fight by nominating a full slate of directors to Time Warner Cable’s board.

(© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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