Charter Communications and the parent of Bright House Networks have expressed commitment to their planned merger, extending the initial 30-day negotiating period.
Charter and Advance/Newhouse said in a statement that they remain committed to completing…
Charter Communications and the parent of Bright House Networks have expressed commitment to their planned merger, extending the initial 30-day negotiating period.
Charter and Advance/Newhouse said in a statement that they remain committed to completing the previously-announced US$10.4bn transaction on the same economic and governance terms.
They have extended their “good faith” negotiating period for an extra 30 days.
The deal, agreed in March, was contingent on larger rival Comcast completing its US$45.2bn merger with Time Warner Cable, abandoned last month following opposition from regulators. Charter and Bright House, the US’ fourth and sixth-largest cablecos respectively, initially had 30 days after the deal’s collapse to renegotiate.
Last week, reports stated that Bright House planned to walk away from the Charter deal as it preferred to remain independent.
Charter CEO Tom Rutledge said the companies are working together to ensure the transaction is completed as planned.
“Bright House and its employees have created a high-quality service operation, and the addition of Bright House brings additional scale and strategic flexibility to Charter over time.”
Bright House CEO Steven Miron added: “We believe this combination positions the new company to become an industry consolidator and growth platform to develop innovative products in serving customers, growing market share and creating value for shareholders.”
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