On Tuesday, Charter Communications confirmed that which has now been rumored for weeks — its acquisition of Time Warner Cable.
The deal is worth $55.33 billion.
Additionally, Charter and Advance/Newhouse Partnership announced that the two companies have amended their agreement whereby Charter will acquire Bright House Networks for $10.4 billion.
“The teams at Charter, Time Warner Cable and Bright House Networks are filled with the innovators of our industry. Representatives of each of these companies have invented some of the most revolutionary communications products ever created; innovations like video on demand, VOIP phone service, remote storage DVR, cable TV through an app, downloadable security and the first backward-compatible, cloud-based user interface,” says Tom Rutledge, President and CEO of Charter Communications.
According to details shared in yesterday’s announcement, New Charter will be led by Tom Rutledge, who will serve as President and CEO.