Charter plans to buy Time Warner Cable, Bright House

Charter Communications announced Tuesday a proposed merger with Time Warner Cable and Bright House networks.

The deal, should federal regulators approve it, will net Charter a total of 17 million residential TV subscribers and 18.8 million broadband users, up from current numbers of about 4.1 million and 4.9 million, respectively.

According to CNN, the new subscribership numbers would put Charter near Comcast’s level of 22 million cable subscribers. Comcast sough a $45 billion merger with Time Warner Cable, but abandoned the deal late last month amid government scrutiny.

Charter plans to pay $195.71 a share for Time Warner Cable, valuing the company at $78.7 billion.

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