Charter prepares offer to buy Time Warner Cable

Charter Communications is expected this week to make an offer for Time Warner Cable, according to an anonymous source cited by USA Today.

The expected offer of less than $135 a share in cash and stock is the latest development in a bidding war over the nation's second-largest cable TV provider. Time Warner approached Comcast for a deal to merge earlier this year, but at the request of a major stake holder, Liberty Media, Time Warner is seeking a cash and stock deal.

Charter's proposal, which was first reported by Bloomberg News, represents a slight premium to Time Warner's current market value, according to the report.

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