Charter Communications completes acquisition of Time Warner Cable
05/18/2016 03:48 PM
After more than 25 years, Time Warner Cable, the nation’s second-largest cable company is officially Charter Communications.
This morning Charter completed its $56 billion dollar purchase of TWC, six days after the deal cleared its final regulatory hurdle.
The deal makes Charter the new parent of Time Warner Cable News and cn|2.
As part of the deal, Charter also acquires Bright House Networks for $10 billion dollars.
Charter Chairman and CEO Tom Rutledge says improving customer service by creating more U.S. based call centers and hiring some 20,000 employees is at the top of his to-do list. He also says the company is committed to greatly improving the products it offers.
“We want to put a two-way, interactive outlet or box on every television we serve,” Rutledge said in an interview with New York 1. “And we want to up our data speeds, so that the slowest services we sell are 60 megabits, and we want to have a fully featured voice product that works combined with data and video, in such a way that the total package is better than any of our competitors could replicate.”
As for the future of the Time Warner Cable news channels, Rutledge says he’s a big fan of local programming, and that we’re here to stay.
“I really think they’re great assets, and I’ve always been a believer in them. It’s not only a public service, it’s a real, valuable commercial product, and it’s valuable because it provides information to a community, but at the same time it separates us from everyone else.”
Time Warner Cable was formed from the 1989 merger of Time Inc. and Warner Cable, and the company’s first news channel, NY1, was launched in 1992.
TWC spun off from its parent company, Time Warner, in 2009.
The newly combined company will provide TV, Internet and phone services to a total of 23.9 million customers in 41 states.
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