Charter Communications has struck a deal to buy its larger rival Time Warner Cable (TWC) for $56.7 billion in a deal that would make it the nation's second largest broadband provider after Comcast, the companies announced today. Charter also announced a related deal to buy Bright House Networks, a smaller cable company.
The merged company would leapfrog AT&T and become the nation's second largest consumer broadband provider, with 19.4 million Internet subscribers. Comcast has 22.4 million while AT&T has 16.1 million. The post-merger Charter would have 17.3 million pay-TV customers, behind Comcast and DirecTV, as well as 9.4 million phone customers. Overall, Charter would serve 23.9 million customers in 41 states after the proposed merger.
Charter today is the fourth biggest cable company after Comcast, Time Warner Cable, and Cox.
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