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Charter to buy Bright House Networks for USD 10.4 billion

2015-03-31 14:38:00| Telecompaper Headlines

(Telecompaper) Charter Communications announced an agreement to acquire Bright House Networks from media group Advance/Newhouse for USD 10.4 billion. Bright House is the sixth-largest cable operator in the US and will give Charter another 2 million customers in central Florida, Alabama, Indiana, Michigan and California. Advance/Newhouse will take a 26.3 percent stake in a new partnership set up to run Bright House, in which Charter will hold 73.7 percent. Advance/Newhouse will receive common and preferred shares in the partnership as well as USD 2 billion cash from Charter. Advance/Newhouse will have the right to convert its shares in the partnership into shares of Charter. Completing the deal remains subject to a number of factors, including Charter shareholder approval, the expiry of Time Warner Cable's right of first offer for Bright House, the close of Charter's previously-announced transactions with Comcast and regulatory approval. Bright House was previously run as a partnership between Time Warner and Advance/Newhouse, and TWC still handles many of Bright House's carriage agreements. Charter meanwhile is waiting for regulatory clearance of Comcast's planned takeover of TWC, part of which will include the merged company selling some assets to Charter.

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