Charter Communications, Inc. (NASDAQ: CHTR) (together with its subsidiaries) has closed its previously announced transactions whereby legacy Charter, the previous public company, has combined with Time Warner Cable Inc., the company said.
In addition, Charter and Advance/Newhouse Partnership (the former parent of Bright House Networks, LLC) have completed their previously announced transaction in which Charter acquired Bright House Networks.
Charter also announced today that Liberty Broadband had purchased, upon closing of the Charter-TWC transactions, USD4.3 billion of newly issued shares of common stock of Charter at a price of USD195.70 per Charter share, which represents Charter´s closing price as of May 20, 2015, including the impact of the parent merger exchange ratio.
The combination of Charter, TWC and Bright House will create a broadband services and technology company, serving over 25 million customers in 41 states. The completion of the transactions will drive investment into the combined entity´s advanced broadband network, resulting in faster broadband speeds, better video products, more affordable phone service and more competition, for consumers and businesses.
Charter will be led by Tom Rutledge, who will serve as chairman of the board, president and CEO. Charter´s Board of Directors will consist of 13 directors. The remaining 12 directors will include seven independent directors, two directors designated by Advance/Newhouse, and three directors designated by Liberty Broadband.
Charter is a broadband communications company and large cable operator in the United States. Charter provides a full range of advanced broadband services, including Spectrum TV video entertainment programming, Spectrum Internet access, and Spectrum Voice. Spectrum Business similarly provides broadband communications solutions to business organizations, such as business-to-business Internet access, data networking, business telephone, video and music entertainment services, and wireless backhaul.