Telecom regulators have ordered Charter Communications to unwind its 2016 merger with Time Warner Cable in New York, revoking the combined company’s permission to operate in the state in a decision published Friday. The order from the New York Public Service Commission accuses Charter of “persistent actions demonstrating bad faith,” claiming that the company has repeatedly failed to live up to promises it made during the merger approval process to connect more New Yorkers to high-speed internet. The decision cuts against a broader nationwide trend of consolidation in the telecom and media industries, although it is limited to New York state and does not cover the more than 40 other states in which Charter does business, including Pennsylvania and New Jersey. The combined Charter-Time Warner Cable operation is the second-largest cable company in the country. Under the order, Charter has 60 days to come up with a “transition” plan complying with the … [Read more...] about New York moves to break up Charter’s merger with Time Warner Cable
Time warner cable acquisition
By Joe Palazzolo, Joe Palazzolo The Wall Street Journal BiographyJoe Palazzolo @joe_palazzolo [email protected] Ashby Jones and Ashby Jones The Wall Street Journal BiographyAshby Jones @jonesashby [email protected] Rebecca Davis O’Brien Rebecca Davis O’Brien The Wall Street Journal BiographyRebecca Davis O’Brien @rebeccadobrien [email protected] Updated June 12, 2018 8:05 p.m. ET 13 COMMENTS Judge Richard J. Leon, in his 172-page opinion Tuesday, allowed AT&T Inc.’s T -5.82% proposed merger with Time Warner Inc., TWX 2.11% to go through, over objections by the U.S. Justice Department that the deal, if consummated, would have anticompetitive effects and violate the antitrust laws. Below are highlights and analysis on Judge Leon’s opinion. •Page 1: “If there ever were an antitrust case where the parties had a dramatically different assessment of the current state of the relevant market and a … [Read more...] about Decoding Judge Leon’s AT&T-Time Warner Decision
CVR Medical Corp (OTCQB:CRRVF)VANCOUVER, BC, CANADA, May 3, 2018 /EINPresswire.com/ -- CVR Medical Corp. (CVM.V) (TSXV: CVM) (FRANKFURT: B3BN) (OTCQB: CRRVF) ("CVR Medical”) has appointed Mr. Tom J. Harris to the position of Chief Financial Officer effective May 1, 2018. As CVR transitions to a sales and marketing focused company, Mr. Erwin Wong retires from his position as CFO. Tom J. Harris will spearhead fiscal preparations while contributing to overall organizational expansions as CVR continues its shift from research and development to a sales and marketing focus for the upcoming launch of their flagship medical device, the Carotid Stenotic Scan (CSS) Over a career spanning nearly 50 years, Mr. Harris has held various senior executive roles within both public and non-public companies, including Time Warner, Inc., the Associated Press, and several development stage and start-up entities within the biotech and medical device industries. Mr. Harris played a key role in the … [Read more...] about Tom J. Harris Former CFO At Time Warner Cable And Associated Press Appointed Chief Financial Officer Of CVR Medical
Comcast (CMSCA) couldn't win any popularity contests before Wednesday's Senate Judiciary Committee hearing on its controversial $45.2 billion acquisition of Time Warner Cable (TWC) -- and it won't gain any friends after it.The dilemma facing the world's largest cable company was evident in the testimony of Comcast Senior Vice President David Cohen, who as The New York Times noted, "played down the likelihood of higher prices for consumers" while also declining to back off earlier comments that the Philadelphia-based company couldn't promise that cable bills will go down or increase less rapidly because of the merger. However, he also emphasized to the Committee: "There is absolutely nothing in this transaction that will result in increase in prices for Comcast customers. Nothing." He said that's partly because Comcast's and Time Warner's service territories don't overlap.Unfortunately, cable prices have been skyrocketing even as the industry consolidates. Data from the Federal … [Read more...] about Will Comcast’s Time Warner deal mean higher bills?
NEW YORK Time Warner Cable Inc. (TWC), the New York-based cable company, said Monday that it is buying DukeNet Communications LLC for $600 million in cash. DukeNet, a fiber optic network company based in Charlotte, N.C., provides data and bandwidth services to wireless carriers, data centers and other businesses and customers in North Carolina, South Carolina and five other states in the Southeast. Time Warner Cable is buying DukeNet from energy company Duke Energy Corp. (DUK), which owns 50 percent of the company, and investment firm Alinda Capital Partners, which owns the other half. This acquisition will enhance Time Warner's existing fiber network and help it better serve customers, said Phil Meeks, Time Warner Cable's executive vice president and chief operating officer of business services. The deal is expected to close in the first quarter of 2014, pending regulatory approvals. Shares of Time Warner Cable fell 89 cents to $111.90 in morning trading. Shares of Duke Energy rose 14 … [Read more...] about Time Warner Cable to buy DukeNet for $600 million
Comcast (CMSCA) shares have slumped roughly 10 percent since it agreed in February to buy Time Warner Cable (TWC), with concerns growing that federal regulators may not sign off on the $45 billion deal. Hoping to shore up support among investors, Comcast said today it would increase its share buyback program by 80 percent, to $2.5 billion, if regulators approve the transaction. How big of an "if" that might be is tough to say. Comcast has already agreed to jettison about 3 million subscribers to allay potential antitrust concerns around the Time Warner Cable, though analysts expect regulators to demand even more concessions. Proceeds from the sale would be used to fund the buybacks."This may have been more of a structural step," said David Heger, an analyst with Edward Jones, who rates Comcast's stock as a "buy." "I am not reading into it that it's some secret sign that they are more confident about getting approval." Industry observers have questioned whether the Federal … [Read more...] about Opposition grows to Comcast-Time Warner Cable deal
Comcast's (CMCSA) $45.2 billion takeover of Time Warner Cable (TWC) would place too much power over the nation's cable and broadband markets into the hands of one company and should be blocked by regulators, according to a New York Times editorial. The merged company would control 30 percent of the U.S. pay television market and service about 40 percent of high-speed Internet users. Though Philadelphia-based Comcast has argued that consumers won't be hurt by the merger since it doesn't compete directly with Time Warner Cable in any markets, the Times and other critics aren't buying that argument. For instance, as the newspaper notes, FCC data shows that 64 percent of U.S. homes have at most two choices for broadband service. Consumers are at a disadvantage as a result. "Wireless services can handle streaming video, but many customers of Verizon or AT&T would blow through their monthly wireless data plan by streaming just one two-hour high-definition movie, at which point they … [Read more...] about Comcast-Time Warner Cable deal should be blocked, NY Times says
The drama over Comcast's (CMCSA) $45.2 billion acquisition of Time Warner Cable (TWC) is reaching a fever pitch as executives of the world's largest cable company are making a last-minute lobbying push to dissuade the U.S. Department of Justice from blocking the deal. According to reports in Bloomberg News and elsewhere, Justice Department attorneys have raised concerns that the merger would give the Philadelphia-based company between 35 percent and 50 percent of the nation's broadband Internet market, depending on how it's measured. In the view of critics, that would give the new entity too much power over an increasingly important service. Comcast and the Justice Department are due to meet on Wednesday. While these developments aren't good news for Comcast, they don't necessarily signal a death knell for the deal. The higher-ups at the Department of Justice don't always follow the staff's recommendation and may wind up approving the deal under certain conditions, such … [Read more...] about It’s crunch time for Comcast-Time Warner Cable
Facing opposition from federal antitrust enforcers, Comcast (CMCSA) said Friday that it is ending its $45.2 billion bid for Time Warner Cable. "Today, we move on," said Comcast CEO Brian Roberts in a statement issued before financial markets opened. "Of course, we would have liked to bring our great products to new cities, but we structured this deal so that if the government didn't agree, we could walk away." Comcast, the nation's largest cable company as well as the top broadband provider, agreed to buy No. 2 Time Warner Cable (TWC) in early 2014 for $158.82 per share. But concerns that the merger, which would have given Comcast between 35 percent and 50 percent of the nation's broadband Internet market and 30 percent of the paid TV segment, could could run afoul of antitrust restrictions emerged quickly. The companies faced critical regulators worried about the potential impact of the merger on consumers. The FCC planned to advise taking the deal to an administrative law judge for a … [Read more...] about Comcast walks away from $45.2B deal for Time Warner Cable
AT&T (T) Chief Executive Randall Stephenson, whose planned $85.4 billion acquisition of Time Warner (TWX) stunned Wall Street and aroused concerns in Congress, has already started laying out his case for why the megadeal won’t hurt consumers. In a public appearance on Monday with his Time Warner counterpart, Jeffrey Bewkes, at the WSJDLive conference in Laguna Beach, California, Stephenson unveiled plans for a so-called over-the-top $35-per-month streaming video service that would offer 100 premium channels and wouldn’t require a subscription to a cable and satellite provider. It’s aimed at the mostly young consumers known as cord-cutters who are quitting traditional pay TV. Critics across the political spectrum and some Wall Street analysts, however, remain skeptical and wonder whether consumers will benefit from one of the biggest transactions in recent years. “From my observations over the years, megamergers of this kind almost never benefit average … [Read more...] about AT&T-Time Warner: Is there anything in it for you?