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|CHARTER COMMUNICATIONS, INC. /MO/ filed this Form 425 on 03/10/2016|
Filed by Charter Communications, Inc.
Pursuant to Rule 425 under the Securities Act of 1933
and deemed filed pursuant to Rule 14a-6
under the Securities Act of 1934
Subject Company: Time Warner Cable Inc.
Commission File No. 001-33335
The following is information made available online on certain Charter social media channels.
Bloomberg Business Verified account @business
New York City approves Time Warner Cable-Charter merger http://bloom.bg/1M79QWD
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New York City Approves Time Warner Cable-Charter Merger
Originally appeared in: Bloomberg Business
By: Michaela Ross
March 9, 2016
Charter Communications Inc. won approval from New York City to acquire Time Warner Cable Inc., inching closer to becoming the second-largest cable operator in the country.
The city’s Franchise and Concession Review Committee approved the transfer of its contracts between the companies during a public meeting on Wednesday. New York state’s Public Service Commission regulators had given the deal a green light in January after Charter committed to increase broadband speeds, expand network access in low-income communities and improve customer service. The city’s approval came after a separate review process to determine if the acquisition is in the public interest.
“We are pleased that this merger between Charter and Time Warner Cable is moving forward in a way that ensures they will meet all franchise obligations, and as well as the conditions set forth by the PSC -- and advocated for by the city -- with respect to broadband speed, cost, and availability and job protections,” Maya Wiley, counsel to the mayor, said in a statement Wednesday.
To curry favor with city officials, Charter committed to several initiatives to increase diversity and improve public-access programming. The company agreed to appoint three minority members to its board within two years -- one African American, one of Asian or Pacific Island descent and one Hispanic American. The Stamford, Connecticut-based company also said it would create the position of chief diversity officer and hire more minorities.
“We look forward to successfully completing this transaction and bringing its many benefits to customers in New York City,” Justin Venech, a Charter spokesman, said in a statement. He declined to provide further detail on any commitments made to the city.
The $55.1 billion deal would create a larger No. 2 cable provider behind Comcast Corp., with customers in cities including Los Angeles and New York. Charter and supporters of the deal are still jockeying with