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Charter completes $78bn TWC deal

Charter Communications has completed a takeover of Time Warner Cable (TWC) for US$78bn in an agreement that combines the second and third largest US cable operators.

The merger, widely reported in the US, will create a rival to Comcast, the largest US cable operator, which was recently thwarted by regulators in its bid to take over TWC.

Charter previously bid US$61bn for TWC in 2014, but it was rejected.

Media mogul John Malone, whose Liberty Broadband Corp is Charter’s largest shareholder, had strongly advocated the new deal.

The takeover, which will give the new entity 23 million subscribers compared with Comcast’s 27 million, still has to attain regulatory approval before it is signed off.

Charter CEO Tom Rutludge will control the company if the deal is approved.

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