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“Even the fully realized programming savings are probably less than what most think.” “The synergies between the two, aside from programming expense, would likely be modest at best,” Moffett said in a research note. Representatives for Liberty, Charter and Time Warner Cable declined to comment.Ĭharter has a market capitalization of around $13.6 billion, much smaller than Time Warner Cable’s nearly $38 billion market value.ĭepending on the cash and stock split of a deal, Time Warner Cable shareholders would end up with much of the combined company’s equity, making the synergies a crucial element that would help them determine if a deal is attractive.Ĭraig Moffett, a research analyst at MoffettNathanson, estimated that synergies from a Charter-Time Warner Cable merger would total around $450 million annually - far smaller than Liberty’s own estimate. The timing of Charter’s expected cash and stock bid remains unclear, but it may be pushed into the new year given the upcoming holidays, people familiar with the matter said.Ĭharter had been preparing to send an offer letter as soon as this week, valuing the larger cable operator at below $135 per share, Reuters and others previously reported.Īll the people asked not to be named because they were not authorized to speak with the media. However, Time Warner Cable, the subject of a months-long pursuit by Liberty and Charter, thinks any synergies from a merger would be much lower, at close to $500 million, other people familiar with the matter said. Synergies from capital spending reductions, lower annual programming costs and other cuts in operating expenses are a key consideration for Time Warner Cable shareholders, as any takeover offer from Charter would include a large amount of its own stock. Liberty Chairman John Malone, who wants to use his 27 percent ownership in Charter to consolidate the cable industry, discussed the estimate when he, along with Chief Executive Greg Maffei, met with large Time Warner Cable shareholders in Denver last week, the people said.
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Baker – NEW YORK (Reuters) Liberty Media Corp’s top executives estimate that a merger between Charter Communications Inc and Time Warner Cable Inc could generate roughly $700 million in annual synergies, according to people close to the matter.
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