Charter Communications Inc. is nearing an agreement to acquire Time Warner Cable Inc in a cash-and-stock deal worth about US$55 billion, Reuters reported Monday, citing people familiar with the matter.
The deal will create a major rival to Comcast Corp, the biggest operator in the US cable and broadband market.
Time Warner Cable is currently the second biggest operator in the market while Charter is the third largest player.
An announcement could be made as early as Tuesday, according to the report.
The deal comes just one month after Comcast dropped a US$45.2 billion merger deal with Time Warner Cable due to antitrust concerns.
Charter will also acquire Bright House Networks, the sixth-largest US cable operator, for US$10.4 billion, the report said.
The combined companies could have as many as 23 million total customers, just behind Comcast’s 27.2 million.
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