Charter and Comcast reach agreement on divestitures
Charter Communications and Comcast announced a three-step deal involving some current Charter, Time Warner Cable, and Comcast systems, subject to a successful closure of the Time Warner-Comcast merger.
According to a press release (Charter, Comcast) and a news item at DSLReports the agreement includes the following:
Comcast will sell to Charter for cash current Time Warner systems serving approximately 1.4 million subscribers;
Charter will swap systems serving approximately 1.6 million subscribers in exchange for current Time Warner systems serving approximately the same number of subscribers;
Certain current Comcast systems, serving about 2.5 million subscribers will be spun off into a separate company ("SpinCo") which will be 67% owned by Comcast shareholders, but operated by 33% owner "New Charter", a new holding company which will also own Charter Communications, and in which Comcast shareholders will have a 13% ownership interest. Comcast will have no ownership interest in SpinCo and will have no management or operational role whatsoever in the new company.
The above transactions will increase Charter's footprint from 4.4 million subscribers to 5.7 million, plus management of the SpinCo systems.
According to the DSLReports article:
The Comcast systems to be sold or traded to Charter are located in Wisconsin, Ohio, Kentucky, Indiana and Alabama;
The systems Charter is trading to Comcast are located in New York, Connecticut, Massachusetts, California, Texas, Georgia, North Carolina, Tennessee, Virginia, Washington, Maryland, and some areas in other states which are adjacent to current Time Warner and Comcast systems which will be part of the post-merger Comcast.
The Comcast systems to be spun off into SpinCo are located in Indiana, Minnesota, Michigan, Kentucky, Ohio, Tennessee, Wisconsin, and Alabama.
An investor presentation is available here: http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MjMxMTEyfENoaWxkSUQ9LTF8VHlwZT0z&t=1
Here is a map of Charter's proposed footprint, post--TWC-Comcast merger.
Dark blue: Current Charter systems remaining in the new Charter footprint
Medium blue: Current Time Warner Cable systems to be taken over by Charter
Orange: Current Comcast systems to be spun off into new company
Charter systems not shown will become Comcast systems.
I certainly would never give Comcast any awards for anything, but besides pricing, I haven't had many issues.
Pretty much this. The only thing I know of that has copy protection issues are the premium movie channels. I don't know what your prices are now, but comcast's are usually pretty ******, and their billing support is the absolute worst thing ever. I'm almost scared to call them in some instances because I think they might decide to raise how much I pay (it's happened to my father). The on site tech I had come out was good though, that I will say.
I really hope the FCC squashes the merger anyway.