LOS ANGELES – Comcast Corp. has confirmed that it plans to buy Time Warner Cable for about $45.2 billion in stock in a deal that would combine the nation’s top two cable TV companies.
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The deal amounts to $158.82 per share, which is about 17 per cent above the Wednesday closing price of Time Warner Cable Inc. shares.
The deal trumps a proposal by Charter Communications Inc. to buy Time Warner for about $38 billion in cash and stock worth $132.50 per share and comes just a day after Charter said it was preparing a proxy fight by nominating a full slate of directors to Time Warner Cable’s board.
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