By Maria Armental
Charter Communications Inc. and Advance/Newhouse have extended
the negotiating period for their previously announced merger by
another 30 days, keeping alive a deal despite the collapse of a
separate cable deal on which it was said to be contingent.
Charter, the fourth largest cable operator in the U.S. by
subscribers, has made a $10.4 billion bid for Advance/Newhouse's
Bright House Networks LLC. Bright House is the sixth largest cable
operator in the U.S., with about two million customers.
The bid was contingent on a separate deal between Comcast Corp.
and Time Warner Cable Inc. closing. Comcast ended the deal last
month amid regulatory pressure.
The two companies had agreed that if the Comcast-Time Warner
deal failed, they would try to renegotiate their deal within 30
days, The Wall Street Journal, reported citing people familiar with
the matter. The extension the companies announced Monday is in
addition to that initial "good faith" period.
Charter has since begun discussions about a possible merger with
Time Warner, the Journal has reported, citing people familiar with
the matter.
Charter's shares, which set a high the day the proposed Bright
House deal was announced, are up nearly 9% year to date.
Write to Maria Armental at maria.armental@wsj.com
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