I heard it on Twitter, and I can't believe it's happening:
On Tuesday evening, CNBC reporter David Farber tweeted that Comcast would announce its purchase of Time Warner Cable on Wednesday morning, according to unnamed sources. The deal would be an “all stock deal” with Comcast paying $159 per share, about $23 per share higher than Time Warner's stock is currently trading.
Barrons reports that Time Warner Cable has 277.9 million shares outstanding, putting the deal at $44.2 billion. The Wall Street Journal's sources report a higher number, saying that the deal to be announced tomorrow will total $45.2 billion.
The nation's two biggest cable companies, merging into a giant monopolistic behemoth ... what could possibly go wrong?
Here are representatives from Time Warner and Comcast, when reached for comment:
And here's an interesting footnote,
from Brian Stelter on Twitter: "...Timely example: David Cohen, Comcast's head of lobbying, corporate communications, etc was a guest at the WH state dinner last night."
It's ... it's almost like money is more important than the public interest, but that's just CRAZY.
... isn't it?