Time Warner eyes more acquisitions
New York, June 29, 2013
Time Warner would rather grow through acquisitions than be bought by billionaire John Malone, and has been eyeing Cablevision, its most coveted target, and No.3 cable operator Cox Cable, according to sources.
The second-largest US cable operator with more than 12 million subscribers, Time Warner, has contacted both companies in recent months to discuss options including a merger, according to one of the people, although in neither case have the talks progressed to any serious consideration of a transaction. The source did not say how recent the talks were.
New York-based Cablevision, the No. 5 cable operator, and Georgia-based Cox are controlled by families that have so far shown no interest in selling, according to the people familiar with the matter.
Cablevision's founding Dolan family controls 72.9 per cent of the company's stock, according to its proxy statement. Privately held Cox Enterprises is also family-controlled.
Malone, whose Liberty Media owns a 27 per cent stake in cable operator Charter Communications, is working out options to acquire Time Warner Cable, according to published reports.
Time Warner Cable chief executive Glenn Britt is not interested in a Charter merger, according to people with knowledge of the matter.
Since cable pioneer Malone jumped backed into the US cable market with Liberty Media's investment in Charter earlier this year, analysts have predicted a wave of cable consolidation. The US cable TV market is mature and faces rising programming costs.-Reuters
More Media & Promotion Stories
- OSN wins Emirati cricket sponsorhip deal
- Hollywood blockbuster 'Noah' faces GCC ban
- Dubai group launches 'Filmi 72' contest
- Turkey could ban Facebook and YouTube
- Women 'driving social media industry success'
- 5-km long bridal veil makes world record
- Christie’s to auction Egyptian, Iraqi art collections
- Qatar researcher in 360km breast cancer run
- Wedding service providers eye $1.2bn market
- Kuwait DAI to start training programme
- Kanoo Group backs cancer charity event
- Reel Cinemas to open at ‘The Beach’
- Axiom launches #MyDubai photo contest
- Grammy winners to perform in Bahrain
- Craig David to perform for F1 Bahrain
- MGI to feature latest on-air graphics at Cabsat
- Jones Lang LaSalle renamed 'JLL'
- OSN to launch Discovery's TLC in Mena
- Art festival treat for Bahrain fans
- '12 Years a Slave' makes Oscar history
- Culinary Arts Dubai opens new premises
- iKoo launches digital media JV firm
- Team promotes Canton Fair in UAE
- RAK charity run sees record participation
- Tussauds owner plans Dubai theme park
- Batelco provides 4G services at F1 testing
- OSN unveils current affairs themed reality show
- Book marks UAE-based Indian business leaders
- YouTube ordered to remove anti-Islamic film
- Book on young Indian business leaders released