NATIONWIDE -- Time Warner Cable, the parent company of Time Warner Cable News, and Comcast announced the two companies have agreed to a merger.
The deal is valued at $158.82 per Time Warner Cable share. The agreement creates a powerhouse cable giant joining together the top two cable companies in the nation.
Both boards unanimously accepted the deal.
As a result, Charter Communications was left out in the cold after offering to acquire Time Warner Cable for $132.50 per share in January. Thursday's agreement may still have to pass regulatory approval. However, both parties anticipate the deal to be completed by the end of the year.