Charter seeks to raise $25 billion to fund Time Warner Cable bid: report
(Reuters) - Charter Communications (CHTR.O) is arranging $25 billion in debt financing to help it fund a bid for Time Warner Cable (TWC.N), the Wall Street Journal reported on Wednesday, citing anonymous sources.
Time Warner Cable has been an acquisition target for John Malone, chairman of Liberty Media Corp (LMCA.O), Charter's biggest shareholder, for several months.
EarTimelier this year, Charter made an offer for the company but Time Warner Cable rejected it. Rival cable companies Comcast (CMCSA.O) and Cox could also be interested bidders for Time Warner Cable, according to media reports.
A Charter spokeswoman declined to comment on the Wall Street Journal report. A Time Warner Cable spokeswoman did not immediately respond to a request for comment.
Time Warner Cable could pay out more than $50 million to incoming Chief Executive Robert Marcus as part of his contract, if the company is bought while he is CEO and he is replaced, Reuters reported earlier on Wednesday.
Time Warner Cable, which on its last earnings call said that it was open to a deal at the right price, has a market value of more than $34 billion, compared with Charter's market value of about $13 billion.
Time Warner Cable shares rose 24 cents or 0.2 percent to $136.80 per share.