US cable giant Comcast has provided further details on its plans for a spinoff venture designed to encourage the Federal Communications Commission (FCC) to approve its previously revealed USD45.2 billion acquisition of Time Warner Cable (TWC). The hypothetical spinoff – previously referred to as SpinCo and Midland Cable – will officially be known as GreatLand Connections, and preside over a customer base of 2.5 million concentrated in eleven Midwest and south-eastern US states.
Rival operator Charter Communications will hold a 33% stake in the new company, while the remaining 67% will be owned by Comcast shareholders, rather than Comcast itself. Separately, Charter is also directly acquiring 1.4 million TWC customers for USD7.3 billion as part of the Comcast-TWC deal. Former Insight Communications boss Michael Willner, who has been named CEO of GreatLand Connections, noted that the new name ‘pays homage to the rich history and striking geographies’ of the states it covers.