Charter Communications and Advance/Newhouse (the parent company of Bright House Networks) have jointly announced that they remain committed to completing their previously agreed merger ‘on the same economic and governance terms’. As such, the companies have extended their good faith negotiating period for an additional 30 days as they look to complete the USD10.4 billion sale of Bright House to Charter. Bright House is the sixth largest cable operator in the US, with a footprint covering central Florida, Alabama, Indiana, Michigan and California.
Steven Miron, CEO of Bright House Networks, commented: ‘We continue to be excited about the transaction with Charter. We believe this combination positions the new company to become an industry consolidator and growth platform to develop innovative products in serving customers, growing market share and creating value for shareholders.’
As previously reported by TeleGeography’s CommsUpdate, the Charter-Bright House deal looked uncertain in the wake of the failure of the larger Comcast-Time Warner Cable (TWC) merger. The expiration of TWC’s right of first offer for Bright House was included among a number of conditions applied to the deal, and TWC was linked with a rival move for the smaller player.