Charter Names Tom Rutledge Chairman of the Board of Directors and Appoints Board Members
STAMFORD, CONNECTICUT, May 18, 2016 – Charter Communications, Inc. (Nasdaq: CHTR) (together with its subsidiaries, “Charter”) today announced that it has closed its previously announced transactions whereby legacy Charter, the previous public company (“legacy Charter”), has combined with Time Warner Cable Inc. (“TWC”).
Subject to the election described below, TWC stockholders, other than Liberty Broadband Corporation (“Liberty Broadband”) and Liberty Interactive Corporation (“Liberty Interactive”), will receive $100.00 in cash and shares of common stock of the new public parent company, which has been named “Charter Communications, Inc.,” equivalent to 0.5409 shares of legacy Charter, for each share of TWC common stock (“Option A” consideration). Charter also provided an election option for each TWC stockholder to receive $115.00 of cash and Charter shares equivalent to 0.4562 shares of legacy Charter for each share of TWC common stock (“Option B” consideration).
The actual number of shares of Charter common stock that TWC stockholders (other than Liberty Broadband and Liberty Interactive) will receive will be calculated by multiplying the exchange ratios of 0.5409 or 0.4562 noted above by 0.9042 (“the parent merger exchange ratio”). Additionally, each legacy Charter stockholder will be entitled to receive 0.9042 shares of Charter common stock for each share of legacy Charter common stock. Charter expects the trading price of Charter common stock on the NASDAQ to reflect the impact of the parent merger exchange ratio when Charter begins trading on the NASDAQ this morning (Eastern Time), under the ticker CHTR (New CUSIP: 16119P108). TWC shares will no longer trade on the New York Stock Exchange.
Charter (NASDAQ: CHTR) is a leading broadband communications company and the second largest cable operator in the United States. Charter provides a full range of advanced broadband services, including Spectrum TV™ video entertainment programming, Spectrum Internet™ access, and Spectrum Voice™. Spectrum Business™ similarly provides scalable, tailored, and cost-effective broadband communications solutions to business organizations, such as business-to-business Internet access, data networking, business telephone, video and music entertainment services, and wireless backhaul. Charter’s advertising sales and production services are sold under the Spectrum Reach™ brand. More information about Charter can be found at charter.com.