On Wednesday Stamford-based Charter Communications Inc. announced the completion of its roughly $60 billion acquisition of Manhattan-based Time Warner Cable Inc., creating a new leviathan among broadband internet and paid-TV service providers.
In addition, Charter announced the closure of its approximately $11 billion acquisition of Bright House Networks, LLC based in Syracuse, NY.
Charter has decided to dump the Time Warner brand, which has been derided far and wide for years as having some of the worst customer service practices in the industry, and will operate under Charter’s Spectrum brand.
“Current Bright House Networks and Time Warner Cable customers won’t see many changes right away,” according to a statement by Tom Rutledge, Chairman and CEO of Charter Communications. “Though in the coming months they will begin to hear more from us about the Spectrum brand, and the product improvements and consumer friendly policies that come with it.”
The new Charter will rank as the second-largest provider of broadband internet service in the U.S. behind Philadelphia-based Comcast Corp. and reportedly will be the third-largest provider of paid-TV service behind AT&T and Comcast.
Charter adds to its national reach. Time Warner and Bright House coverage areas including huge swaths in New York, Maine, Florida, Alabama and the cities of Dallas, Austin and San Antonio in Texas as well as Los Angeles, Calif.
In total, the new company will serve 25 million customers in 41 states, according to the announcement.
The Stamford Advocate reports Charter has stated it would add 20,000 U.S. jobs to its current headcount of 21,000
