NEW YORK (TheStreet) -- And so it begins. At last, John Malone's mission to roll-up the cable industry and create a broadband provider bigger than any phone company, one with the power to tame the Internet and make it more like the cable and phone systems that existed before the Web was spun.
Truth be told, it is inadequate. The offer price of $132.50 a share, much of it in cash, is lower than Time Warner Cable's valuation at the start of the year.
What the newly released letter from Charter CEO Tom Rutledge to Time Warner Cable CEO Robert Marcus shows is that Charter has been working to make this deal happen since last June.
Charter's view is that the gains in Time Warner Cable shares since that time (the stock was trading in the low-$90s) are due entirely to Charter's interest, and should now be locked in.
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