Charter (CHTR) Stock Spikes, Completes Acquisition of Time Warner, Bright House
NEW YORK (TheStreet) -- Shares of Charter Communications (CHTR) - Get Report are jumping 11.2% to $226.13 on Wednesday morning after the company completed its purchase of Time Warner Cable and Bright HouseNetworks.
Stamford, CT-based Charter will phase out the Time Warner and Bright House names over time and market its services and products using the Spectrum brand.
"Current Bright House Networks and Time Warner Cable customers won't see many changes right away, though in the coming months they will begin to hear more from us about the Spectrum brand," Charter Chairman and CEO Tom Rutledge said in a statement earlier today.
The mergers bring together 25 million customers in 41 states and makes Charter the nation's second-biggest broadband Internet provider after Comcast (CMCSA), the Los Angeles Times reports.
Time Warner Cable no longer trade on the New York Stock Exchange.
The New York-based company agreed to be acquired by Charter in May 2015 in a transaction valued at $78.7 billion. Bright House agreed to be bought for $10.4 billion.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C- on Charter stock.
The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its revenue growth and solid stock price performance.
However, the team also finds weaknesses including deteriorating net income, weak operating cash flow and poor profit margins.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: CHTR
