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NEW YORK (TheStreet) -- Time Warner Cable (TWC) stock closed higher by 1.04% to $195.48 in Wednesday's trading session, after the company won approval from New York City's Franchise and Concession Review Committee to be acquired by Charter Communications (CHTR), Bloomberg reports. 

Shares of Charter Communications climbed by 1.98% to $186.55 today.

The committee's approval comes after New York state regulators decided in January to allow the deal, and gets the companies one step closer to completing the $55.1 billion deal, Bloomberg notes.

The merger will create the second-largest U.S. cable operator, behind Comcast (CMCSA). The combined company will serve cities including Los Angeles and New York. 

California is the only remaining state that must decide whether to approve the deal.

Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of B.

TheStreet Recommends

Time Warner Cable's strengths such as its revenue growth, good cash flow from operations, expanding profit margins, solid stock price performance and notable return on equity. We feel its strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated.

You can view the full analysis from the report here: TWC

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 article's author. 

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