Charter Communications Up on Raising Time Warner Cable Buyout Funding, Comcast Founder Dies

NEW YORK (TheStreet) -- Charter Communications (CHTR) edged higher Friday after reports it has begun the process of raising funds to help finance its buyout of Time Warner Cable (TWC). Comcast (CMCSA) founder Ralph Roberts died at age of 95.

Charter Communications inched up 0.5% to close at $169.67.

The telecommunications company, according to a Bloomberg report, has begun marketing its bridge financing which involves a total of $13.8 billion of secured and unsecured loans. Proceeds from this bridge financing will aid Charter's $55 billion buyout of Time Warner Cable, according to Bloomberg. 

When the deal was announced in late May, the cash and stock deal was valued at $78.7 billion, including the assumption of debt. The deal is expected to close at the end of the year.


Comcast slightly rose 0.1% to end the day at $60.51.

The stock remained virtually unchanged on a day when its founder Ralph Roberts died. He was 95 years old, according to a CNBC report

Prior to his passing, Roberts had served as Comcast's chairman emeritus at the cable company he founded back in 1963, according to CNBC. The operation began from a small cable company in Mississippi to grow into a global media and technology company and the nation's largest cable operator.

 

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.

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