NEW YORK (TheStreet) -- Time Warner Cable (TWC) slipped on Friday, despite reports that it landed an investment stake from Soros Fund Management during a period when the cable company announced its massive merger plans with Charter Communications (CHTR) - Get Report. Comcast (CMCSA) - Get Report fell as the cable giant reportedly is working on creating a video service that may challenge Google's (GOOG) - Get Report (GOOGL) - Get Report YouTube.
Time Warner Cable fell 0.35% to close at $186.
George Soros' fund invested in Time Warner during the second quarter, snapping up 1.45 million shares, according to a Barron'sreport. That was the same quarter when Time Warner and Charter Communications announced their mega-merger plans. It wasn't clear, according to Barron's, whether Soros invested in Time Warner Cable before the merger was announced.
When the Time Warner deal was announced, its shares soared by roughly 20% in the second quarter, according to Barron's. The 1.45 million shares was worth $259.2 million as of June 30, according to a MarketWatchreport.
Comcast tumbled 1.3% to finish the session at $58.88.
The cable giant is reportedly preparing to debut a video service this year, which would include content from Vox Media and Vice Media, in which it holds investment stakes, as well as the Onion and AwesomenessTV, according to a Bloombergreport.
Comcast's video service is reportedly going to be named Watchable, as the cable giant aims to attract younger viewers who are turning to the Internet, rather than their TVs, for entertainment, according to Bloomberg. The video platform is reportedly one way Comcast is hoping to compensate for an outflow of subscribers who are doing away expensive bundles of programs in favor of paying for only those programs they wish to view.
The cable company reportedly plans to show Watchable on the Comcast X1 set-top box, which allows video subscribers the choice of renting shows or buying them outright, according to Bloomberg.
This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.