The new company, created by the $44 billion purchase, would be by far the largest cable provider in the nation with over 33 million subscribers, and is certain to face a tough review from the Federal Communications Commission.
The agreement comes more than eight months after Charter Communictions and Liberty Media made their first foray to try and negotiate a deal to acquire Time Warner Cable (a story broken by CNBC) and follows months of conversations between Time Warner Cable and Comcast about the prospect of a Comcast acquisition of the company.
Charter's offer of roughly $133 a share in cash and stock has been rejected by Time Warner Cable as it held out for a price of $160, which it has said is reflective of where an asset of its size and scope should trade in a deal.
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