Charter Communications announced a $55 billion deal for Time Warner Cable Tuesday, giving mogul John Malone the prize he has been chasing for two years. The acquisition by Charter, which is backed by Malone’s Liberty Broadband, would vault the cable operator into the ranks of the biggest U.S. broadband and pay-television companies. The firms have agreed to terms for a cash-and-stock deal that would value Time Warner Cable at $195 a share, according to people familiar with the matter. The stories do not make it clear but for non-insiders, it appears that the Turner Broadcast Division of Time Warner, which owns CNN, is untouched by this deal.
