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Stock Market & Financial Investment News

News Breaks
February 13, 2014
06:32 EDTCMCSK, CMCSA, TWCTime Warner Cable to merge with Comcast in $45.2B deal
Comcast Corporation (CMCSA, CMCSK) and Time Warner Cable (TWC) announced that their Boards of Directors have approved a definitive agreement for Time Warner Cable to merge with Comcast. The agreement is a friendly, stock-for-stock transaction in which Comcast will acquire 100% of Time Warner Cable’s 284.9 million shares outstanding for shares of CMCSA amounting to approximately $45.2B in equity value. Each Time Warner Cable share will be exchanged for 2.875 shares of CMCSA, equal to Time Warner Cable shareholders owning approximately 23% of Comcast’s common stock, with a value to Time Warner Cable shareholders of approximately $158.82 per share based on the last closing price of Comcast shares. The transaction will generate approximately $1.5B in operating efficiencies and will be accretive to Comcast’s free cash flow per share while preserving balance sheet strength. The merger will also be tax free to Time Warner Cable shareholders. The new cable company, which will be led by President and CEO Neil Smit, will generate multiple pro-consumer and pro-competitive benefits, including an accelerated deployment of existing and new innovative products and services for millions of customers. “The combination of Time Warner Cable and Comcast creates an exciting opportunity for our company, for our customers, and for our shareholders,” said Brian L. Roberts, Chairman and Chief Executive Officer, Comcast Corporation. “In addition to creating a world-class company, this is a compelling financial and strategic transaction for our shareholders. Also, it is our intention to expand our buyback program by an additional $10 billion at the close of the transaction. We believe there are meaningful operational efficiencies and the adjusted purchase multiple is approximately 6.7x Operating Cash Flow. This transaction will be accretive and will yield many synergies and benefits in the years ahead. Rob Marcus and his team have created a pure-play cable company that, combined with Comcast, has the foundation for future growth. We are looking forward to working with his team as we bring our companies together to deliver the most innovative products and services and a superior customer experience within the highly competitive and dynamic marketplace in which we operate.” Through the merger, Comcast will acquire Time Warner Cable’s approximately 11 million managed subscribers. In order to reduce competitive concerns, Comcast is prepared to divest systems serving approximately 3 million managed subscribers. As such, Comcast will, through the acquisition and management of Time Warner Cable systems, net approximately 8 million managed subscribers in this transaction. This will bring Comcast’s managed subscriber total to approximately 30 million. Following the transaction, Comcast’s share of managed subscribers will remain below 30 percent of the total number of MVPD subscribers in the U.S. and will be essentially equivalent to Comcast Cable’s subscriber share after its completion of both the 2002 AT&T Broadband transaction and the 2006 Adelphia transaction. The companies said the merger agreement between Comcast and Time Warner Cable is subject to shareholder approval at both companies and regulatory review and other customary conditions and is expected to close by the end of 2014.
News For TWC;CMCSA;CMCSK From The Last 14 Days
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April 22, 2014
07:03 EDTCMCSAComcast reports Q1 EPS ex-items 68c, consensus 64c
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April 21, 2014
19:45 EDTCMCSA, TWCComcast responds to Netflix opposition to Time Warner Cable deal
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16:24 EDTCMCSA, TWCNetflix says opposes Comcast-Time Warner Cable deal
"If the Comcast (CMCSA) and Time Warner Cable (TWC) merger is approved, the combined company’s footprint will pass over 60% of U.S. broadband households, after the proposed divestiture, with most of those homes having Comcast as the only option for truly high-speed broadband. As DSL fades in favor of cable Internet, Comcast could control high-speed broadband to the majority of American homes. Comcast is already dominant enough to be able to capture unprecedented fees from transit providers and services such as Netflix (NFLX). The combined company would possess even more anti-competitive leverage to charge arbitrary interconnection tolls for access to their customers. For this reason Netflix opposes this merger," the company said.
16:10 EDTTWC, CMCSANetflix says opposes Comcast-Time Warner Cable deal
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15:16 EDTCMCSANotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include Comcast (CMCSA), consensus 64c; United Technologies (UTX), consensus $1.27; McDonald's (MCD), consensus $1.24; Simon Property Group (SPG), consensus $2.24; Lockheed Martin (LMT), consensus $2.53; Bank of New York Mellon (BK), consensus 53c; Illinois Tool Works (ITW), consensus 98c; Travelers (TRV), consensus $2.16; Omnicom Group (OMC), consensus 79c; Pentair (PNR), consensus 73c; Harley-Davidson (HOG), consensus $1.08; Regions Financial (RF), consensus 20c; Genuine Parts Company (GPC), consensus $1.02; Xerox (XRX), consensus 24c; Carlisle (CSL), consensus 53c.
13:37 EDTCMCSK, CMCSA, TWCEarnings Preview: Comcast set for first report after Time Warner Cable deal
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13:05 EDTCMCSA, CMCSKEarnings Preview: Netflix shares trading up 3% since last earnings report
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10:01 EDTTWCOn The Fly: Analyst Upgrade Summary
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05:32 EDTCMCSA, TWCTime Warner Cable upgraded to Buy from Hold at Brean Capital
Brean Capital upgraded Time Warner Cable (TWC) to Buy citing the recent underperformance of shares as it belief the Comcast (CMCSA) takeover will get done with a "minimum amount of fuss." Brean has a $165 price target for the stock. It lowered its price target for Comcast shares to $60 from $63 but reiterates a Buy rating on the name.
April 20, 2014
17:25 EDTCMCSA, TWCAhead of TWC deal Comcast in talks to sell subscribers to Charter, Reuters says
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April 17, 2014
16:05 EDTCMCSAAmazon Fire TV's voice search partners with Hulu, Crackle, Showtime Anytime
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06:58 EDTTWC, CMCSANetflix, Comcast deal questioned by senator, NY Post says
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April 16, 2014
10:00 EDTTWCOn The Fly: Analyst Upgrade Summary
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06:27 EDTCMCSA, CMCSKNBCUniversal planning digital video push
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05:54 EDTTWC, CMCSATime Warner Cable upgraded to Outperform from Market Perform at Wells Fargo
Wells Fargo upgraded Time Warner Cable (TWC) to Outperform on expectations the merger with Comcast (CMCSA) will get approved. Wells raised the low end of its price target range for shares to $140-$160 from $132.50-$160.
April 15, 2014
07:26 EDTCMCSA, TWC, CMCSKReport: Comcast raised advertised basic TV rates 68% over 4 years, NY Post says
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April 14, 2014
13:19 EDTCMCSANetflix's streaming speeds on Comcast jumped, The Verge reports
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April 11, 2014
07:26 EDTTWCTime Warner struggling to force Dodgers network on pay-TV players, LAT say
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April 10, 2014
07:49 EDTTWC, CMCSALawmakers concerned over Internet share of combined Comcast-TWC, LAT says
During merger review proceedings, legislators on the Senate Judiciary Committee expressed particular concern about the 40% nationwide share of the Internet market that would be held by a combined Comcast (CMCSA) and Time Warner Cable (TWC) if the two are permitted to merge, reported The Los Angeles Times. Reference Link
07:21 EDTCMCSA, CMCSKHulu's head of original programming development to leave company, AdWeek says
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