Charter Communications has picked investment bankers Goldman Sachs and Citigroup to lead the auction process for its Los Angeles systems, according to published reports.
Sources in the cable investment community confirmed a report Friday in the Wall Street Journal and Bloomberg News that the two investment bankers were selected.
Multichannel News first reported Monday that Charter was interviewing investment bankers to shop the L.A. system. According to sources familiar with the matter, Charter had first attempted to swap the L.A. system for Time Warner Cable's Wisconsin properties. However, Time Warner Cable, according to those sources, balked at the deal.
Charter has about 551,000 subscribers in California, including the L.A. market. While Time Warner Cable, which has about 1.8 million customers in L.A., is the most logical buyer for the systems, others suitors including Cox Communications and private equity firms also could be interested.
Representatives for Charter and Goldman did not immediately return a request for comment. Citigroup declined comment.
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