Comcast and Time Warner Cable initially broached the subject of a possible merger almost a year ago, before deciding to pull the trigger on a deal in February, according to documents filed with the Securities and Exchange Commission Thursday.
According to an S-4 registration statement filed by Comcast on March 20 outlining an upcoming special shareholders’ meeting to approve its $69 billion deal to acquire Time Warner Cable, TWC executives first approached Comcast about a possible deal back in June 2013, shortly after Charter Communications began talks about its own possible deal with the New York-based cable operator.
According to the document, Charter CEO Tom Rutledge and Liberty Media CEO Greg Maffei met with TWC management about a possible deal with TWC on May 28 and later June 21. At the time, TWC’s board was concerned that “the value of Charter’s stock was uncertain, the risks associated with a highly leveraged combined enterprise that would result from Charter’s acquisition of TWC, and the fact that TWC likely would be contributing most of the potential synergies and financial capacity to fund the consideration that would be payable in such a transaction,” the document stated.
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