[20140505]IF10220_康卡斯特时代华纳有线电视合并.pdf

https:/crsreports.congress.gov May 5, 2014Comcast-Time Warner Cable MergerBackground On February 12, 2014, Comcast Corp. announced a bid to acquire all of Time Warner Cable Inc. The Boards of Directors of both companies agreed to a stock-for-stock transaction whereby Comcast will acquire 100% of Time Warner Cable shares for approximately $45.2 billion in equity value. If approved, this acquisition would be the largest cable TV merger of all time. Comcast is the largest cable operator in the United States, with approximately 21.6 million subscribers receiving cable television, high speed data, and/or voice service. Time Warner Cable is the second largest cable operator with approximately 11 million subscribers in major markets such as New York City, Southern California, Texas, the Carolinas, Ohio, and Wisconsin. Table 1 shows subscriber data for the top four cable system operators in the United States. Table 2 shows subscribers for all MVPDs (multichannel video programming distributors) including cable, direct broadcast satellite (DBS), and telephone companies. As part of the acquisition, Comcast announced its willingness to divest 3 million of Time Warner Cables 11 million subscri