TWC CEO: Comcast merger not imminent
Time Warner Cable’s incoming CEO Rob Marcus, speaking at the UBS Global Media series of presentations in New York, told analysts that his previous comments seeming to suggest that a TWC merger with cable giant Comcast was imminent were taken “out of context”.
Marcus did not deny that a merger would release shareholder value. “Whether or not TWC participates in M&A as a buyer or seller is 100 per cent driven by what is in the best interests of our shareholders,” Marcus told delegates, adding that TWC’s management team is “completely focused” on running the business.
TWC has already faced off – for the moment – a potential bid from its major shareholder Liberty Merger which wanted to engineer a marriage with Charter (in which Liberty holds a 27 per cent stake). Meanwhile, M&A pundits are proposing similar deals from Cox Cable, and the already mentioned Comcast.
Marcus told analysts that Time Warner Cable would shortly move its new EPG, currently in Beta testing, to about 2 million homes by year-end and would be supplying another 6 million homes with new STBs next year capable of handling the new User Interface.