Comcast Corp. has agreed to acquire Time Warner Cable Inc. for about $159 a share in an all-stock deal, combining the largest two U.S. cable companies, according to four people familiar with matter.
The deal will be announced Thursday morning, according to the people, who asked not to be named because the negotiations have been private.
Charter Communications Inc., the fourth-largest U.S. cable company, had offered about $132.50 a share to Time Warner Cable’s management, a bid that was rejected. Charter announced it had nominated a slate of directors earlier this week to replace Time Warner Cable’s board members if a deal couldn’t be reached.
Time Warner Cable had asked for $160 a share in its counterproposal to Charter.