Time Warner Cable to Acquire Cable Systems from NewWave Communications

Time Warner Cable Inc. TWC and NewWave Communications today announced a definitive agreement under which Time Warner Cable will acquire cable systems serving approximately 70,000 basic video subscribers, 42,000 HSD subscribers, and 26,000 phone subscribers in Kentucky and western Tennessee for $260 million in cash. “This deal is yet another example of our disciplined approach to capital allocation and M&A. Taking into account a full tax step-up and significant operational synergies, the deal enables us to expand our cable footprint at a purchase price that compares favorably with Time Warner Cable's current trading multiples,” said Rob Marcus, President and COO, Time Warner Cable. “We look forward to serving these customers and bringing to them all the dynamic products and services Time Warner Cable has to offer.”