January 28, 2014 / 12:42 AM / 5 years ago

Comcast, Charter near pact on Time Warner Cable deal: report

A Time Warner Cable office is pictured in San Diego, California December 11, 2013. REUTERS/Mike Blake

NEW YORK (Reuters) - Charter Communications Inc (CHTR.O) has agreed in principle to sell Time Warner Cable Inc’s TWC.N New York, North Caroline and New England assets to Comcast Corp (CMCSA.O), if it succeeds in buying Time Warner Cable, according to a Bloomberg report on Monday.

The deal would hinge on Charter’s successful acquisition of Time Warner Cable, Bloomberg said, citing anonymous sources. Under the framework agreement, Charter would buy all of Time Warner Cable on its own and later sell these markets to Comcast, they added.

Reuters reported on Friday that Comcast was seeking an agreement that would give it the New York market and parts of New England.

The people declined to be named because the matter is not public, Bloomberg said. A spokesman for Charter declined to comment while a Comcast representative could not immediately be reached.

Charter has offered $132.50 per share for Time Warner Cable, which rejected the bid as “grossly inadequate.”

Reporting by Liana Baker; Editing by Steve Orlofsky

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