Coincidence? Probably, though it sure looks strange as the companies struggle to agree on a carriage deal that would prevent CBS stations from going dark on TWC systems in New York, Los Angeles and Dallas as early as Monday. That didn’t stop CBS from saying this afternoon that it will add $5.1B to its share-epurchase program, bringing it to $6B. And Time Warner Cable announced a $4B authorization, about an hour after it announced that CEO Glenn Britt will step down at year’s end. He called it “yet another signal of our confidence in our business.” The two announcements probably aren’t related, says Wells Fargo Securities’ Marci Ryvicker. She finds TWC’s decision especially “curious,” though. Even though it was about time for the No. 2 cable company to announce a new authorization, “we can’t help but think the timing a little strange” — perhaps as a way to raise the stock price and “thwart a potential takeover attempt” by Charter Communications. Its biggest investor, Liberty Media’s John Malone, is salivating over the prospect of buying TWC, though Britt is cool to the idea.
CBS And Time Warner Cable Increase Their Share Repurchase Plans
What's Hot on Deadline
'Deadpool' Smacking Christian Grey's February Records With $47.5M+ Friday, Amazing $129M-$136M 4-day
Universal Wins 'The Grownup'; 'Gone Girl' Author Gillian Flynn Short Story Sells In High-Six-Figure Deal
Latest Business News
- Bill Cosby Fights Again To Stop Sexual Assault Case Moving Forward
- Will Hollywood’s Flood Of Franchises Beat ‘Star Wars’-Fueled 2015 Toy Sales?
- Will Smith & Alan Horn Join Obama & Katzenberg For Private L.A. Dinner – Update
- Samantha Bee Vs. The Guys On Late Night, Plus: The Coming Tony Awards Wars? – Gerard & Roth
- Hot Berlin Titles: What Buyers Are Buzzing About At The EFM
- Obamageddon Is In Effect As POTUS Arrives In L.A. For ‘Ellen’ & Fundraisers – Update