This is sure to hurt Charter Communications’ already long-shot effort to persuade Time Warner Cable shareholders to reject the $45B sale to Comcast. The cable giant plans to add $2.5B in share repurchases to the current plan to buy back $3B in 2014, Comcast CFO Michael Angelakis told Bloomberg. He noted that when the deal with TWC was announced, the No. 2 cable company cancelled its own planned $2.5B stock repurchase. “We’d evaluate whether we’d want to accelerate [Comcast’s] plan and increase it above $3 billion, based on the fact that Time Warner Cable had terminated their buyback plan,” he told the news service. His company could finance the stock repurchase from the cash it expects to collect after a merger when it sells systems with at least 3M subscribers, bringing its total to about 30M. Comcast and TWC’s stock prices each declined more than 5% over the last few weeks, but rebounded today. TWC’s +1.4% in afternoon trading and Comcast is +1.3%.
Comcast Says It May Give $2.5B To Shareholders If They Approve Time Warner Cable Deal: Report
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