Over the last two years Time Warner Cable‘s video subscriber losses equal the size of its Los Angeles market, Charter Communications chief Tom Rutledge told CNBC’s David Faber this morning. The appearance is part of Rutledge’s campaign to persuade TWC shareholders to endorse his company’s $61.3B cash and stock bid (including debt) for the No. 2 cable operator — which TWC has rejected as a “low-ball” offer. Rutledge says that TWC shareholders would own 45% of the combined company and could “participate in a turnaround situation.” TWC shares are up about 3% in early trading to $136.40. That tops Charter’s $132.50 offer, indicating that investors believe the bidding has just begun.