Charter Communications announced its intentions to buy Time Warner Cable today, offering a $61.3 billion deal, according to Bloomberg. The news comes as a bit of a shock considering that Charter is a considerably smaller cable provider than Time Warner, though previous reports suggested an offer was incoming.
According to Bloomberg, the offer is the third biggest of any worldwide company since 2009. If the deal goes through, Charter would pay for each share of Time Warner with a combination of cash and stock, Charter CEO Tom Rutledge said. Rutledge made a similar order last December, which he says Time Warner CEO Rob Marcus rejected.
Rutledge adds that he hopes to merge the two companies to create one giant TV, Internet and phone service provider with roughly 20 million customers across 38 U.S. states. After previous offers were ignored, Charter is now taking its offer to Time Warner’s shareholders, pointing to a shrinking subscriber base and declining customer service as evidence that the country’s second largest cable provider needs a jumpstart.