Time Warner Cable Inc

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  • Healthcare

    Farallon Capital adds a new position in Covidien

    Ireland-based Covidien is a global healthcare leader that offers innovative medical technology solutions and patient care products to providers.

    By Patricia Garner
  • Financials

    JAT Capital ups its position in Yahoo

    Yahoo! Inc. is a global technology company that provides a variety of products and services. Recently, Yahoo shares climbed higher on third-quarter earnings and revenue that beat analyst estimates.

    By Patricia Garner
  • uploads///Telecom Verizon enterprise wireline q
    Earnings Report

    Verizon’s Global Enterprise revenues should follow declining trend

    In the first three quarters of 2014, Verizon’s Global Enterprise revenues declined by ~4.2%. They’re expected to decline by ~4% year-over-year in 2014.

    By Ray Sheffer
  • Consumer

    Farallon Capital exits its position in Time Warner Cable

    In February, Comcast agreed to buy Time Warner Cable for ~$45.2 billion. This deal will create the largest cable provider in the U.S.

    By Patricia Garner
  • Technology & Communications

    Must-know: Will Charter (CHTR) bid for Time Warner Cable (TWC)?

    While Charter has openly and aggressively pursued Time Warner, any deal would likely be difficult to execute and fraught with risks.

    By Martin Kurlandski, MS
  • Financials

    Overview: Why D.E. Shaw ups position in Liberty Global

    D.E. Shaw upped its position in Liberty Global PLC (LBTYK) that accounted for 0.76% of the company’s U.S. long portfolio in 4Q13.

    By Samantha Nielson
  • uploads///FDX
    Energy & Utilities

    Overview: Soros Fund Management exits position in FedEx

    Soros Fund Management exited a position in FedEx that accounted for 1.62% of the fund’s the first quarter of 2014 (or 1Q14) portfolio. Memphis-based FedEx provides a broad portfolio of transportation, e-commerce, and business services through companies competing collectively, operating independently, and managing collaboratively under the FedEx brand.

    By Samantha Nielson
  • Consumer

    Farallon Capital raises its position in Safeway

    On March 6, 2014, grocery store operators Safeway and Albertsons announced a merger agreement valued at approximately $9 billion.

    By Patricia Garner
  • uploads///Telecom New Charters  Pro Forma Financials
    Miscellaneous

    Merger Update: Charter, Bright House, and Time Warner Cable

    California is the only state where the merger between Charter Communications, Time Warner Cable, and Bright House Networks has yet to be approved. It could be approved as early as May 12.

    By Ray Sheffer
  • uploads///Telecom Market share in fixed segment
    Company & Industry Overviews

    Understanding competition from other industries—cable companies

    Telecom companies compete directly with cable companies—particularly in wired voice, data, and TV services. They compete in the residential and small business segments.

    By Ray Sheffer
  • uploads///ctrp
    Consumer

    JAT Capital opens new position in Ctrip.com

    Ctrip.com International, Ltd., or Ctrip, is a leading travel service provider of accommodation reservations, transportation ticketing, packaged tours, and corporate travel management in China.

    By Patricia Garner
  • uploads///TWC CMCSA
    Technology & Communications

    Must-know: Is the Time Warner Cable–Comcast deal a “do?”

    Arbs generally avoid utility deals—and for good reason. Typically, the companies have an aggressive expected timeline and these deals don’t close on time.

    By Brent Nyitray, CFA, MBA
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    Fund Managers

    JAT Capital Exits Stake in Comcast

    In its fourth-quarter 13F, JAT Capital revealed that it had sold its stake in Comcast (CMCSA).

    By Santiago Solari
  • uploads///vips
    Consumer

    JAT Capital sells its position in Vipshop Holdings

    According to a Bloomberg report in March, Vipshop’s Guangzhou-based share price doubled this year after surging 369% in 2013. This was the biggest advance on the Bloomberg China-U.S. Equity Index.

    By Patricia Garner
  • Consumer

    Farallon Capital establishes a new position in Hillshire Brands

    Hillshire reported fiscal 4Q14 net sales of $1.1 billion, up 10.7% in comparison to the corresponding period last year.

    By Patricia Garner
  • uploads///female hand with television remote control
    Company & Industry Overviews

    How Do Media Networks Make Money?

    Media networks face stiff competition for acquisition and distribution of content. Quality and exclusivity add to competition across the media value chain.

    By Ray Sheffer
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    Consumer

    JAT Capital’s activist stake in Madison Square Garden

    In its latest amended filing to SEC, JAT Capital revealed it has an activist stake equal to 9.36% of the company’s shares outstanding. It upped its stake to 5.96 million shares, pushing the company’s management harder to consider strategic alternatives.

    By Patricia Garner
  • uploads///zillow
    Financials

    JAT Capital starts a new position in Zillow

    Zillow, Inc. operates the leading real estate and home-related marketplaces on mobile and the Web. Zillow reported quarterly revenue of $88.6 million, up 66% over 3Q 2013.

    By Patricia Garner
  • Technology & Communications

    Why AT&T’s DirecTV acquisition could be a serious mistake

    AT&T will be paying DirecTV $67 billion, which becomes an expensive acquisition when we consider that DirecTV lacks any wireless spectrum.

    By Puneet Sikka
  • Financials

    D. E. Shaw initiates a new position in Ally Financial

    D. E. Shaw initiated a new position in Ally Financial that accounts for 0.13% of the company’s U.S. long portfolio. Ally Financial is an automotive financial services company with ~95 years of experience.

    By Samantha Nielson
  • uploads///Telecom Wireline Internet Customers
    Miscellaneous

    What Does Charter Have to Say on Broadband Post-Merger?

    Thomas M. Rutledge shed more light on the FCC’s merger conditions for the expansion of Charter Communications’ mass-market broadband footprint.

    By Ray Sheffer
  • uploads///Footprint New Charter
    Miscellaneous

    Charter Completes Merger with Bright House and Time Warner Cable

    The merger of Charter Communications (CHTR), Time Warner Cable (TWC), and Bright House Networks was completed on May 18, 2016.

    By Ray Sheffer
  • uploads///Revs and OIBDA generation
    Company & Industry Overviews

    Why Comcast’s Cable Segment Is a Key Growth Driver

    In 1Q16, Comcast reported revenues of $18.8 billion, an increase of 5.3% over 1Q15.

    By Shirley Pelts
  • Company & Industry Overviews

    Consumer Staples Saved VAFAX from Further Blushes in 1Q16

    The Invesco American Franchise Fund Class A (VAFAX) fell 5.2% in 1Q16, placing it as a below-average performer among the 12 funds under review.

    By David Ashworth
  • uploads///Valuation multiples
    Company & Industry Overviews

    Key Valuation Metrics of the Media Sector

    We prefer EV-to-EBITDA and PCF over the other multiples when comparing valuation of media conglomerates with different structures.

    By Shirley Pelts
  • uploads///Comcast cable HSI
    Company & Industry Overviews

    Will Usage-Based Pricing for Comcast High-Speed Internet Continue in 2016?

    Comcast (CMCSA) customers are making known their displeasure for usage-based pricing, that is, data caps.

    By Shirley Pelts
  • uploads///Tel ATT ALL IN ONE
    Miscellaneous

    AT&T’s All in One Plan Offerings

    Since the merger, AT&T has extended bundled video and wireless offerings, such as its All in One Plan, which is being offered to DIRECTV and AT&T customers.

    By Ray Sheffer
  • uploads///Nflx video streaming pricing
    Earnings Report

    Netflix Is Slaying the Competition with Pricing

    Netflix pricing is the lowest among all video streaming service players. Its basic plan of $7.99 is propelling the company’s streaming membership growth in the United States.

    By Shirley Pelts
  • uploads///Total IG Bond Issuance for WE July
    Company & Industry Overviews

    Charter Dwarfs All High-Grade Bond Issuances Last Week

    US corporates dominated high-grade bond issuance in the week ended July 10, making up 54.4% of all issues. The week brought the year-to-date issuance of corporate high-grade bonds to $910.0 billion.

    By David Ashworth
  • uploads///TWC CHTR transaction overview
    Miscellaneous

    Basics of Time Warner Cable–Charter Communications Transaction

    Time Warner Cable (TWC) shareholders will receive $100 cash and 0.5409 Charter Communications (CHTR) shares for each share of TWC.

    By Brent Nyitray, CFA, MBA
  • uploads///Media footprint new charter
    Miscellaneous

    New Charter’s Footprint: Better Position to Reach Customers

    New Charter is the proposed merged entity. The company will include networks of some of the largest cable operators in the US.

    By Ray Sheffer
  • uploads///Media CMCSA cable Revenue Q
    Company & Industry Overviews

    Comcast Business Services: A Consistent Driver of Growth

    Cable Communications revenue increased by ~6.3% year-over-year to ~$11.4 billion in 1Q15. Revenue from the Business Services subsegment increased by ~21.4% year-over-year to ~$1.1 billion.

    By Ray Sheffer
  • uploads///Herfindahl Example
    Industrials

    Merger arbitrage must-knows: The basics of antitrust analysis

    Antitrust is usually the biggest risk for a deal to break. All mergers over a certain dollar threshold must pass muster from the antitrust authorities in the U.S. and if they do business overseas, the antitrust authorities there.

    By Brent Nyitray, CFA, MBA
  • uploads///Effect of Timing on Arb Returns
    Technology & Communications

    Merger must-knows: The typical timeline for a friendly deal

    Typically, approaches end up with a deal. Why? The target board of directors has a fiduciary duty to shareholders to get the best price for the company.

    By Brent Nyitray, CFA, MBA
  • uploads///Merger Arb Return Example
    Technology & Communications

    Identifying and analyzing a typical cash merger arbitrage spread

    What are the components of a risk arbitrage spread? There are a number of factors that figure into a trade. Let’s look at a typical cash deal first.

    By Brent Nyitray, CFA, MBA
  • uploads///Merger Arb Return Example
    Technology & Communications

    Merger arbitrage must-knows: A typical stock merger spread

    Not all deals are cash deals, however. Often companies will issue stock in lieu of giving cash for a deal. This adds a layer of complication to the process and also some risk factors we need to consider.

    By Brent Nyitray, CFA, MBA
  • uploads///DIRECTV
    Fund Managers

    DIRECTV is New Holding in OZ Management’s Portfolio

    OZ Management initiated a new stake in DIRECTV (DTV) by purchasing 3,823,963 shares of the company, representing 0.89% of the fund’s 4Q14 portfolio.

    By Stuart McKenzie
  • uploads///KRFT PE heinz
    Miscellaneous

    The Kraft–Heinz merger: Overview of Heinz

    Kraft’s (KRFT) and Heinz’s portfolio of brands are highly complementary, which is a big reason for the Kraft–Heinz merger.

    By Brent Nyitray, CFA, MBA
  • uploads///KRFT PE partners
    Miscellaneous

    The Kraft–Heinz Merger: What If the Deal Breaks?

    The Kraft–Heinz merger isn’t a typical risk arbitrage deal because you can’t arbitrage a spread. Before the deal, Kraft was trading at $62.40 a share.

    By Brent Nyitray, CFA, MBA
  • uploads///KRFT PE transformation
    Miscellaneous

    The Kraft–Heinz Merger: Transaction Rationale

    The Kraft–Heinz merger entity will maintain Kraft’s current dividend, and management anticipates it will grow.

    By Brent Nyitray, CFA, MBA
  • uploads///KRFT PE combo
    Miscellaneous

    Is Antitrust an Issue in the Kraft–Heinz Merger?

    The first place arbitrageurs look to get a handle on antitrust risk is the 10-K, where companies often disclose the names of competitors.

    By Brent Nyitray, CFA, MBA
  • uploads///KRFT PE kraft basics
    Miscellaneous

    The Kraft–Heinz Merger and Material Adverse Change, Part 3

    Other important merger spreads include the deal between Time Warner Cable and Comcast as well as the merger between Pharmacyclics and AbbVie.

    By Brent Nyitray, CFA, MBA
  • uploads///KRFT PE highlights
    Miscellaneous

    The Kraft–Heinz Merger: Transaction Benefits for Kraft Investors

    Kraft has a non-solicitation agreement with a fiduciary out. This means that Kraft could discuss another merger if approached by another suitor.

    By Brent Nyitray, CFA, MBA
  • uploads///Telecom Verizon consumer fios quantum Q
    Earnings Report

    Key Drivers of Verizon’s FiOS Revenue Growth in 4Q14

    According to Verizon, growth in Quantum services contributed to the year-over-year increase in FiOS revenues in the consumer wireline segment in 4Q14.

    By Ray Sheffer
  • uploads///Telecom Verizon consumer wireline revenues Q
    Earnings Report

    Why Are Verizon’s Consumer Wireline Segment Revenues Growing?

    FiOS’s contribution to Verizon’s consumer wireline revenues evenly increased from ~73% in 4Q13 to ~77% in 4Q14.

    By Ray Sheffer
  • uploads///Media Comcast speed
    Company & Industry Overviews

    FCC takes net neutrality action and puts broadband in Title II

    The FCC passed a rule on net neutrality on February 26, 2015. This means that broadband will now be regulated like any other telecom service.

    By Ray Sheffer
  • uploads///US broadband investment
    Company & Industry Overviews

    Why are fixed costs of cable companies so high?

    Cable companies have invested $216 billion in broadband infrastructures from 1996 to 2013. This accounts for a large portion of the costs of cable services.

    By Ray Sheffer
  • uploads///Telecom cable competition
    Company & Industry Overviews

    Cable and telecoms in fierce competition for voice and broadband

    Cable and telecoms provide voice and broadband services. Telecoms have been the market leader, but cable companies are snatching up a significant portion.

    By Ray Sheffer
  • uploads///digi cap
    Earnings Report

    EA’s closure of Maxis Emeryville highlights its historical strategy

    EA has bought up studios only to close them down when these games failed to appeal to the mass market. So the closure of Maxis Emeryville isn’t very novel.

    By Anne Shields
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    Fund Managers

    Elliott Management raises position in Time Warner Cable

    In October 2014, Time Warner Cable announced that its shareholders had approved the merger with Comcast, with more than 99% of votes cast in favor of it.

    By Adam Rogers
  • uploads///HSP PFE rationale
    Miscellaneous

    Hospira–Pfizer merger: Benefits from growing biosimilars market

    One of the major drivers for the Hospira–Pfizer transaction is the expected growth of the sterile injectables and biosimilar markets.

    By Brent Nyitray, CFA, MBA
  • uploads///gartner magic quadrant
    Earnings Report

    Why Adobe is leading in Gartner’s ‘Magic Quadrant’

    In December 2014, Adobe announced that it had been recognized by Gartner as a leader in the 2014 “Magic Quadrant for Digital Marketing Hubs” research report.

    By Anne Shields
  • uploads///OIBR
    Fund Managers

    Elliott adds to position in Brazilian telecom Oi

    In October, Oi stated that it intends to participate in the consolidation of telecom industry in Brazil and to reduce its debt via asset sales.

    By Samantha Nielson
  • Consumer

    Analyzing the must-know business trends affecting Netflix

    Households with a Netflix or Hulu subscription were three times more likely not to have a cable subscription than the average household in 2013.

    By Puneet Sikka
  • Technology & Communications

    Why deals with Internet service providers are helping Netflix

    Netflix signed a number of agreements with ISPs In the previous part of this series, we discussed how huge amounts of traffic travel from Netflix (NFLX) to Internet service providers (or ISPs) in the U.S. and why Netflix continues to vouch for strong net neutrality rules. We also discussed how Netflix has been fighting with various ISPs […]

    By Puneet Sikka
  • Consumer

    Analyzing some key trends in consumers’ TV viewing habits

    Millennials—consumers between age 18 and 34 years—spend one-third of their time watching original TV series through digital platforms such as tablets, smartphones, and laptops.

    By Puneet Sikka
  • Technology & Communications

    Will media companies moving online affect cable companies?

    “Cord-cutting” means viewers have stopped subscribing to traditional TV packages and are shifting to online video streaming providers like Netflix (NFLX) to save costs.

    By Puneet Sikka
  • uploads///NAVI
    Financials

    D. E. Shaw adds a new position in Navient

    D. E. Shaw initiated a new position in Navient that accounts for 0.28% of the company’s U.S. long portfolio. Navient holds the largest portfolio of education loans insured or guaranteed under the Federal Family Education Loan Program (referred to as FFELP loans).

    By Samantha Nielson
  • Technology & Communications

    Must-know: Analyzing Verizon’s plans to improve customer service

    Verizon’s customer service levels seem to have declined in the last few months. This shows that it could soon start losing subscribers if it doesn’t act fast to improve its service.

    By Puneet Sikka
  • Technology & Communications

    Verizon gains TV subscribers in an otherwise declining industry

    Although the pace of growth for Verizon has slowed down a little in the subscription TV market, it still continues to gain subscribers in an otherwise declining pay-TV market.

    By Puneet Sikka
  • uploads///TWC CMCSA
    Technology & Communications

    Strategic rationale for the Time Warner Cable–Comcast deal

    On February 12, 2014, Time Warner Cable (TWC) and Comcast (CMCSA) agreed to merge. The two companies provide cable TV and broadband access separate geographic areas.

    By Brent Nyitray, CFA, MBA
  • uploads///Covidien
    Technology & Communications

    The Covidien-Medtronic merger: Key background on Covidien

    Covidien PLC (COV) describes itself as “a global leader in the development, manufacture and sale of healthcare products for use in clinical and home settings.”

    By Brent Nyitray, CFA, MBA
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    Technology & Communications

    Merger must-knows: Why the proxy statement is important

    If there’s a vote for the deal, the next step will be the release of the preliminary proxy statement. The proxy statement contains all the data in the merger agreement as well as some other important pieces of data.

    By Brent Nyitray, CFA, MBA
  • uploads///HFR Arb Index
    Technology & Communications

    Merger arbitrage must-knows: A key guide for investors

    Merger arbitrage, otherwise known as “risk arbitrage,” is an investment strategy that primarily focuses on mergers and capturing the spreads on announced deals.

    By Brent Nyitray, CFA, MBA
  • uploads///ACT
    Consumer

    Thomas Steyer’s Farallon Capital buys a new position in Actavis

    Farallon Capital Management opened a new 2.29% stake in specialty pharmaceutical company Actavis PLC (ACT).

    By Samantha Nielson
  • uploads///Paulson
    Consumer

    Must-know: Paulson & Co’s positions in 4Q 2013

    In this series, we will discuss some of the main positions traded by Paulson during 4Q 2013.

    By Samantha Nielson
  • Technology & Communications

    Why falling subscribers spark buyout talks for Time Warner Cable

    Time Warner Cable has received the greatest interest from potential suitors, as the company lags the overall industry in terms of growth and subscriber trends.

    By Martin Kurlandski, MS
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