Shares of Time Warner Cable (TWC) soared over 7 percent on Tuesday, making it TheStreet’s Move of the Day. Charter Communications (CHTR) said it would acquire Time Warner Cable for $78.7 billion, or about $195.71 per share. This comes after Comcast (CMCSA) withdrew its bid for Time Warner Cable back in April, after regulators didn’t seem likely to approve the deal. Charter is also buying cable operator Bright House Communications for $10.4 billion, which has 2.5 million customers. The Charter, Time Warner & Bright House company will have 23.9 million subscribers from 41 states, slightly less than Comcast’s 27 million.’This agreement recognizes the unique value of Time Warner Cable, and brings together three great companies that share a common philosophy of strong operations, great products, robust network investment and putting customers first,’ said Robert Marcus, Chairman & CEO of Time Warner Cable. The deal will help Charter compete with AT&T (T), as well, which announced plans to acquire DirecTV (DTV) – a deal that should close in 2015.
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