Time Warner Cable Names Deals Chief Amid Merger SpeculationCrayton Harrison
Time Warner Cable Inc. named a new head of mergers and acquisitions amid speculation that other carriers are preparing a bid for the second-largest U.S. cable company.
Christian Lee, currently vice president of investments, will replace Senior Vice President Satish Adige, who is retiring after 28 years at the company, according to a statement today. Lee takes over the post on Dec. 31.
Charter Communications Inc., a cable operator about a third the size of New York-based Time Warner Cable in market valuation, is putting together a bid to acquire the company, according to people familiar with the matter. Comcast Corp. and Cox Communications Inc. also have considered making takeover offers, they said.
Time Warner Cable shares have risen 35 percent this year through yesterday on speculation that takeover bids are coming. They fell 1.2 percent to $131 at the close in New York.
“The fact someone might think that we’re an attractive M&A target is a reflection of the value of our assets and the underlying opportunity embedded in those assets,” incoming Chief Executive Officer Rob Marcus, who assumes his new post on Jan. 1, said in an interview yesterday.