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Time Warner in $55bn takeover deal Time Warner Cable in $78.7bn takeover deal by Charter Communications
(35 minutes later)
Charter Communications agrees to buy Time Warner Cable in deal worth $55bn Charter Communications has agreed to buy media giant Time Warner Cable in a cash and shares deal worth $78.7bn (£52bn).
This breaking news story is being updated and more details will be published shortly. Please refresh the page for the fullest version. The cash element is worth $55bn, with the rest covered by Charter shares.
If you want to receive Breaking News alerts via email, or on a smartphone or tablet via the BBC News App then details on how to do so are available on this help page. You can also follow @BBCBreaking on Twitter to get the latest alerts. The new company, which will also include Bright House networks, will be a broadband services and technology company serving 23.9 million customers in 41 states.
It aims to compete with US cable market leader Comcast.
US cable and internet companies are facing stiff competitive pressure and are trying to cut costs and attract new customers.
The deal values Time Warner Cable shares at $195.71.
In pre-market trading, Time Warner Cable's shares were up 11% at $190.5, while Charter Communications was up 3.2% at $181.