|Houston, TX - |
Time Warner Cable/Comcast Official Statement
The Houston Division of Time Warner Cable is jointly owned by a 50-50 venture between Time Warner Cable and Comcast. During the period of joint ownership, Time Warner Cable assumed management for the Houston Division. Other divisions included in this partnership are Southwest Texas and Kansas City.
Both companies have been involved in the purchase of Adelphia cable systems across the country and are in a series of trades and swaps for control of various cable markets.
Despite Time Warner Cable’s strong presence in Texas and the appeal of continuing to operate Houston as part of its Texas cluster, the Company has selected the Kansas City-Southwest Texas pool. Both of the pools contain very attractive, well-managed cable properties. The decision to select the systems in Kansas City, Southwest Texas and New Mexico was driven by economic considerations stemming from the fact that the entire $2 billion debt from the partnership had been placed on the Houston properties. This decision is consistent with our strategy of expansion through acquisition of systems that are attractively valued.
Time Warner Cable’s presence in Texas expanded from 2.1 million to 2.7 million subscribers after the recent Adelphia transaction concluded. It is expected that once the dissolution of the partnership is concluded, Time Warner Cable will still manage 1.9 million customers in Texas and remain the primary cable provider in the State.
Comcast is the country’s largest cable provider and has a strong reputation for providing the very best in products and services to its customers.
The dissolution of the partnership is subject to customary closing conditions, including regulatory and franchise review and approvals. The transaction is not expected to close before the first quarter of 2007.
Our 2,000-plus TWC employees will continue to strive to provide our customers the excellent products and services that they are accustomed to. Our desire to achieve high levels of customer satisfaction will not waver.