Charter Communications is just finishing up their plans to buy Time Warner Cable and Bright House Networks.
The close of their Time Warner Cable deal cannot come quick enough for Charter Communications as the organization lost 152,000 TV subscribers in just the second quarter of 2016.
“On May 18, we closed our transactions with Time Warner Cable and Bright House Networks, creating a new company with the ability to innovate and grow faster,” Charter CEO Tom Rutledge said in a statement.
“Our organization is in place, we are executing on our plans and our track record at Charter shows that our operating model, founded on providing high quality products and service at great prices, works. We will apply that model as quickly as possible to our new assets, putting our larger company on a long-term growth trajectory, and building greater value for our shareholders.”
There is one bright spot in their second quarter 2016 numbers: Charter did add 236,000 broadband subscribers at the same time they lost over 152,000 TV subscribers.
This trend of growing Internet-only subscribers as TV subscribers drop is consistent with other companies, such as Comcast, who has been seeing similar growth in their broadband subscribers.
As these numbers continue to change in favor of Internet-only subscribers, cord cutters should expect more efforts of cable companies to merge to survive shrinking profits in this shifting market.
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