Comcast Corp. has agreed to buy Time Warner Cable Inc. for $45.2 billion in stock, or $158.82 per share, in a deal that will combine the nation's top two cable TV companies.
The deal was approved by the boards of both companies and, pending regulatory approval, is expected to close by the end of the year, the people said.
Time Warner Cable shareholders will receive 2.57 Comcast shares for every Time Warner Cable share they own. Once the deal is final, they will end up owning about 23 percent of the combined company, one of the people said.
Charter Communications had propsed a deal to buy Time Warner Cable for months but Time Warner Cable CEO Rob Marcus had consistently rejected what he called a lowball offer.