Charter Still Hanging Around Time Warner Cable

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A full month after the Comcast-Time Warner Cable deal was struck, Charter is still hanging around.

Most notably, Charter has not withdrawn the full slate of directors that it nominated to Time Warner Cable’s board just one day before Comcast swooped in. Putting forward 13 directors to replace Time Warner Cable’s existing board was Charter’s boldest move to date, and paved the way for a nasty proxy fight.

So why hasn’t Charter withdrawn its slate? Charter says it is simply keeping its options open. After all, Time Warner Cable still hasn’t announced a date for its annual meeting, Charter notes, and the Comcast deal has yet to be approved by shareholders or regulators.

“There’s no rush in withdrawing it,” said Justin Venech, a company spokesman. “We’re going to leave it there.” It wasn’t the strongest slate to begin with, and did not include any close allies of John Malone, whose Liberty Media has a large stake in Charter. And Charter says it is not lobbying Time Warner Cable shareholders to vote for its preferred directors.


Charter Still Hanging Around Time Warner Cable