Charter Communications and Bright House Networks said they are continuing to move toward completing their previously announced merger, and have extended their good-faith negotiating period for an additional 30 days as they try to work out a deal.
Charter had agreed to purchase Bright House in March for $10.4 billion, but that transaction was contingent on the Comcast-Time Warner Cable merger being completed. When Comcast terminated the TWC deal on April 24, it also sent the Bright House purchase back to the drawing board.
Bright House purchases its programming through Time Warner Cable as part of an earlier agreement, and the larger company has the right to match or beat any offer for the company. While analysts have speculated that purchasing Bright House could help TWC thwart Charter from attempting to make another run at the second largest cable operator in the country, TWC has remained silent.