Charter Sheds 47K Video Subs, Q3 Financial Metrics Grow - Broadcasting & Cable

Charter Sheds 47K Video Subs, Q3 Financial Metrics Grow

TWC promotions temper video growth, but revenue rises 7.4%, EBITDA up 14.5%
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Charter Communications lost about 47,000 residential video subscribers in the third quarter, mainly the result of customers rolling off promotional pricing plans at Time Warner Cable and offset partly by stronger growth at legacy Charter systems.

Charter completed its $80 billion purchase of TWC and Bright House Networks in May and continues to move through the integration process of the two companies. While basic video subscriber growth was down—compared to a loss of 20,000 customers in the prior year—and broadband customer additions of 350,000 were behind the 369,000 additions of a year ago, financial metrics were strong.

Overall, Charter grew revenue by 7.4% to $10 billion and cash flow rose 14.5% to $3.6 billion.

Over the last 12 months, legacy Charter grew residential video customers by 51,000 or 1.2%. As of the end of the third quarter of 2016, legacy Charter's footprint was 100% all-digital, compared to 60% at legacy TWC and 40% at legacy Bright House. As of Sept. 30, Charter had 16.9 million residential video customers.

For the full story go to Multichannel.com.

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