Minneapolis St Paul Business Journal reports a big change for many Twin Cities based broadband customers…
Comcast Corp. will transfer its Twin Cities customers to a newly formed company under terms of a deal announced Monday.
The telecom giant’s agreement with Stamford, Conn.-based Charter Communications is part of Comcast’s strategy for winning regulatory approval of its $45 billion deal to buy Time Warner Cable.
The Charter deal calls for Philadelphia-based Comcast to spin off a publicly traded company. Comcast would shift 2.5 million subscribers, including its Twin Cities and Detroit customers, to the yet-to-be named business, Reuters reports. Comcast shareholders would own two-thirds of the new venture, while Charter would own one third.
Comcast won’t manage the new company and Charter will appoint its board members, Comcast said in a press statement.