Thursday 13 February 2014 3:50 am

Comcast to buy Time Warner Cable for $45.2bn

The deal's been confirmed.

Comcast has agreed to pick up all of Time Warner Cable's stock at $158.82 (£96) a share – valuing Time Warner Cable at around $45.2bn.

Time Warner have already rejected a $133 a share deal from Charter Communications and Liberty Media, just eight months ago. That offer was then dismissed as "grossly inadequate".

Rob Marcus, chief executive of Time Warner, said that the offer was a case of a company trying "to get a premium asset at a bargain basement price."

The deal will still need regulator approval – it would tie up two of the US' biggest players with a 30 per cent share of the US pay TV market.

The combined companies would have over 30m subscribers. 12m from Time Warner, 22m from Comcast.