Time Warner Rejects Takeover Bid

January 14, 2014 Updated Jan 14, 2014 at 9:01 AM EDT

By James Fink, Buffalo Business First

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Time Warner Rejects Takeover Bid

January 14, 2014 Updated Jan 14, 2014 at 9:01 AM EDT

The last quarter for 2013 turned out to be less than an extraordinary one for Time Warner Cable, whose board Monday also rejected a takeover bid by Charter Communications Inc.

Time Warner Chief Financial Officer Arthur Minson told a Consumer Electronics Show audience that the company lost 215,000 video subscribers in last year's fourth quarter but added 40,000 high-speed, Internet customers. In Time Warner's third quarter, the company lost 304,000 video subscribers, according to Radio & Television Business Report.

The losses come at a time when some industry analysts say Time Warner may be a takeover candidate. Time Warner has more than 300,000 customers in the immediate Buffalo Niagara region and, last year, announced plans for expansion of its Business Class operations in Buffalo.

Minson told the Consumer Electronics Show audience that Time Warner did add 60,000 new subscribers in December.

"Seven of the last eight weeks have been a little better than last year, so we have our mojo back on the subscriber side," he told the Las Vegas show crowd, "We're very optimistic as we head into the year."

Monday night, Time Warner stated it "unanimously rejected a third grossly inadequate proposal."

Charter was reported to have offered Time Warner Cable shareholders about $132.50 a share in cash and stock.

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