Altice Not Ready for TWC Merger

By Ruth Bender 

PARIS-- Altice SA wasn't ready to launch itself into a merger with Time Warner Cable Inc., Executive Chairman Patrick Drahi said at a hearing before French lawmakers Wednesday.

"I didn't respond to the rumors in the press about Time Warner Cable because we weren't ready," said Mr. Drahi at a hearing before a committee in the French National Assembly Wednesday. "Yes, we do things fast...but we do them modestly," he said.

Mr. Drahi's comments come a day after Charter Communications Inc. said it would buy TWC in a deal valued at roughly $55 billion or $195 a share.

Altice, the company majority-controlled by Mr. Drahi, also had an eye on the U.S. cable giant, but ended up not entering a battle with Charter.

Mr. Drahi said that Altice would take its time in the U.S. after it just entered the market with its purchase of smaller cable company Suddenlink Communications, which it agreed to buy in a deal worth $9.1 billion, including debt, last week.

Mr. Drahi also joined many of his European rivals in urging European telecom operators to merge to prevent some from going under and losing out to competition from abroad.

"Consolidation isn't about creating a monopoly...it's to allow European operators to not fall behind others," Mr. Drahi told French lawmakers as he appeared for the first time in the assembly since becoming one of France's main telecom operators.

Access Investor Kit for Charter Communications, Inc.

Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=US16117M3051

Access Investor Kit for Time Warner Cable, Inc.

Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=US88732J2078

Subscribe to WSJ: http://online.wsj.com?mod=djnwires