Time Warner Cable Adviser Contacts Rival Cox--Update

By Shalini Ramachandran 

An investment banking adviser close to Time Warner Cable Inc. reached out to Cox Communications Inc. in recent days to discuss the possibility of a combination of the two cable companies, people familiar with the matter said.

New York-based Time Warner Cable, the second-largest U.S. cable operator, is back in the spotlight after its $45 billion deal with Comcast Corp. fell apart last week.

Cox Communications received an overture from the adviser close to Time Warner Cable, but Cox didn't show interest, people familiar with the matter said.

Time Warner Cable didn't authorize the approach, one of the people said. A Time Warner Cable spokesman said the company didn't reach out to Cox, after The Wall Street Journal reported that it did.

A Cox spokesman said in a statement that "we've been clear we're not for sale and we'll continue to explore any potential growth opportunities that align with our business objectives." Atlanta-based Cox is the third-largest U.S. cable company with about six million customers.

Another operator, Charter Communications Inc., is already laying the groundwork for a Time Warner Cable bid, and an offer could come soon, The Wall Street Journal reported last week.

Write to Shalini Ramachandran at [e-mail]

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