Charter communications revenue

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The Connecticut-based telecom giant added a record 2.2 million new Internet customers in its most recent fiscal year. That helped the company bring in $48 billion in revenue, a 5% increase from the year before. Net income also grew significantly—an impressive 93% jump year over year. But the number of video subscribers barely budged. That wasn’t a big surprise, given the continuing cord-cutting trend and the plethora of nontraditional options viewers now have for consuming content. Charter’s average monthly revenue from residential customers was also challenged, dipping slightly from $112.63 per month in 2019 to $111.15 in 2020.
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News Release

, /PRNewswire/ -- Charter Communications, Inc. (along with its subsidiaries, the "Company" or "Charter") today reported financial and operating results for the three months ended .

Charter Communications Logo. (PRNewsfoto/Charter Communications, Inc.)

Key highlights:

  • First quarter total residential and small and medium business ("SMB") customer relationships increased by 302,000. As of , Charter served a total of 31.4 million residential and SMB customers, with 1.7 million net new customer relationships added over the last twelve months.
  • First quarter total residential and SMB Internet customers increased by 355,000. As of , Charter served a total of 29.2 million residential and SMB Internet customers, with 2.0 million total Internet customers added over the last twelve months.
  • First quarter total residential and SMB mobile lines increased by 300,000. As of , Charter served a total of 2.7 million mobile lines, with 1.3 million mobile lines added over the last twelve months.
  • First quarter revenue of grew by 6.7% year-over-year, driven by residential revenue growth of 5.8% and mobile revenue growth of 90.7%.
  • First quarter Adjusted EBITDA1 of grew by 12.5% year-over-year.
  • Net income attributable to Charter shareholders totaled in the first quarter.
  • First quarter capital expenditures totaled and included of mobile-related capital expenditures.
  • First quarter free cash flow1 of .9 billion grew by 35.3% year-over-year.
  • During the first quarter, Charter purchased approximately 6.3 million shares of Charter Class A common stock and ("") common units for approximately .

"We continue to execute well in a market environment that has not yet returned to normal. We added 355,000 Internet customers in the first quarter, and 2 million over the last year, for year-over-year growth of 7.3%," said , Chairman and CEO of Charter. "Our value-driven operating strategy of providing multiple high-quality products at lower prices than sold individually continues to drive our growth."

1. 

Adjusted EBITDA and free cash flow are non-GAAP measures defined in the "Use of Adjusted EBITDA and Free Cash Flow Information" section and are reconciled to net income attributable to Charter shareholders and net cash flows from operating activities, respectively, in the addendum of this news release.

Key Operating Results

Approximate as of

(a)

(a)

(a)

Footprint (b)

Estimated Passings

53,592

52,418

51,384

Customer Relationships (c)

Residential

29,361

27,745

26,591

SMB

2,071

1,976

1,863

Total Customer Relationships

31,432

29,721

28,454

Residential

282

468

321

SMB

20

18

30

Total Customer Relationships Quarterly Net Additions

302

486

351

Total Customer Relationship Penetration of Estimated Passings (d)

58.7

%

56.7

%

55.4

%

Monthly Residential Revenue per Residential Customer (e)

$

112.18

$

112.73

$

112.47

Monthly SMB Revenue per SMB Customer (f)

$

163.79

$

168.83

$

170.64

Residential Customer Relationships Penetration

Single Play Penetration (g)

45.2

%

43.6

%

42.1

%

Double Play Penetration (g)

32.6

%

31.2

%

27.9

%

Triple Play Penetration (g)

22.2

%

25.2

%

30.0

%

% Residential Non-Video Customer Relationships

47.3

%

44.0

%

40.0

%

Internet

Residential

27,357

25,471

24,023

SMB

1,877

1,775

1,664

Total Internet Customers

29,234

27,246

25,687

Residential

334

563

398

SMB

21

19

30

Total Internet Quarterly Net Additions

355

582

428

Video

Residential

15,483

15,550

15,952

SMB

579

524

509

Total Video Customers

16,062

16,074

16,461

Residential

(156)

(70)

(152)

SMB

18

7

Total Video Quarterly Net Additions

(138)

(70)

(145)

Voice

Residential

9,113

9,360

10,015

SMB

1,238

1,162

1,072

Total Voice Customers

10,351

10,522

11,087

Residential

(102)

(83)

(120)

SMB

14

18

21

Total Voice Quarterly Net Additions

(88)

(65)

(99)

Mobile Lines

Residential

2,605

1,359

310

SMB

70

13

Total Mobile Lines

2,675

1,372

310

Residential

285

281

176

SMB

15

9

Total Mobile Lines Quarterly Net Additions

300

290

176

Enterprise (h)

Enterprise Primary Service Units ("PSUs")

276

269

253

Enterprise Quarterly Net Additions

2

2

5

Footnotes - In thousands, except per customer and penetration data. See footnotes to unaudited summary of operating statistics on page 5 of the addendum of this news release. The footnotes contain important disclosures regarding the definitions used for these operating statistics.  All percentages are calculated using whole numbers. Minor differences may exist due to rounding. 

During the first quarter of 2021, Charter's residential customer relationships grew by 282,000, compared to growth of 468,000 in the first quarter of 2020 and 321,000 in the first quarter of 2019. As of , Charter had 29.4 million residential customer relationships, with year-over-year growth of 1.6 million, or 5.8%.

During the first quarter of 2021, Charter added 334,000 residential Internet customers, compared to 563,000 during the first quarter of 2020 and 398,000 during the first quarter of 2019. The lower net additions relative to 2020 and 2019 is a function of a lower market churn environment, resulting in fewer selling opportunities in the first quarter of 2021. During the first quarter, Charter doubled its starting download speed to 200 Mbps in 17 additional markets at no extra cost to customers. Currently, 200 Mbps is the minimum speed offered to new Spectrum Internet® customers in nearly 85% of Charter's footprint, with 100 Mbps the minimum speed offered in the remainder of its footprint. As of , over 70% of customers subscribed to Internet tiers that provided 200 Mbps or more of speed. Charter also offers Spectrum Internet Gig across its entire footprint. Additionally, Charter's Advanced In-Home WiFi, a managed WiFi service that provides customers an optimized home network while providing greater control of their connected devices, has now been launched across more than 90% of Charter's footprint for new Internet connects.

Residential video customers decreased by 156,000 in the first quarter of 2021, compared to decreases of 70,000 in the first quarter of 2020 and 152,000 in the first quarter of 2019. As of , Charter had 15.5 million residential video customers.

During the first quarter of 2021, residential wireline voice customers declined by 102,000, compared to declines of 83,000 in the first quarter of 2020 and 120,000 in the first quarter of 2019. As of , Charter had 9.1 million residential wireline voice customers.

First quarter 2021 residential revenue per residential customer (excluding mobile) totaled , and declined by 0.5% compared to the prior year period, given a higher percentage of non-video customers, a higher mix of lower priced video packages within Charter's video customer base, lower pay-per-view and video on demand revenue and lower installation revenue, partly offset by promotional rate step-ups and rate adjustments.

SMB customer relationships grew by 20,000 in the first quarter of 2021, while first quarter 2020 and 2019 SMB customer relationships grew by 18,000 and 30,000, respectively. During the first quarter of 2021, enterprise PSUs grew by 2,000, compared to growth of 2,000 in the first quarter of 2020 and 5,000 in the first quarter of 2019.

During the first quarter of 2021, Charter added 300,000 mobile lines, compared to growth of 290,000 during the first quarter of 2020 and 176,000 during the first quarter of 2019. Spectrum MobileTMis available to all new and existing Spectrum Internet customers and runs on America's most awarded LTE network combined with SpectrumWiFi. Spectrum Mobile customers can choose one of two simple ways to pay for data, "Unlimited" or "By the Gig." All plans include 4G and 5G access, with no added taxes, fees or contracts.

First Quarter Financial Results

AND SUBSIDIARIES

UNAUDITEDCONSOLIDATED STATEMENTS OF OPERATIONS AND OPERATING DATA

(dollars in millions, except per share data)

Three Months Ended ,

2021

2020

% Change

REVENUES:

Internet

$

5,086

$

4,407

15.4

%

Video

4,344

4,422

(1.8)

%

Voice

399

457

(12.6)

%

Residential revenue

9,829

9,286

5.8

%

Small and medium business

1,012

996

1.6

%

Enterprise

638

622

2.5

%

Commercial revenue

1,650

1,618

2.0

%

Advertising sales

344

365

(5.8)

%

Mobile

492

258

90.7

%

Other

207

211

(2.0)

%

Total Revenue

12,522

Sours: https://ir.charter.com/news-releases/news-release-details/charter-announces-first-quarter-2021-results
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Charter Communications. (January 29, 2021). Revenue generated by Charter Communications from 2010 to 2020 (in billion U.S. dollars) [Graph]. In Statista. Retrieved October 15, 2021, from https://www.statista.com/statistics/623592/charter-revenue/

Charter Communications. "Revenue generated by Charter Communications from 2010 to 2020 (in billion U.S. dollars)." Chart. January 29, 2021. Statista. Accessed October 15, 2021. https://www.statista.com/statistics/623592/charter-revenue/

Charter Communications. (2021). Revenue generated by Charter Communications from 2010 to 2020 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: October 15, 2021. https://www.statista.com/statistics/623592/charter-revenue/

Charter Communications. "Revenue Generated by Charter Communications from 2010 to 2020 (in Billion U.S. Dollars)." Statista, Statista Inc., 29 Jan 2021, https://www.statista.com/statistics/623592/charter-revenue/

Charter Communications, Revenue generated by Charter Communications from 2010 to 2020 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/623592/charter-revenue/ (last visited October 15, 2021)

Sours: https://www.statista.com/statistics/623592/charter-revenue/

News Release

, /PRNewswire/ -- Charter Communications, Inc. (along with its subsidiaries, the "Company" or "Charter") today reported financial and operating results for the three and six months ended .

Charter Communications Logo. (PRNewsfoto/Charter Communications, Inc.)

Key highlights:

  • Second quarter total residential and small and medium business ("SMB") customer relationships increased by 332,000. As of , Charter served a total of 31.8 million residential and SMB customers, with 1.3 million net new customer relationships added over the last twelve months.
  • Second quarter total residential and SMB Internet customers increased by 400,000. As of , Charter served a total of 29.6 million residential and SMB Internet customers, with 1.5 million total Internet customers added over the last twelve months.
  • Second quarter total residential and SMB mobile lines increased by 265,000. As of , Charter served a total of 2.9 million mobile lines, with 1.2 million mobile lines added over the last twelve months.
  • Second quarter revenue of grew by 9.5% year-over-year, driven by residential revenue growth of 6.8%, mobile revenue growth of 67.5% and advertising sales revenue growth of 65.1%.
  • Second quarter Adjusted EBITDA1 of grew by 11.8% year-over-year.
  • Net income attributable to Charter shareholders totaled in the second quarter.
  • Second quarter capital expenditures totaled and included of mobile-related capital expenditures.
  • Second quarter free cash flow1 of grew by 10.8% year-over-year.
  • During the second quarter, Charter purchased approximately 6.1 million shares of Charter Class A common stock and ("") common units for approximately .

"Our operating strategy continues to deliver strong customer and financial growth despite an operating environment that has yet to return to normal," said , Chairman and CEO of Charter. "And the opportunity at Charter is what it has always been — to continue to create customer relationships with our high-quality connectivity services, delivering value for consumers and our shareholders over time."

1.

Adjusted EBITDA and free cash flow are non-GAAP measures defined in the "Use of Adjusted EBITDA and Free Cash Flow Information" section and are reconciled to net income attributable to Charter shareholders and net cash flows from operating activities, respectively, in the addendum of this news release.

Key Operating Results

Approximate as of

(a)

(a)

(a)

Footprint (b)

Estimated Passings

53,884

52,714

51,619

Customer Relationships (c)

Residential

29,660

28,496

26,755

SMB

2,104

1,980

1,902

Total Customer Relationships

31,764

30,476

28,657

Residential

299

751

164

SMB

33

4

39

Total Customer Relationships Quarterly Net Additions

332

755

203

Total Customer Relationship Penetration of Estimated Passings (d)

58.9

%

57.8

%

55.5

%

Monthly Residential Revenue per Residential Customer (e)

$

112.85

$

110.82

$

112.20

Monthly SMB Revenue per SMB Customer (f)

$

166.28

$

166.06

$

170.42

Residential Customer Relationships Penetration

Single Play Penetration (g)

45.7

%

44.0

%

42.4

%

Double Play Penetration (g)

32.7

%

31.7

%

28.8

%

Triple Play Penetration (g)

21.6

%

24.3

%

28.8

%

% Residential Non-Video Customer Relationships

48.0

%

45.1

%

40.9

%

Internet

Residential

27,722

26,313

24,244

SMB

1,912

1,783

1,701

Total Internet Customers

29,634

28,096

25,945

Residential

365

842

221

SMB

35

8

37

Total Internet Quarterly Net Additions

400

850

258

Video

Residential

15,420

15,652

15,802

SMB

592

516

518

Total Video Customers

16,012

16,168

16,320

Residential

(63)

102

(150)

SMB

13

(8)

9

Total Video Quarterly Net Additions

(50)

94

(141)

Voice

Residential

9,014

9,398

9,808

SMB

1,259

1,169

1,097

Total Voice Customers

10,273

10,567

10,905

Residential

(99)

38

(207)

SMB

21

7

25

Total Voice Quarterly Net Additions

(78)

45

(182)

Mobile Lines (h)

Residential

2,855

1,672

518

SMB

85

25

Total Mobile Lines

2,940

1,697

518

Residential

250

313

208

SMB

15

12

Total Mobile Lines Quarterly Net Additions

265

325

208

Enterprise (i)

Enterprise Primary Service Units ("PSUs")

280

270

258

Enterprise Quarterly Net Additions

4

1

5

Footnotes - In thousands, except per customer and penetration data. See footnotes to unaudited summary of operating statistics on page 5 of the addendum of this news release. The footnotes contain important disclosures regarding the definitions used for these operating statistics.  All percentages are calculated using whole numbers. Minor differences may exist due to rounding. 

During the second quarter of 2021, Charter's residential customer relationships grew by 299,000, compared to growth of 751,000 in the second quarter of 2020 and 164,000 in the second quarter of 2019. As of , Charter had 29.7 million residential customer relationships, with year-over-year growth of 1.2 million, or 4.1%.

Charter added 365,000 residential Internet customers during the second quarter of 2021, compared to 842,000 during the second quarter of 2020 and 221,000 during the second quarter of 2019. The lower net additions relative to 2020 was primarily a function of fewer selling opportunities in the second quarter of 2021 compared to elevated COVID-19 related sales volume in the prior year period, while the higher net additions relative to 2019 was primarily the result of lower churn. Currently, 200 Mbps is the minimum speed offered to new Spectrum Internet® customers in 85% of Charter's footprint, with 100 Mbps the minimum speed offered in the remainder of its footprint. As of , over 70% of Internet customers subscribed to tiers that provided 200 Mbps or more of speed. Charter also offers Spectrum Internet Gig across its entire footprint. Charter's Advanced Home WiFi, a managed WiFi service that provides customers an optimized home network while providing greater control of their connected devices, has been launched across more than 90% of Charter's footprint for new Internet connects.

Residential video customers decreased by 63,000 in the second quarter of 2021, compared to an increase of 102,000 in the second quarter of 2020 and a decrease of 150,000 in the second quarter of 2019. As of , Charter had 15.4 million residential video customers.

During the second quarter of 2021, residential wireline voice customers declined by 99,000, compared to an increase of 38,000 in the second quarter of 2020 and a decline of 207,000 in the second quarter of 2019. As of , Charter had 9.0 million residential wireline voice customers.

Second quarter 2021 residential revenue per residential customer (excluding mobile) totaled , and increased by 1.8% compared to the prior year period, given a one-time revenue write-down of in the prior year period for customers in the Keep Americans Connected ("KAC") program, bill credits provided in the prior year period as part of the Remote Education Offer, promotional rate step-ups and rate adjustments, partly offset by a higher mix of non-video customer relationships and a higher mix of lower priced video packages within Charter's video customer base.

SMB customer relationships grew by 33,000 in the second quarter of 2021, while second quarter 2020 and 2019 SMB customer relationships grew by 4,000 and 39,000, respectively. During the second quarter of 2021, enterprise PSUs grew by 4,000, compared to growth of 1,000 in the second quarter of 2020 and 5,000 in the second quarter of 2019.

During the second quarter of 2021, Charter added 265,000 mobile lines, compared to growth of 325,000 during the second quarter of 2020 and 208,000 during the second quarter of 2019. Spectrum MobileTMis available to all new and existing Spectrum Internet customers. Spectrum Mobile customers can choose one of two simple ways to pay for data, "Unlimited" or "By the Gig." All plans include 5G access, with no added taxes, fees or contracts.

Second Quarter Financial Results

AND SUBSIDIARIES

UNAUDITEDCONSOLIDATED STATEMENTS OF OPERATIONS AND OPERATING DATA

(dollars in millions, except per share data)

Three Months Ended ,

2021

2020

% Change

REVENUES:

Internet

$

5,221

$

4,530

15.2

%

Video

4,378

4,371

0.2

%

Voice

394

451

(12.7)

%

Residential revenue

9,993

9,352

6.8

%

Small and medium business

1,042

983

6.0

%

Enterprise

636

606

5.1

%

Commercial revenue

1,678

1,589

5.6

%

Advertising sales

411

249

65.1

%

Mobile

519

310

67.5

%

Other

201

196

2.8

%

Total Revenue

12,802

11,696

Sours: https://ir.charter.com/news-releases/news-release-details/charter-announces-second-quarter-2021-results

Communications revenue charter

Charter Communications

American cable services provider

Charter Spectrum service logo

Charter Communications, Inc., is an American telecommunications and mass media company with services branded as Spectrum. With over 26 million customers in 41 states,[1] it is the second-largest cable operator in the United States by subscribers, just behind Comcast, and third-largest pay TV operator behind Comcast and AT&T.[7] Charter is the fifth-largest telephone provider based on number of residential lines.

In late 2012, with longtime Cablevision executive Thomas Rutledge named as their CEO, Charter relocated its corporate headquarters from St. Louis, Missouri, to Stamford, Connecticut, though kept many of its operations in St. Louis.[8] On May 18, 2016, Charter finalized acquisition of Time Warner Cable and its sister company Bright House Networks,[9] making it the third-largest pay television service in the United States.[10][11][12] Charter ranked No. 70 in the 2019 Fortune 500 list of the largest United States corporations by total revenue.[13]

History[edit]

1980–1998: Beginnings[edit]

Charter Communications CATV systems was founded in 1980 by Charles H. Leonard in Barry County, Michigan.[citation needed][14][15] The original Charter system headquarters and offices were located at 1001 Payne Lake Road, Yankee Springs Township, Michigan. Leonard began a corporate partnership with Gary Wilcox and Gerry Kazma, both from Naperville, Illinois, during which Spectrum Communications (Kazma) merged with Charter Systems (1981–1983).

Through continued mergers and acquisition, Charter was consolidated in 1993 by Barry Babcock, Jerald Kent and Howard Wood, who had been former executives at Cencom Cable Television in St. Louis, Missouri. It was also incorporated in the state of Missouri in 1993.[16]

In 1995, Charter paid about $300 million for a controlling interest in Crown Media Holdings and acquired Cable South.[16]

In 1997, Charter and EarthLink worked together to deliver high-speed Internet access through cable modems to Charter's customers in Los Angeles and Riverside, California.[16]

In 1998, Paul Allen bought a controlling interest. The company paid $2.8 billion to acquire Dallas-based cable company Marcus Cable. Charter Communications had 1 million customers in 1998.[16]

1999–2008: NASDAQ listing and acquisitions[edit]

In November 1999, the company went public, trading on the NASDAQ stock exchange.[17] At the time, it had 3.9 million customers.

Charter completed more than 10 major acquisitions in 1999 when it:[16][18]

  • Added 68,000 subscribers in Southern California with the purchase of four cable systems from American Cable Entertainment of Stamford, Connecticut.
  • Acquired 400,000 InterMedia Partners subscribers, primarily in the Southeast. As part of the deal Charter would turn over about 140,000 of its subscribers to TCI in cable system swap.
  • Merged with Marcus Cable
  • Acquired cable systems serving 460,000 subscribers from Rifkin Acquisition Partners and InterLink Communications.
  • Acquired 173,000 subscribers, mostly in central Massachusetts, from New Jersey-based Greater Media Inc.
  • Acquired Renaissance Media Group, a New York partnership serving 130,000 customers near New Orleans, western Mississippi, and Jackson, Tennessee.
  • Acquired New Jersey-based Helicon Cable Communications. The systems served about 171,000 customers in eight states in the Southeast and Northeast.
  • Acquired Avalon Cable TV, adding 260,000 subscribers primarily in Michigan and Massachusetts.
  • Acquired Vista Broadband Communications in Smyrna, Georgia, adding 30,000 more customers.
  • Acquired Falcon Cable TV of Los Angeles. Falcon was the eighth-largest cable operator in the United States with about one million subscribers in 27 states in primarily non-urban areas.
  • Acquired Fanch Communications Inc. of Denver. Fanch had 547,000 subscribers in West Virginia, Pennsylvania, Michigan, Indiana, Kentucky, Louisiana, and Wisconsin.

Charter also began swapping customers with other systems to improve the geographic clustering of its systems. In December 1999, it signed a letter of intent with AT&T Corporation to swap 1.3 million cable subscribers in St. Louis as well as in Alabama, Georgia, and Missouri. In 2000, Charter Communications bought select AT&T cable markets, including Reno, Nevada, and the City of St. Louis.[19]

In 2001, MSN and Charter signed an agreement to offer MSN content and services to Charter's broadband customers. In the same year, Charter received awards, including the Outstanding Corporate Growth Award from the Association for Corporate Growth, the R.E. "Ted" Turner Innovator of the Year Award from the Southern Cable Telecommunications Association,[20] and the Fast 50 Award for Growth from the St. Louis Regional Chamber and Growth Association.

In 2008, Charter stock failed to meet NASDAQ standards and was given warning to comply by October 13 or request an extension.[21]

Also in 2008, it acquired the cable-television franchise and service for the Cerritos and Ventura, California, areas from Wave Broadband.[22]

2009: Bankruptcy and emergence[edit]

In February 2009, Charter Communications announced that it planned to file for Chapter 11 of the United States Bankruptcy Code on or before April 1, 2009. The action would allow Charter to pay its debt obligations, and cancel its obligations to shareholders.[citation needed]Private equity firm Apollo Management expected to own most of Charter's shares after the bankruptcy.[23] Charter filed for a prearranged bankruptcy on March 28, 2009. The company expected the financial restructuring to reduce its debt by $8 billion, as well as adding $3 billion of new investment, and refinancing other debt.

On November 30, 2009, its bankruptcy plan was approved, which extinguished its stock and cut approximately $8 billion in debt.[24] That day, Charter emerged from bankruptcy despite many of its creditors' objections over its bankruptcy plan.[25]

2010–2012: NASDAQ re-listing; leadership change[edit]

Charter Communications service truck in 2012

On September 14, 2010, Charter Class A common stock was re-listed on NASDAQ under the symbol "CHTR".[26]

In 2011, Microsoft co-founder Paul Allen stepped down as chairman and from the board of directors' seat, but at the time remained the largest single shareholder. Also in that year, Charter signed a multi-year deal with TiVo to deliver content via its platform.[27]

Thomas M. Rutledge was appointed as a director and president and chief executive officer effective February 13, 2012.[28]

The same year, Charter priced $1.25 billion senior debt, offering to pay down short- and long-term debt.[29]

2013–2014: Purchase of Optimum West; Liberty Media investment[edit]

On February 8, 2013, Charter announced an agreement to acquire some former Bresnan Communications systems from Cablevision in a transaction worth US$1.63 billion.[30] The deal brought Charter cable systems to 375,000 customers in Colorado's mountains and Western Slope, as well as in Utah, Wyoming and Montana.[31]

Approximately one month later, on March 19, 2013, Charter announced that Liberty Media, a company controlled by former TCI CEO John C. Malone, would be acquiring a 27.3% ownership interest in the company, making it the company's largest single shareholder, largely through the purchase of interests held by investment funds following Charter's 2009 restructuring.[32] In November 2014, Liberty's holdings in Charter as well as a small minority interest in Time Warner Cable were spun off as a separate holding company named Liberty Broadband Corporation,[33] which as of early 2015 was 47.1% controlled by Malone.[34]

2014–2017: Acquisition of Time Warner Cable and Bright House Networks[edit]

On January 13, 2014, Charter Communications said it was interested in buying its larger rival Time Warner Cable. After three previous attempts to buy and merge with the company, all of which failed, Charter's chief executive officer Thomas Rutledge wrote in an open letter to Time Warner Cable's chief executive officer Robert Marcus stating, "I believe we have a significant opportunity to put our companies together in a way that will create maximum, long-term value for shareholders and employees of both companies".[35] The $132.50 per share offer, just above TWC's closing price at $132.40 on January 13, was rejected.[36]

On February 13, 2014, Time Warner Cable accepted an offer of $158.82 per share from Comcast, avoiding a hostile takeover situation from Charter.[37][38]

On April 28, 2014, Comcast and Charter announced that, assuming Comcast's merger with Time Warner Cable was successful, Charter would acquire 1.4 million Comcast/Time Warner Cable customers, bringing Charter's subscriber total to 30 million and making Charter, by its own count, the second-largest cable operator in the country.[39] In addition to the 1.4 million divested subscribers, Comcast also agreed to swap 1.6 million subscribers with Charter in an even, tax-efficient exchange whose intent is to improve the geographic spread of both companies. In a third part of the agreement, Comcast would spin off 2.5 million subscribers into a new publicly traded company in which Charter would hold a 33% stake – with an option to eventually own the whole company – and former Time Warner Cable shareholders would hold a 67% stake.[40]

In late March 2015, Charter announced plans to purchase Bright House Networks from Advance/Newhouse for $10.4 billion in a combination of cash and equities convertible to Charter stock. The deal was contingent on, among other approvals, the completion of Charter's transactions with Comcast, and the expiration of Time Warner Cable's right of first offer to buy Bright House itself (which was not expected to be exercised in light of the merger with Comcast).[41] However, facing potential difficulties in reaching regulatory approval, Comcast called off its merger with Time Warner Cable in April 2015.[42]

On May 26, 2015, Charter and Time Warner Cable announced that they had entered into a definitive agreement for Charter to merge with Time Warner Cable in a deal valued at $78.7 billion.[43] Charter also confirmed that it would continue with its proposed acquisition of Bright House Networks under slightly modified terms. The deal was subject to regulatory approval, although the deal was expected to face less scrutiny from the FCC than the Comcast/TWC deal, as the companies were relatively smaller, and their media holdings are not as extensive as those of Comcast. The TWC and Bright House systems were to be migrated to Charter's Spectrum brand following the conclusion of the merger.[44]

Liberty Broadband will invest a further $5 billion in Charter and will ultimately hold about 20% ownership in the combined entity. Advance/Newhouse will own about 14%, and other current Time Warner Cable shareholders are expected to hold a combined 44% stake.[44] The merger was approved by the Department of Justice and FCC on April 25, 2016; it is subject to conditions, including a requirement that Charter must not implement usage-based billing, nor use its dominant position in the market to impact the online video industry – which includes a prohibition on charging for interconnections.[45][46] Charter was also required to expand its services to 2 million new households, with at least 1 million being in markets where competing providers operate.[47]

The merger was completed on May 18, 2016.[10][11] The purchase made Charter the third-largest pay television company in the United States, behind AT&T and Comcast (the former having completed its merger with DirecTV in mid-2015).[12]

2017–present: Post-TWC acquisition[edit]

On January 26, 2017, it was reported that Verizon Communications was in talks with Charter to discuss a possible buyout.[48][49] President and CEO of Liberty Media, Greg Maffei said that they were not interested in the deal.[50][51] The deal was rejected around the end of May 2017.[52] Charter claimed that the deal was too low for them to accept, and Charter's largest shareholder Liberty Media stated that they were not ready to sell.

In March 2017 under new FCC leadership, Charter's regulatory conditions were changed to require that Charter expand its services to 2 million households that are not currently served by any broadband provider, as opposed to requiring one million of these households to be in areas served by a competitor. The decision was made under goals by new chairman Ajit Pai to increase the availability of broadband in rural areas not served by high-speed Internet, but was criticized for maintaining oligopolies rather than encouraging wider competition.[47]

In May 2017, it was reported that Charter and Comcast had entered into an agreement to "explore working together in a number of potential operational areas in the wireless space" in respect to mobile virtual network operators (MVNOs); both providers have agreements with Verizon Wireless to re-sell its services, and Comcast announced that it would begin to do so under the brand Xfinity Mobile later in the year. The agreement includes a provision, lasting for one year, that requires the companies to receive consent from each other before performing wireless-related acquisitions or mergers.[53]

On June 21, 2017, it was reported that Charter was in talks to buy Cox Communications.[54]

On March 28, 2017, IBEW Local 3 went on strike, representing 1,800 employees. The company has proposed moving independently managed health and pension benefits to its own company plans, which union members consider would include drastic cuts for them and their families and loss of job security.[55][56] No significant progress has been made, and the strike continues as of late December 2018.[57]

On March 12, 2018, it was reported that Softbank had purchased 5% of Charter's stock on the open market.[5]

Threatened revocation of New York cable franchises[edit]

In June 2018, the New York Public Service Commission fined Charter $2 million for failing to meet obligations it agreed to as conditions of its acquisition of Time Warner Cable. Charter was required to expand broadband service to at least 145,000 unserved or underserved residential units over 4 years, with a minimum of 36,250 new units per-year. The company was accused of making false statements in its progress reports, with an audit finding that Charter fraudulently declared at least 14,000 addresses already served by the company as being "new" deployments. The commission threatened the possibility of further regulatory remedies, including revocation of its cable franchises.[58][59]

On July 27, 2018, the NYPSC voted to retroactively reverse its approval of Charter's acquisition of TWC, thus revoking its franchises in the state of New York. The commission cited Charter's repeated failures to meet deadlines on expansion promised as part of the TWC purchase, "attempts to skirt obligations to serve rural communities", and "purposeful obfuscation of its performance and compliance obligations to the Commission and its customers." Within 60 days, Charter was to submit a plan to divest and migrate its New York state cable operations (which serve around 2 million customers) to new owners.[60][61][62]

Charter CEO Tom Rutledge threatened legal action against the commission.[63] The company was later granted repeated extensions of its deadline.[64][65]

In April 2019, Charter agreed to new conditions, under which it must complete its expansion of 145,000 new premises by September 30, 2021 (being credited for 64,827 premises up until December 2018), all of which must be outside of New York City, and are subject to milestone requirements. Charter must also contribute $12 million to a fund "for broadband expansion projects at locations to be selected by the Department and the Broadband Program Office", with half of this funding to be provided to either Charter or a competitor via a competitive bidding process.[66]

Operations[edit]

Current operations[edit]

Coverage[edit]

Charter Communications offers service to an estimated 25 million people in 41 states with significant coverage in 48 states.[67][68]

In November 2013, the company announced the re-branding of its residential services to Charter Spectrum[69] which encompassed an upgrade to an all-digital network for its video, voice and broadband services. The company relied heavily on a predominantly coaxial cable-based network. The newer fiber-optic service-delivery system provides higher bandwidth speeds than are available with its coaxial cable infrastructure.[70]

Call centers[edit]

On May 2, 2006, the company announced it would restructure seven of its call centers in the United States in the following locations:

  • St. Louis, Missouri – Residential HSI/Phone Support, July 31, 2006; converted into a Charter Phone service call center
  • Bay City, Michigan – September 2006; converted into a Charter Dispatch center
  • Birmingham, Alabama – December 2006; converted into a Charter Dispatch center
  • Fort Worth, Texas – December 1, 2006; shuttered
  • Irwindale, California – December 2009; restructured
  • Brookfield, Connecticut – March 2007; restructured
  • Kingsport, Tennessee – March 2007; converted to Dispatch Center with location change
  • Amherst, Nova Scotia – December 2010; third-party contract, Teletech, not renewed
  • Louisville, Kentucky – Residential HSI/Phone Support, Charter Business technical support, Network Operations Center

Orders completed online or through retail partners with Charter Communications are directed to a call center located in Tempe, Arizona, operated by Teletech (Direct Alliance). This call center has inbound/outbound sales agents, as well as online chat agents. Outsourced call centers were implemented in 2006 and are located in Canada, Honduras and the Philippines.

Charter-owned call centers are located in St. Louis, Missouri (telephone service support center); Billings, Montana; Greenville, South Carolina; Vancouver, Washington; Fond du Lac, Wisconsin; Walker, Michigan; Rochester, Minnesota; Worcester, Massachusetts, and Louisville, Kentucky (the largest call center across the company), with Heathrow, Florida, handling the bulk of video, high-speed data, and telephone billing and customer service contacts.

In 2016, Charter announced that it would be adding 20,000 United States-based jobs, with many of these jobs being call center jobs.[71]

Former operations[edit]

On March 27, 2006, Charter announced that it would sell cable systems serving approximately 43,000 customers in Nevada, Colorado, New Mexico, and Utah to Orange Broadband Holding Company (since renamed Baja Broadband).[72]

Charter also sold cable systems in West Virginia and Virginia to Cebridge Connections (now known as Suddenlink Communications) and cable systems in Kentucky and Illinois to New Wave Communications.[73] The company eventually returned to those areas (excluding Illinois) in 2016 when it acquired Time Warner Cable.

On October 14, 2008, the Fairmont Sentinel reported that Charter was selling parts of their system to Midcontinent Communications, including Charter's offices in Bemidji and International Falls, Minnesota.[74] Starting February 1, 2009, Midcontinent took over some of Charter's cable system in Minnesota including Balaton, Bemidji, Canby, Ely, Fairmont, International Falls, Littlefork, Sherburn, and surrounding communities. Other areas in Minnesota would have sold to Comcast, but the deal fell through.[75]

On October 22, 2010, Charter sold 32 head-ends serving 65,000 customers in Alabama, Arkansas, Georgia, Louisiana, Missouri, and Texas to Cobridge Communications.[76]

Criticism[edit]

In 2007, PC World ranked Charter's cable Internet service as the worst among 14 major Internet service providers.[77] In addition, Charter High-Speed was rated 19th out of 22 cable ISPs on dslreports.com,[78] and Consumer Reports indicated in its February 2008 issue that Charter's television/Internet/telephone bundle collectively was the worst of all major national carriers.[79][80]

It was reported by Tony Bradle on about.com that Charter Communications redirected error pages and Windows Live Search results to a Charter search page without notifying customers. Users may opt out of redirection by clicking a link from the Charter search page; however, the opt-out link saves a cookie on the customer's computer, so deleting cookies will require the user to opt out again.[81] Other providers such as Cox and AT&T have a similar page as well.[citation needed]

It was reported that on January 21, 2008, during a routine sweep of inactive accounts, Charter accidentally and irretrievably deleted the email accounts of approximately 14,000 customers. The company since decided to give a $150 account credit to each affected user.[82][83] In May 2008, Charter announced that it planned to monitor web sites visited by its high-speed Internet customers via a partnership with targeted advertising firm NebuAd.[84][85] Charter dropped the program in June following public backlash.[86]

Lawsuits[edit]

In 2002, the United States Department of Justice investigated the company, leading to the indictment of four former executives in 2005 for improper financial reporting related primarily to the inflation of cable subscriber numbers to improve financial figures.[87]

In 2004, Charter settled a class-action lawsuit concerning the questionable financial reporting associated with the U.S. Department of Justice's 2002 investigation and subsequent indictment of four former executives. Current and former shareholders (and their attorneys) were awarded $144 million as well as an agreement from Charter to maintain and implement proper corporate governance measures.[88]

In June 2010, Charter settled a class-action lawsuit for $18 million concerning wage and overtime claims for current and former field technicians in California, Missouri, Michigan, Minnesota, Illinois, Nevada, Washington, Oregon and Nebraska.[89]

In December 2013, a complaint was filed by Steelhead Licensing LLC for patent infringement of U.S. Patent 8082318; it is described as "Controlling service requests transmitted from a client to a server".[90][91][92]

In January 2016, the National Association of African-American Owned Media and Byron Allen's Entertainment Studios filed a $10 billion civil rights lawsuit against Charter, claiming discrimination for Charter's refusal to pick up Allen's eight-channel suite of networks (which mainly carry ES content already syndicated through local television stations and paid programming); Allen and the NAAAOM (which has an Entertainment Studios executive as its head) have already filed the same type of suit against several other providers.[93][94]

In May 2016, Charter reached a settlement with the FCC regarding allegations by Zoom Telephonics that, in 2012, following the introduction of new rate plans and the introduction of DOCSIS 3.0, it had begun to bar new subscribers or those switching to the new plans from utilizing customer-purchased modems. Although Charter ended this practice in 2014 and began to allow certain certified modems to be used, Zoom argued that the company was still deliberately limiting options by requiring the modems to undergo a testing protocol concerning factors beyond whether they cause interference or unauthorized receipt of service (the only two factors which providers may use to restrict allowable modems under FCC policy). Charter paid a $640,000 fine, and agreed to use a shorter testing process allowing the use of any DOCSIS 3.0-compatible modem, and send compliance reports to the FCC every six months and whenever a modem is blacklisted.[95]

On February 1, 2017, Charter was sued by the Attorney General of New York for failing to provide its advertised Internet speeds to customers in areas that Charter acquired by the purchase of Time Warner Cable.[96][97] The company agreed to a $174.2 million settlement, including both refunds of $75 to affected subscribers (with an additional $75 to those who rented the defective modem hardware for at least 24 months), and offers of complimentary subscriptions to services such as HBO (3 months) or Showtime (6 months) to all subscribers with an internet and television bundle.[98]

On August 28, 2017, Charter agreed to a $225,000 settlement in the state of Missouri over violations of telemarketing and No-call list laws.[99]

See also[edit]

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Sours: https://en.wikipedia.org/wiki/Charter_Communications
Charter Communications Inc (CHTR:NASDAQ)

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Charter Communications. (January 29, 2021). Revenue generated by Charter Communications in 2020, by segment (in million U.S. dollars) [Graph]. In Statista. Retrieved October 15, 2021, from https://www.statista.com/statistics/624140/charter-revenue-segment/

Charter Communications. "Revenue generated by Charter Communications in 2020, by segment (in million U.S. dollars)." Chart. January 29, 2021. Statista. Accessed October 15, 2021. https://www.statista.com/statistics/624140/charter-revenue-segment/

Charter Communications. (2021). Revenue generated by Charter Communications in 2020, by segment (in million U.S. dollars). Statista. Statista Inc.. Accessed: October 15, 2021. https://www.statista.com/statistics/624140/charter-revenue-segment/

Charter Communications. "Revenue Generated by Charter Communications in 2020, by Segment (in Million U.S. Dollars)." Statista, Statista Inc., 29 Jan 2021, https://www.statista.com/statistics/624140/charter-revenue-segment/

Charter Communications, Revenue generated by Charter Communications in 2020, by segment (in million U.S. dollars) Statista, https://www.statista.com/statistics/624140/charter-revenue-segment/ (last visited October 15, 2021)

Sours: https://www.statista.com/statistics/624140/charter-revenue-segment/

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