Nov 21 (Reuters) - Charter Communications Inc isnearing an agreement with banks to raise funds for a bid forTime Warner Cable Inc, the Wall Street Journal reported,citing people familiar with the situation.
Charter has held talks with banks including Bank of America Bank of America Corp, Barclays PLC and DeutscheBank AG regarding a multi-billion-dollar debt packagethat would underpin an offer for Time Warner Cable, thenewspaper reported. ()
Charter could also receive cash from sovereign wealth fundsand wealthy individuals for the bid, the Journal said.
Charter Communications and Time Warner were not immediatelyavailable for comment. Representatives for Bank of America, Deutsche Bank and Barclays could not be immediately reached forcomment.
It isn't immediately clear which banks might participate inthe potential debt package or how much Charter would get fromlenders, the Journal said.
There is also no guarantee that a Charter bid for TimeWarner Cable will ultimately materialize, the newspaperreported.
Earlier this month Reuters reported that Charter wasweighing a bid for Time Warner Cable before the end of the year,hoping to persuade the larger cable operator to sell afterrejecting an earlier overture.
- Time Warner Cable
- Charter Communications
- Time Warner