Nov 21 (Reuters) - Charter Communications Inc is nearing an agreement with banks to raise funds for a bid for Time 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 Deutsche Bank AG regarding a multi-billion-dollar debt package that would underpin an offer for Time Warner Cable, the newspaper reported. ()
Charter could also receive cash from sovereign wealth funds and wealthy individuals for the bid, the Journal said.
Charter Communications and Time Warner were not immediately available for comment. Representatives for Bank of America, Deutsche Bank and Barclays could not be immediately reached for comment.
It isn't immediately clear which banks might participate in the potential debt package or how much Charter would get from lenders, the Journal said.
There is also no guarantee that a Charter bid for Time Warner Cable will ultimately materialize, the newspaper reported.
Earlier this month Reuters reported that Charter was weighing a bid for Time Warner Cable before the end of the year, hoping to persuade the larger cable operator to sell after rejecting an earlier overture.