Business
Comcast to buy Time Warner Cable for $45.2 billion
NEW YORK – Comcast Corp is buying Time Warner Cable Inc for $45.2 billion in an all-stock deal, combining the nation’s two largest cable operators, according to people familiar with the matter.
The friendly takeover comes as a surprise after months of public pursuit of Time Warner Cable by smaller rival Charter Communications Inc, and immediately raised questions as to whether it would pass regulatory scrutiny.
Comcast will pay $158.82 per share, which is roughly what Time Warner Cable demanded from Charter, and the deal will be announced on Thursday morning, the people said.
The combined company would divest 3 million subscribers, about a quarter of Time Warner’s 12 million customers, the people said. Together with Comcast’s 22 million video subscribers, the roughly 30 million total would represent just under 30 percent of the U.S. pay television video market.
The new cable giant would tower over its closest video competitor, DirecTV, which has about 20 million video customers.
If successful, the deal will be the second time in little more than a year that Comcast has helped reshape the U.S. media landscape after its $17 billion acquisition of NBC Universal was completed in 2013.
The proposed combination, which would give roughly 23 percent of the merged company to Time Warner Cable shareholders, is subject to regulatory approval and the two companies expect to close the deal by the end of the year, the people said.
The new partners are concentrated in different cities. Comcast would fill in its New Jersey and Connecticut portfolio with Time Warner Cable’s New York City customers, for instance, and add major markets such as Los Angeles and Dallas.
“Comcast and Time Warner Cable don’t compete and Comcast can easily divest a few million subscribers,” said BTIG analyst Rich Greenfield.
While the attempt to merge the two largest U.S. cable operators would face tough regulatory scrutiny, a divestiture of subscribers should help its case with regulators, he added.
It was not yet clear which markets Comcast would sell.
The companies expect to create $1.5 billion in operating savings, with 50 percent of those savings expected in the first year, the people said, asking not to be named because the matter is not yet public.
Representatives of Comcast and Time Warner Cable declined to comment. Representatives for the U.S. Federal Communications Commission and the Department of Justice could not be reached for comment.
The proposed deal will be accretive to Comcast, which plans to expand its stock buyback program to $10 billion at the close of the transaction, people familiar with the matter said.
Smaller cable operator Charter went hostile this week by nominating a slate of directors to replace the entire board of Time Warner Cable. Charter offered $132.50 per share in a cash and stock deal last month that was rejected as too low.
“Charter has always maintained that our greatest opportunity to create value for our shareholders is by executing our current business plan, and that we will continue to be disciplined in this and any other M & A activity we pursue,” Charter said after news of the Comcast deal broke.
Talks between Comcast and Time Warner Cable started about a year ago, but negotiations gathered pace in recent weeks, people familiar with the matter said. Time Warner Cable had told Comcast it considered Comcast to be its preferred buyer once Charter had approached them, the people said.
Officials at Charter did not respond to a request for comment.
Comcast had also been in talks with Charter about the possibility of carving up Time Warner Cable markets, but opted not to participate in a hostile situation, the people said.
Comcast is interested in advertising synergies by owning the New York City market as well as the opportunity to expand its business services unit, its fastest growing cable division, to a larger footprint.
“For Comcast, adding New York and Los Angeles has advertising potential, along with Time Warner Cable’s sports assets, which provides an acquisition target that is simply too compelling to ignore, especially with an (under-leveraged) balance sheet,” Greenfield said.
Time Warner Cable owns two regional sports networks in Los Angeles, where it has spent billions on local TV rights for LA Lakers basketball and LA Dodgers baseball.
The deal would be a coup for Time Warner Cable Chief Executive Rob Marcus, who just ascended to the top job on Jan 1. Filings show that the former mergers and acquisitions attorney is set to pocket $50 million if Time Warner Cable is sold and he is replaced while he is CEO.
– REUTERS
Improved operating performances have seen Eterna Plc report higher revenue and profitability for the second quarter and half-year ended June 30, 2026.
The company’s unaudited consolidated financial results showed that revenue rose by 38 per cent to N217.31bn from N157.65bn in the corresponding period of 2025.
The results show that gross profit more than doubled to N15.99bn, while operating profit increased to N8.78bn from N2.34bn. Profit before tax rose by 389 per cent to N7.67bn from N1.57bn recorded in the corresponding period of 2025.
Profit after tax (PAT) increased to N5.88bn from N573.81m, while earnings per share (EPS) improved to N2.69 from N0.44.
The company also reported an improved financial position, with total assets standing at N82.75bn as of June 30, 2026.
Cash and bank balances increased to N20.36bn from N4.79bn as of December 31, 2025, while total liabilities declined to N51.22bn from N84.43bn. Total equity rose to N31.53bn from N7.77bn, reflecting stronger liquidity and capitalisation.
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On the results, the Managing Director/Chief Executive Officer, Dr. Jude Nwaulune, said, “These results demonstrate the strength of our business and the impact of disciplined execution across our operations. The significant improvement in profitability and financial position provides a solid foundation to advance our growth priorities.
“The successful Rights Issue has further strengthened our balance sheet, resulting in a healthy leverage position, stronger equity and improved net assets. We remain focused on expanding our retail, aviation, lubricants and gas businesses, improving operational efficiency and customer experience, and delivering sustainable value to shareholders and other stakeholders.”
The company said its full unaudited consolidated financial statements for the half-year ended June 30, 2026, are available on its website.
AVA Capital Plc has been admitted to the Main Board of Nigerian Exchange Limited (NGX) following the listing by introduction of its 5 billion ordinary shares at ₦7.50 per share, with a market capitalisation of ₦37.5 billion.
The listing marks a significant milestone in the Company’s growth journey, reinforcing its commitment to sustainable growth, strong corporate governance and long-term value creation, while enhancing its visibility within Nigeria’s capital market.
Speaking at the listing ceremony, the Chief Executive Officer of AVA Capital Plc, Kayode Fadahunsi, described the admission as a defining moment in the Company’s evolution. “Our admission to the Main Board of Nigerian Exchange is more than a listing; it is a public affirmation of the business we have built and the future we are committed to creating. We have established a resilient institution with a clear growth strategy, strong governance culture and an unwavering focus on creating sustainable value for our shareholders. Becoming a listed company deepens our accountability, broadens our visibility and positions us to seize new opportunities as we continue our growth journey.”
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Commenting on the listing, the Chief Executive Officer of Nigerian Exchange Limited, Jude Chiemeka, said the admission reflects the continued confidence of businesses in Nigeria’s capital market as a platform for sustainable growth. “Today’s listing reflects the confidence that forward-looking companies continue to place in the Nigerian capital market. By joining the Main Board of Nigerian Exchange, AVA Capital Plc is embracing the transparency, governance standards and market discipline that define public companies, while positioning itself to access a broader investor base and unlock long-term value. We are delighted to welcome AVA Capital Plc to the NGX family and look forward to supporting its continued growth.”
The admission of AVA Capital Plc expands the range of investment opportunities available to investors while reinforcing NGX’s commitment to connecting businesses with long-term capital and supporting their growth through enhanced visibility, strong governance and deeper investor engagement.
June 2026 results of the Nigerian National Petroleum Company Limited (NNPC Ltd) shows a Profit After Tax (PAT) of N535 billion, despite recording a marginal decline in crude oil and condensate production during the month.
The figure represents a 15.8 percent increase over the preceding month, according to the latest Monthly Financial and Operations Report of the state oil major, which indicates that the PAT rose by N73bn from the N462bn recorded in May, while revenue increased to N4.389tn.
According to the report, the company remitted cumulative statutory payments of N6.286tn to the Federation in H1, 2026.
It read, “NNPC Limited recorded N535bn profit after tax for the month of June, representing a 15.8 per cent increase from the N462bn recorded in May. Total revenue for the month stood at N4.389tn, while cumulative statutory payments to the Federation for the period January to June 2026 increased to N6.286tn, underscoring NNPC Limited’s sustained contribution to national revenue generation.”
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Average crude oil and condensate production declined marginally to 1.72 million barrels per day in June from 1.73 million barrels per day in May, representing a 0.58 percent decrease. However, output was 1.18 percent higher than the 1.70 million barrels per day recorded in June 2025.
According to the report, production was affected by operational disruptions, facility integrity issues and subsurface challenges across several assets.
It stated, “June production performance was impacted by operational disruptions, facility integrity issues, and subsurface challenges across several assets. However, performance was partially mitigated by production ramp-up following the completion of the Assa-Rumuekpe and 28-inch TNP Turnaround Maintenance.”
Despite the slight production decline, crude oil and condensate sales surged to 28.23 million barrels in June from 18.95 million barrels in May, representing a 48.97 percent month-on-month increase. The June sales volume was also 6.77 percent higher than the 26.44 million barrels sold in June 2025.
Gas production also improved, rising to 7,841 million standard cubic feet per day from 7,774 million standard cubic feet per day in May, while gas sales recovered to 4,970 million standard cubic feet per day from 4,921 million standard cubic feet per day.
The report highlighted progress on two major gas infrastructure projects. The Obiafu-Obrikom-Oben Gas Pipeline reached 98 percent completion, with final tie-in works ongoing.
It stated, “The Obiafu-Obrikom-Oben (OB3) Gas Pipeline progressed to 98% completion, with final tie-in works ongoing towards achieving First Gas in August 2026.”
Construction on the Ajaokuta-Kaduna-Kano Gas Pipeline also advanced to 94 percent completion. According to the company, “Construction and installation activities on the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline advanced to 94 per cent completion, supporting the target of early gas delivery to Abuja in 2026.”
The NNPC Ltd declared that it would continue implementing measures to sustain production growth despite operational challenges.
It stated, “Focus remains on delivering incremental production across the asset portfolio by improving facility reliability and availability, minimizing Unscheduled Downtime, optimising crude export operations, and accelerating the maturation of production opportunities to sustain Upstream production growth.”
The report also showed that upstream pipeline availability remained at 100 percent during the month, while petrol availability across the NNPC Retail Limited stations stood at 53 percent. It added that all production, sales and financial figures remained provisional and were subject to reconciliation with relevant stakeholders.
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