On Monday, Charter Communications, the fourth largest cable operator in the U.S., announced plans to merge with Time Warner Cable (TWC).  The transaction values TWC at $78.7 billion and creates a new company—New Charter—in which TWC shareholders would own an approximate stake of between 40% and 44% depending on the outcome of cash elections.  Simultaneously, Charter confirmed the amendment of a previously-signed agreement with Advance/Newhouse Partnership (ANP), the parent company of Bright House Networks (BHN), through which Charter would acquire BHN, the nation’s sixth-ranked cable operator, for $10.4 billion, giving ANP a New Charter stake of between 13% and 14%.  Additionally, upon closing of the Charter-ANP deal, Liberty Broadband would purchase $700 million in newly-issued New Charter shares and would acquire another $4.3 billion in New Charter shares upon consummation of the TWC merger, leaving Liberty with a New Charter stake of between 19% and 20%.  In the words of the companies’ press release, the proposed combination of Charter, TWC and BHN, together with the proposed investment by Liberty, “will create a leading broadband services and technology company serving 23.9 million customers in 41 states.”