Dec 9 Time Warner Cable's incoming chief
executive Rob Marcus said on Monday he is not in a hurry to sell
the company and that management is focused on running the
business for the "long haul."
Speaking at an investment conference, Marcus said his job as
CEO will be to do what is best for shareholders and that he
would be open to selling the company if a deal would benefit
"Whether or not Time Warner Cable will participate in M&A is
and always has been, whether as a buyer or seller, 100 percent
driven by what's in the best interest of our shareholders," he
Time Warner Cable is the subject of takeover speculation and
is being circled by suitors such as Charter Communications Inc
, Comcast Corp and privately held Cox.
Time Warner Cable shares were flat at $131 in late-morning
trading on the New York Stock Exchange.
Marcus also said in a question-and-answer session there
would be general benefits to consolidation in cable, such as
eliminating overhead and reducing programming and infrastructure
He said he is "committed to fixing" the company's
residential business, which has suffered major declines over the
past few years, while also expanding the business services unit.
He forecast business services would grow to $5 billion in
revenue over the next four to five years.
He said the recent hiring of Dinni Jain as chief operating
officer was an example of an improvement to Time Warner Cable's
management team. Jain was a top executive at Insight
Communications when Time Warner Cable acquired that company last
year. He takes up his new post on Jan. 13.
Marcus is currently Time Warner Cable COO and president and
takes over as CEO on Jan. 1.
Reuters reported on Friday that Comcast, the No. 1 U.S.
cable provider, has tapped JPMorgan Chase & Co for
advice as it evaluates a potential bid for Time Warner Cable,
the industry No. 2.
Comcast does not plan to make a pre-emptive bid for the
company but could jump in if signs emerge that much smaller
rival Charter, which has been pursuing Time Warner Cable for
months, is getting close to a deal.