Time Warner Cable Loses 34,000 First-Quarter Video Subs24 Apr, 2014 By: Erik Gruenwedel
Time Warner Cable April 24 said it lost 34,000 video subscribers in the first quarter, ended March 31 — its smallest quarterly video sub loss in five years. The No. 2 cabler ended the period with 11.2 million video members.
Video revenue from subscribers dropped $176 million to $2.5 billion.
TWC, which is in the process of being acquired by Comcast for $45 billion (pending regulatory approval), said it added 269,000 high-speed Internet subscribers, bringing its total broadband sub base past the 11 million threshold.
Notably, the company incurred $62 million in merger-related costs, including $29 million in employee retention costs and $33 million in advisory and legal fees.
Net income increased 19% to $479 million on revenue of more than $5.5 billion.