Time Warner Cable and Comcast are merging to create the largest cable subscription service in the US that will serve more than 30 million customers.

The deal was confirmed on Thursday and will see Comcast’s existing president and CEO Neil Smit lead the resulting business. For users, the companies say they will provide the opportunity to speed up development of existing and new products and services – Comcast already offers a wide range of services including subscription services, on-demand TV options and streaming content from XfinityTV.com.

“Through this merger, more American consumers will benefit from technological innovations, including a superior video experience, higher broadband speeds, and the fastest in-home Wi-Fi,” Comcast said in a statement.

Under terms of the deal, Comcast will acquire all of TWC’s stock for $158.82 per share, making the total value of the acquisition around $45.2 billion.

➤ TIME WARNER CABLE TO MERGE WITH COMCAST CORPORATION TO CREATE A WORLD-CLASS TECHNOLOGY AND MEDIA COMPANY [Comcast]

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