With the latest wave of cable consolidation nearing its crest, Time Warner Cable (TWC) and Cablevision (NYSE: CVC) employees are preparing for potential layoffs.
According to the New York Post, after Charter Communications (NASDAQ: CHTR) this week officially closed its acquisition of TWC, some TWC employees are being brought on board at Charter and others are "being booted."
The report says Joan Gillman, Time Warner Cable's executive vice president of media services, told employees in an email that she and other colleagues would be leaving TWC after the merger. Tom Montemagno, Cablevision's executive vice president of programming, reportedly sent a similar notice about his departure to fellow employees.
After Charter closed its acquisitions of Bright House Networks and TWC, TWC President and CEO Rob Marcus sent a goodbye letter to TWC's 50,000 employees. The departing chief stands to take home a severance package that could be valued at up to $100 million.
The Charter-TWC-Bright House mega merger is officially in the books but Altice's $17.7 billion takeover bid for Cablevision is now delayed for another month. New York state regulators were scheduled to vote on the acquisition this week but have delayed the vote in order to give the New York Public Service Commission more time to propose conditions on "network build-out, speed upgrades, a low-income broadband program, network resiliency, customer service and job protections."
For many, job protections at Cablevision are top of mind considering the $900 million in cost savings Altice has promised to make at Cablevision in the first three years following the merger.
Despite the delay, Altice still expects the deal to close in the second quarter.
For more:
- read this New York Post story
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