By Ruth Bender
PARIS-- Altice SA wasn't ready to launch itself into a merger
with Time Warner Cable Inc., Executive Chairman Patrick Drahi said
at a hearing before French lawmakers Wednesday.
"I didn't respond to the rumors in the press about Time Warner
Cable because we weren't ready," said Mr. Drahi at a hearing before
a committee in the French National Assembly Wednesday. "Yes, we do
things fast...but we do them modestly," he said.
Mr. Drahi's comments come a day after Charter Communications
Inc. said it would buy TWC in a deal valued at roughly $55 billion
or $195 a share.
Altice, the company majority-controlled by Mr. Drahi, also had
an eye on the U.S. cable giant, but ended up not entering a battle
with Charter.
Mr. Drahi said that Altice would take its time in the U.S. after
it just entered the market with its purchase of smaller cable
company Suddenlink Communications, which it agreed to buy in a deal
worth $9.1 billion, including debt, last week.
Mr. Drahi also joined many of his European rivals in urging
European telecom operators to merge to prevent some from going
under and losing out to competition from abroad.
"Consolidation isn't about creating a monopoly...it's to allow
European operators to not fall behind others," Mr. Drahi told
French lawmakers as he appeared for the first time in the assembly
since becoming one of France's main telecom operators.
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