US billionaire close to buying Time Warner for $55 billion

American company Charter Communications is clinching a deal to buy Time Warner Cable for about $55 billion.

Charter, mostly backed by American billionaire John C. Malone, is set to buy the company following a deal that may be announced as soon as Tuesday, the New York Times reported on Monday.

Charter is said to be paying some $195 a share in cash and stock, an amount approximately 14 percent higher than the cable telecommunications company’s closing stock price on Friday.

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