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Marcus to buy Charter?
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July 29, 1998: 7:08 p.m. ET
St. Louis-based cable operator said to merge with Paul Allen's Marcus Cable
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NEW YORK (CNNfn) - Marcus Cable Co. reportedly plans to merge with Charter Communications Inc., a St. Louis-based cable operator, in a deal valued at $3.2 billion.
The deal would combine Charter's 1.3 million subscribers with the 1.2 million cable customers of Dallas-based Marcus -- many of whom are adjacent to Charter's subscriber base.
But management remains a sticking point in the negotiations, according to a report in the trade publication Broadcasting & Cable.
Charter's founding executives -- Chairman Barry Babcock, Chief Executive Jerry Kent, and Vice Chairman Howard Wood -- want to retain control of the combined entity.
But Microsoft Corp.'s co-founder Paul Allen -- who recently acquired control of Marcus Cable from investment firm Hicks Muse Tate & Furst and founder Jeffrey Marcus -- has contacted other executives as potential CEO candidates, the report said.
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