Jan. 8 (Bloomberg) -- Time Warner Cable Inc. lost 215,000 video subscribers in the fourth quarter amid competition with phone carriers and the challenge of convincing younger consumers to pay for TV.
The defections brought Time Warner Cable’s customer losses for the year to about 825,000, up from 530,000 in 2012. The company added 55,000 high-speed Internet subscribers and 15,000 phone users in the fourth quarter, Chief Financial Officer Artie Minson said today at an investor conference.
The mounting competition for video viewers has made Time Warner Cable a potential takeover target for Charter Communications Inc. and other cable carriers looking to gain size in the industry. New York-based Time Warner Cable is the second-largest U.S. cable provider, trailing only Comcast Corp.
Charter may unveil a $62 billion bid for Time Warner Cable as soon as this week, people with knowledge of the matter have said. The company may face competition from Comcast and Cox Communications Inc. to acquire the carrier.
Comcast said yesterday it added pay-TV customers in the fourth quarter, its first gain in more than six years.
--Editors: Crayton Harrison, Niamh Ring