Britt: Time Warner Growth Will Be ‘Disciplined’9/28/2004 11:59 AM Eastern
Time Warner Cable chairman Glenn Britt ducked questions at an industry conference about his company’s role in the upcoming Adelphia Communications Corp. auction, but he said any attempts to grow larger will be done prudently.
Time Warner Inc. announced Monday that it was considering making a joint bid for Adelphia with Comcast Corp.
At the Merrill Lynch Media & Entertainment conference in Pasadena, Calif., Tuesday, Britt said he couldn’t add any more information to the possible alliance, but he added that Time Warner Cable is big enough already.
Time Warner Cable is the second-largest MSO in the country -- behind Comcast -- with about 10.9 million customers.
“We’d like to be bigger because we like the business,” Britt said. “If we can invest at a good price, we’d like to be bigger. We’re going to be very disciplined about that.”
One possible scenario is for Time Warner to engineer a reverse merger with Adelphia, combining its cable assets with those of Adelphia, which is already publicly traded. Time Warner Cable had planned to go public last year, but it scrapped that plan after announcing a Securities and Exchange Commission investigation into accounting practices at its America Online Inc. Internet-service provider unit.
When asked how he would feel becoming the head of a publicly traded company, Britt said he had no personal feelings either way.
“If we could make the right transaction in a sensible way, we should do that,” he added. “If that results in a public company and if that makes sense for Time Warner, then that’s a good thing. But if it doesn’t, personally, that’s fine, too.”