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Comcast to buy Time Warner Cable

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Comcast has agreed to buy Time Warner Cable for $45.2 billion in stock, or $158.82 per share, numerous media outlets reported late Wednesday night and early Thursday morning.

The would combine the top two cable TV companies in the nation, both of which have a presence in the New Jersey area but generally do not compete for customers.

The proposed combination would serve roughly 33 million customers nationwide - or about 30 percent of the U.S. market.

The price is about 17 percent above Time Warner Cable shares' closing price Wednesday.

A formal announcement is expected later Thursday.

CNBC was the first to report terms of the deal.

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