Comcast has made its move to transfer its Minneapolis cable customers to a new franchise as part of its proposed merger with Time Warner.
Comcast, which holds the sole franchise rights for cable in Minneapolis, has requested to spin-off its rights to a new company called GreatLand Connections, according to a request made to the City.
The move is being taken as a result of the cable giant’s proposed mega-merger with Time Warner. Under the terms of the merger, Comcast will not be allowed to have more than a 30 percent share of the United States’ pay-TV market.
Comcast and Time Warner would own a 67 percent stake in GreatLand Connections in order to dilute its share of the market, but the company will be managed by Missouri-based Charter Communications, which Zacks.com reports will own the remaining 33 percent.
Around 2.5 million customers in the Midwest are expected to transfer to GreatLand.
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