Time Warner Cable Rejects Charter Bid

(Undated) -- Time Warner Cable has pulled the plug on a buyout bid by Charter Communications. Charter on Monday offered to buy Time Warner for 61-billion dollars. Time Warner's board of directors wasted little time in turning down the offer, calling it "a third grossly inadequate proposal." Time Warner Cable CEO Robert Marcus said his company is willing to sell to Charter, but the price will have to be much higher. Time Warner Cable is the nation's second-largest cable TV company. Charter is the fourth-largest.