Charter Communications Nears $55 Billion Deal for Time Warner Cable

People familiar with the matter said on MondayTime Warner Cable Inc is nearing an agreement to be acquired by smaller peer Charter Communications Inc for about $55 billion, combining the second and third largest U.S. cable operators. A deal would create a major rival to Comcast Corp, the biggest operator in the U.S. cable and broadband market, and marks a triumph for Charter, which was rejected by Time Warner Cable just last year. News of another potential merger comes as the traditional pay television industry faces stagnating growth and new competition from over-the-web rivals offering individual services, like Netflix, or packages of channels, such as Sony.