Subscribers of Bright House should not be confused if their next bill shows a new name on it. Charter Communications has officially changed the name of Bright House cable and internet company to Spectrum.
The change of name is about six months after Bright House Networks was bought by Charter Communications. In May, Charter bought Bright House and Time Warner Cable to become the second largest broadband provider and thirds largest pay-TV company in the Unites States. As per reports, the deal was worth around 67 to 71 billion dollars.
Consolidation has been going on in the cable industry for many years. CEO of Charter Communications, Tom Rutledge, said that they have been trying to adjust their approaches to cable to combine highly trained employees and strong services. Moreover, Spectrum is expecting to add 20,000 new jobs.
Spectrum has been part of the group of businesses that face challenges from the streaming options like Netflix and Hulu. However, Spectrum now has an overall customer base of 25 million that is spread across forty-one states. The share value of Charter Communications has also increased in the stock market.
The revenue of Charter Communications showed growth as they are working to integrate the recently acquired Time Warner Cable. In addition to the third quarter results, Charter also offered results on pro-forma basis. The Q3 earnings report of Charter includes Time Warner Cable and Bright House results, which shows that their revenue from video rose 3 percent to become 4.09 billion dollars on a pro-forma basis, while the revenue from internet rose up 13 percent to reach 3.2 billion dollars. Revenue from voice phone also increased by 3 percent, to reach 728 million dollars.
Charter Communications reported a profit of 189 million US dollars or 69 cents a share when compared to the 54 million dollars or 53 cents a share before a year. This data shows that the revenue has more than quadrupled in the year. On pro-forma basis, the revenue has increased 7.4% to 10.04 billion dollars, which is driven by commercial revenue growth of 12.1% and residential revenue growth of 6.7%. This has made the profit to increase steeply.
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