As Time Warner Cable continues to fend off potential offers from Charter and Comcast, its TV subscribers are fleeing at a rapid pace. The Wall Street Journal reports that TWC lost 825,000 TV users in 2013, which amounts to almost 7% of its entire customer base. Although 217,000 of those users left in the fourth quarter, the biggest portion of losses came in Q3, when CBS was blacked out for an entire month in major markets.
It isn’t all bad news for the cable company: net income was up 5.3% from the previous quarter and profits reached $530 million, up from $513 million in 2012. 39,000 Internet subscribers jumped on board as well, although that number shrunk from 75,000 last year.
In order to make up for the shrinking customer base, TWC has started increasing rates for the customers that haven’t left. According to Bloomberg, the “average monthly bill climbed 2.2 percent to $106.03 last quarter.” Your reward for your continued loyalty to TWC? A bigger bill.
This article was originally published on BGR.com
- Wall Street Journal