In an interview with CNBC, Charter CEO Tom Rutledge didn't rule out trying to shake up TWC's board when asked about pursuing a proxy fight. "We're not there yet," he said on "Squawk on the Street." " All of our options are open."
Calling the proposal a "rich and fair offer," Rutledge appealed to TWC shareholders several times, asking them to compel management to engage with Charter leadership. He said that TWC hasn't treated the offer seriously, and that the company needs significant investment to make an "all-digital" turn-around and to stanch a huge loss of subscribers.
"[TWC shareholders] are going to participate in a turnaround situation that improves the operation of the company, stops the subscriber loss, improves customer services and creates more value than they would get with a pure cash offer," Rutledge said. "In the last two years [TWC has] lost an equivalent of a Los Angeles in subscriber losses. So there's a big job to be done in turnaround."