Shares of Time Warner Cable Inc. (NYSE: TWC) touched a new 2-year high of $73.19 on Friday. The company said it has filed a request for declaratory judgment relating to Viacom Inc. (NYSE: VIA) cable networks.
The New York-based Time Warner Cable said it seeks the court to rule that its rights under the carriage agreement allows to deliver the programming of this company over its cable systems for viewing on devices of its video customers' choosing, including Apple Inc.'s (NASDAQ: AAPL) iPads, in their homes.
Because Time Warner Cable bargained in the Viacom affiliation agreements to allow its subscribers the flexibility to receive and watch the programming for which they have paid on any video display device in the home, Time Warner now seeks a declaration from this court to make clear that it has the right, Time Warner Cable said in its complaint.
The case was filed in the United States District Court for the Southern District of New York. The app, which launched to customers on March 15, 2011, currently features 43 channels which are available to customers whose subscriptions include them.
We have steadfastly maintained that we have the rights to allow our customers to view this programming in their homes, over our cable systems, without artificial limits on the screens they can use to do so, and we are asking the court to confirm our view. With over 360,000 downloads of our TWCableTV app, it is clear that our customers welcome the convenience and flexibility our new app provides, said Marc Lawrence-Apfelbaum, executive vice president and general counsel of Time Warner Cable.
Time Warner Cable provides video, data, and voice service over its broadband cable systems to residential and commercial customers in the United States. It offers a range of residential video services, including on-demand, high-definition (HD), and digital video recorder (DVR) services.
The company also provides residential high-speed data services with connection to the Internet; wireless mobile broadband Internet services; and digital phone services. In addition, it offers a range of video programming tiers and music services; high-speed data, networking, and transport services; and commercial voice service to small- and medium-sized businesses under the Time Warner Cable Business Class brand.
Time Warner Cable stock gapped open sharply higher April 8 at $72.73 compared to previous day's close of $72.52. The stock touched a new 2-year high of $73.19 on Friday.
The stock closed Friday's regular trading up 0.46 percent at $72.85 on the NYSE with a volume of 1.75 million shares. The stock traded between $47.89 and $73.19 during the past 52 weeks.