Time Warner Cable headquarters are seen in Columbus Circle on May 26, 2015 in New York City. Andrew Burton/Getty Images/AFP
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Patrick Drahi, the billionaire owner of European telecoms group Altice, said he didn't bid for Time Warner Cable because his company lacked management resources to digest such a big deal in a market it had only recently entered.Instead, U.S. No. 3 cable group Charter Communications, backed by Drahi's mentor turned rival, cable tycoon John Malone, agreed Tuesday to buy No. 2 TWC for $56 billion.A deal for TWC would have been a step too far, too fast, Drahi said, quadrupling the number of U.S. employees of Altice companies to nearly 120,000 in a market it barely knew.The company's 4G mobile network still lags rivals, something Drahi blamed on previous owner Vivendi's chronic underinvestment, and which he promised to fix by the end of the year with a big boost in capital spending.
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