Time Warner Cable lost another 215,000 video subscribers during the fourth quarter of 2013, leaving the company with 825,000 fewer subscribers than it had one year ago.

Customers are dropping service with the cable company because of rate increases, programming disputes, competition with AT&T and Verizon, and cord cutting.

Despite the video losses, Time Warner attracted 55,000 new broadband customers, many defecting from DSL, and 15,000 new landline customers signing up for phone service as part of a larger bundle.

Time Warner Cable’s poor results are fueling speculation that takeover offers promising increased shareholder value are potentially days away. Dr. John Malone’s Liberty Media and Charter Communications are expected to formally offer $62 billion for Time Warner as early as this week.

Malone has spent the last six weeks lining up Wall Street banks to help finance the transaction with loans that would leave a larger Charter Cable with substantial debt.

Time Warner Cable TV subscribers in Southern California can now access local over-the-air television signals on the company’s TWC TV app, expanding the lineup of hundreds of cable channels to now include the major network affiliates — a significant gap in the “TV Everywhere” app for most customers.

Residents in Los Angeles and San Diego join those in New York and Kansas City that can now receive local over the air programming on their home computer, tablet, game console, or Roku box. Time Warner Cable requires viewers to subscribe to both its television and broadband services to watch, and only from your home’s Wi-Fi network.

The service is designed to bring value to Time Warner’s cable TV package and offer subscribers the opportunity to watch cable programming without an additional set-top box. Current licensing restrictions keep Time Warner from offering most television programming while on the go, but the cable company is attempting to negotiate those rights when programming contracts come up for renewal.

The major networks are not waiting for cable operators to negotiate with them, however:

• ABC: The network’s Watch ABC app has been available since the spring and offers live streaming of the local ABC station in eight major markets including New York, Chicago, and Los Angeles. Viewers must live within the viewing area to watch;
• CBS: The network has purchased part ownership in Syncbak which specializes in digital content delivery, but the network has not announced plans for a streaming app;
• FOX: In addition to Hulu/+, FOX wants to adopt mobile broadcast technology using the Dyle Mobile platform, which allows device owners to receive over the air television with the use of a special add-on antenna;
• NBC: NBC will follow ABC and offer live viewing of local affiliates over an app starting in large cities early next year.

The incoming CEO of Time Warner Cable will walk away with more than $50 million just for getting out-of-the-way of a sale or breakup of the company.

Robert Marcus is scheduled to take over the CEO role Jan. 1 after Glenn Britt retires. But there is a good chance Marcus won’t have a cable company to run if executives decide to accept anticipated takeover offers due within weeks that could turn ownership of Time Warner over to Charter Communications or split up subscribers among several potential buyers including Comcast, Cox, and Charter.

Reuters reports Marcus will earn the most if he can hold off buyers for the next four weeks until he becomes CEO. Under his employment contract, Marcus would then qualify for a generous goodbye package:

• A compensation bonus amounting to three times his base salary of $1.5 million;
• A departure award amounting to three times his usual $5 million annual bonus;
• Permission to cash out the large amount of stock he has earned as part of his compensation, now valued at $37 million.

In total, Marcus could earn $56.5 million for just one day of work — long enough to shake the hands of the new buyer(s) and head for the elevators for the last time. If the company sells before Dec. 31, Marcus will still land on his feet, earning a severance package valued at $47.5 million.

In a separate move, Time Warner Cable executive vice president Peter Stern dumped 4,253 shares of his company’s stock at $130 a share, taking $552,890 in compensation.

While top managers are routinely offered generous departure packages more commonly known as “golden parachutes,” thousands of lower-level Time Warner Cable employees will likely face the ax within months of any sale, predicted one analyst. In similarly sized mergers and buyouts, the largest job losses will impact call center workers and middle management. Other employees will likely leave if asked to move to regional operations centers in other cities where the buyer(s) operate. At least one analyst said it was unusual for Time Warner Cable to proceed with a CEO switch while the company is in play.

Marcus understands how the business of mergers and acquisitions work; he started his career as an attorney specializing in the practice.

Time Warner Cable is following Comcast offering customers that don’t care about the majority of cable channels the opportunity to subscribe to HBO with a bare bones cable TV package.

“Starter TV” offers a stripped down package of 20 channels, mostly local over-the-air stations for $19.99 a month for the first year targeting cord-cutters and cord-nevers that don’t subscribe to television packages. A bundle including Starter TV and HBO is now being marketed on Time Warner Cable’s home page for $29.99 a month.

Time Warner Cable has dropped the “digital TV”-branded plans in favor of “Preferred TV.”

The lineup in many cities may include fewer than 20 channels, depending on the number of local broadcasters. But most customers will get:

• Local ABC, CBS, NBC, FOX, PBS, and CW stations;
• Galavision, Telemundo and Univision (Spanish), either as a national feed or from a local affiliate, if any;
• C-SPAN 1/2/3;
• QVC, ShopNBC, and HSN home shopping channels;
• TBN

There are a variety of associated equipment fees that will raise the final price well above $30 a month, but for those who just want HBO and local broadcasters, Time Warner Cable is providing a way to avoid paying for lots of networks many customers never watch.