Time Warner Cable has rejected Charter's merger offer, claiming that their offers per share are "grossly inadequate" and demanding a higher merger price.

According to Fox News, Charter offered approximately $132 a share to acquire its much-larger rival. The total offering means about $61 billion (with a B) in exchange of monies, including the acquisition of any debt.

However, Time Warner Cable president Rob Marcus said that Charter isn't doing nearly enough to do right by the telecomm provider. "Our job above all is to act in the best interests of our shareholders. We are not seeking to sell the company, but consistent with what we have always said about maximizing shareholder value," Marcus said in a press release. "On December 27 we made it clear to Charter that our board is open to a transaction with Charter at a price of $160 per TWC share."

Comcast is another company looking to purchase Time Warner Cable, according to US News & World Report. So, what does that mean for you? According to the same outlet, it means that Charter -- or Comcast, or whomever ultimately purchases the company -- will have greater control over your programming options. "Charter is the largest shareholder of Liberty Media, which is led by media mogul John Malone. The possibility of Time Warner Cable being acquired by another large telecom company could give the resulting company broader control of subscriber fees and programming," reports US News & World Report.

Further, according to Fox News, these rumors of a potential merger have driven up the price of the Time Warner Cable shares. "Charter may be timing its bid to put the greatest amount of pressure on Time Warner Cable, since investors can begin nominating directors for election to its board on Jan. 16. Shares of Time Warner Cable were trading 96 cents higher at $133.36 in after-hours trading. Charter jumped 1.7% to $136.54," reports Fox News.