LOS ANGELES (MarketWatch) -- Comcast Corp. CMCSA, -0.70% has agreed to purchase Time Warner Cable Inc. TWC, +1.38% in an all-stock deal worth about $159 per share of Time Warner Cable, according to news reports late Wednesday. Comcast has indicated it's willing to divest 3 million subscribers in a move to have the deal approved by regulators, sources told CNBC's David Faber, who reported Comcast's plan on his Twitter feed. An announcement is expected Thursday morning. If approved, the deal would follow an earlier bid for Time Warner Cable by Charter Communications Inc. CHTR, +0.79% of about $132.50 a share. Time Warner rejected the bid, saying it wanted $160 a share, according to Bloomberg News. Shares of Time Warner Cable closed Wednesday's regular-trading session at $135.31 each.