Charter Communications executives labeled Time Warner Cable a "turnaround project" suffering from a failed strategy as they urged Time Warner Cable shareholders to prod management to begin talks with Charter on its buyout offer. The criticism was leveled Tuesday after Charter revealed details of its proposed bid for Time Warner Cable for around $132.50 a share, or $38 billion. The offer would create the third-largest pay TV provider in the country with 16 million video customers. Executives with Charter Communications Inc., which has 4.2 million video customers, argued that a deal is urgently needed because Time Warner Cable Inc. is rapidly losing customers for key services such as video, voice and even Internet. "This negative momentum isn't simply the result of their operating plan over the last year. It is the failed plan over the past half-decade," said Charter's chief operating officer, John Bickham, in a conference call with analysts.