'Altice Hasn't Been Approached By Charter To Begin Talks On A Possible Transaction, A Person Familiar With The Matter Told CBNC'
Portfolio Pulse from Benzinga Newsdesk
Altice USA's shares surged by approximately 50% following a Bloomberg report that Charter Communications is exploring the acquisition of the broadband company. Despite the speculation, Altice has not been approached by Charter for any transaction discussions, as per a CNBC source. Charter's shares fell nearly 2% amidst these rumors. The potential acquisition comes at a time when the telecom industry is facing challenges in retaining broadband and cable subscribers. Altice USA, owning brands like Optimum, has around five million customers, significantly less than Charter's 32 million.
February 26, 2024 | 8:49 pm
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POSITIVE IMPACT
Altice USA's stock surged about 50% following reports of Charter Communications considering its acquisition, despite no formal approach for talks.
The significant surge in Altice USA's stock price is directly attributed to the speculation of an acquisition by Charter Communications. However, the absence of formal talks or an official approach tempers the certainty of this outcome.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Charter Communications' shares fell nearly 2% amid reports of its interest in acquiring Altice USA, with no confirmation or comment from the company.
Charter Communications' stock price decline is likely a reaction to the speculative news of its interest in acquiring Altice USA, compounded by the lack of confirmation or comments from the company.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 80