NEW YORK CITY (dpa-AFX) - Verizon Communications Inc. (VZ) is exploring a combination with Charter Communications Inc, the Wall Street Journal reported citing people familiar with the matter.
CHTR is currently trading at $330.01, up $19.70 or 6.35 percent.
The Journal reported that Verizon CEO Lowell McAdam has made a preliminary approach to officials close to Charter, which has a market value of more than $80 billion. Verizon is working with advisers to study a potential transaction. There's no guarantee a deal will materialize.
It is unclear whether Charter executives, including Chief Executive Tom Rutledge, would be open to a transaction. The effort could be complicated by Charter's ownership structure, which includes cable tycoon John Malone and the Newhouse family, the report said..
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