Feb 26, 2024 - Business

Charter Communications said to eye takeover of Altice USA

charter sign

(Photograph by Yvonne Hemsey/Getty Images)

Charter Communications is eying a takeover of Altice USA, according to Bloomberg.

Why it matters: A deal would unite two telecom companies that have been hammered by the rise of streaming.

Zoom in: Charter has hired financial advisers to evaluate a potential deal, per Bloomberg, and added that it's unclear if the company has made a formal approach.

  • Charter and Altice USA declined to comment.

By the numbers: Altice USA's shares soared by nearly 50% after the Bloomberg report, giving it a market cap of around $1.2 billion. Charter's market value is around $43 billion.

The big picture: Cable and broadband providers like Charter have struggled from the decline of traditional TV packages and the rise of streaming services.

  • Mobile operators like Verizon and AT&T also have eaten into their share of customers by providing home internet.
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