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Altice is no longer pursuing a sale of its regional telecom subsidiary Suddenlink, the company announced Thursday.
Why it matters: Despite initial interest in a sale that could have helped alleviate Altice's debt load, the lack of a deal comes amid a tough market.
Catch up quick: Altice confirmed in August it was shopping Suddenlink after receiving interest from suitors. Bloomberg, which first reported the sale talks, estimated it could be worth around $20 billion.
Altice acquired Suddenlink for $9.1 billion in 2015.
Details: Altice said Thursday that its board "has unanimously determined that continuing to operate Suddenlink and pursuing the company's long-term business plan represents the best path forward for Altice USA and its stockholders."
CEO Dexter Goei noted in May that Suddenlink's footprint may not be the best fit for Altice. But the size and price may have deterred potential buyers like Comcast or a private equity buyer.
Altice's stock was down about 9% Thursday at 10:45am ET.
Of note: Altice announced a rebrand of Suddenlink to Optimum in August.
