Charter Shares Up on Reports of Liberty Media's Interest
Reports that Liberty would to pay about $2.5 billion for 25 percent of the cable company sent shares over the $98 mark.
Shares of Charter Communications soared 9 percent Monday after reports surfaced that the company's private-equity shareholders would sell their stakes to Liberty Media.
Among the sellers are Charter's two largest shareholders, Apollo Global Management and Oaktree Capital Management, The Wall Street Journal reported Monday, citing anonymous sources.
Liberty is reportedly seeking to acquire 25 percent of charter for about $2.5 billion.
The news sent shares of Charter $7.95 higher Monday to $98.04, giving the company a $9.92 billion market capitalization.
Charter, founded in 1993, employs nearly 18,000 people and serves about 4 million video customers through its cable assets, 3.8 million Internet customers and 1.9 million residential telephone consumers.