Altice Shares Jump on Charter Buyout Report

By Jon Lafayette
published

Cable operator’s stock up 40% to $2.61 a share

Altice USA logo
(Image credit: Pavlo Gonchar/SOPA Images/LightRocket via Getty Images)

Altice USA stock jumped 40% to $2.63 a share Monday after a report indicated Charter Communications was considering a bid for the New York-based cable operator.

The shares were up more than 50% in earlier trading.

The acquisition would give Charter a bigger hold on the New York metropolitan market, Bloomberg noted.

Charter’s stock was down 2% to $292 a share. Charter had no comment on the report.

Cable stocks have been hurt by competition from wireless broadband providers on top of the longer-term trend of cord-cutting weakening their TV business.

Earlier this month, Altice reported a net loss of $117.8 million for the fourth quarter and a $53.2 million loss for all of 2023.

Total revenue for Q4 was down 2.9% to $2.3 billion, and off 4.3% for all of 2023 to $9.24 billion.  

Jon Lafayette
Jon Lafayette

Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.