Charter stock surged on Monday after a report that it was close to signing on Comcast as an ally in a Time Warner Cable takeover, with the Philadelphia-based MSO taking TWC systems in New York City, New England and North Carolina if Charter is able to seal a deal.
According to a report on Bloomberg.com citing unnamed sources, Comcast has an agreement in principal to buy the systems in New York, New England and North Carolina – near the cable giant’s existing clusters – from Charter, but only if the Stamford, Conn.-based cable operatior is able to convince TWC shareholders' to approve a takeover.
News of the potential pairing sent Charter’s stock soaring – it was up 4.1% ($5.46 per share) to $137.03 each in early trading. Comcast shares were up about 1.4% (70 cents each) to $53.10 and TWC shares were up slightly (45 cents or 0.3%) to $134.25 per share in afternoon trading Monday.
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