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Charter Communications, Inc., a Stamford, Connecticut-headquartered telecommunications and mass media company, is reportedly considering the acquisition of the cable television firm.
Altice USA Inc. This potential deal will merge the two giants amid the steady growth of the streaming industry.
This could be a strategic move for Charter Communications as the escalating popularity of streaming has been pummeling its business. According to Axios, the telecom company has already recruited financial advisers to help assess any potential deal. However, it should be noted that it has not yet made a formal move on the acquisition bid.
Decline of Conventional TV
Many cable and broadband services are losing customers lately. The decline of traditional TV services puts so much pressure on several providers, such as Charter Communications, and they are struggling due to the sinking sales.
The decline was mainly due to the rise of streaming services today. Other mobile operators, including AT&T and Verizon, are also affected, and their share of customers in the home internet service dropped.
Altice USA’s Shares Jump After Charter Acquisition News
Meanwhile, with the news of Charter Communications’ exploration of taking over Altice USA, its stock immediately surged. As per Bloomberg, Altice gained as much as 63%, the most considerable increase since its spinoff in 2018.
Moreover, shares of the cable TV company, which has over $25 billion in debt, closed at 36% to $2.49 on Monday, Feb. 26, in New York. This gave the company a market value of around $1.14 billion.
If the acquisition deal between Charter Communications and Altice USA pushes through, CNBC reported that it would bring a remarkable merger at a time when major communications and cable firms fight to keep their respective customers. The latter has around five million subscribers, while the former boasts 32 million broadband and cable subscribers.
Photo by: Altice Newsroom
