Verizon Is Exploring Combination With Cable Firm Charter Communications
January 26 2017 - 9:47AM
Dow Jones News
By Shalini Ramachandran, Ryan Knutson and Dana Mattioli
Verizon Communications Inc. is exploring a combination with
Charter Communications Inc. that would unite two giants in search
of growth in a rapidly consolidating media and telecom landscape,
according to people familiar with the matter.
Verizon CEO Lowell McAdam has made a preliminary approach to
officials close to Charter and Verizon is working with advisers to
study a potential transaction, the people said, though there's no
guarantee a deal will materialize.
It is unclear whether Charter executives, including Chief
Executive Tom Rutledge, would be open to a transaction. The effort
could be complicated by Charter's ownership structure, which
includes cable tycoon John Malone and the Newhouse family.
A combination would bring together Verizon's more than 114
million wireless subscribers and what remains of its landline
business with Charter's cable network, which provides television to
17 million customers and broadband connections to 21 million.
Verizon has a market capitalization of $194 billion and more
than $100 billion in debt, while Charter ended Wednesday's session
valued at about $85 billion.
Write to Shalini Ramachandran at shalini.ramachandran@wsj.com,
Ryan Knutson at ryan.knutson@wsj.com and Dana Mattioli at
dana.mattioli@wsj.com
(END) Dow Jones Newswires
January 26, 2017 09:32 ET (14:32 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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