Igor Golovniov | Lightrocket | Getty Images
Altice USA shares spiked as much as about 50% on Monday following a report that Charter Communications is considering buying the broadband company.
Charter is working with financial advisors as it considers whether it would make sense to buy Altice USA, Bloomberg reported Monday, citing people with knowledge of the matter. It is unclear if Charter has made a formal approach, the outlet added.
The larger company’s shares dropped 3% on Monday afternoon.
Charter declined to comment on the report, while Altice USA could not immediately be reached for comment.
Altice USA owns brands led by broadband, TV and phone company Optimum. The company has about 5 million customers.
Charter easily trumps its size, and has 32 million broadband and cable subscribers.
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