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Shares of cable TV operator Charter soar on report Malone's Liberty is taking 25 pct stake
LOS ANGELES, Calif. - Shares of cable TV operator Charter Communications jumped Monday after The Wall Street Journal reported that John Malone's Liberty Media Corp. is near a deal to buy a 25 per cent stake in the company for $2.5 billion.
Charter shares rose $8.11, or 8.3 per cent, to $97.53.
A Charter spokeswoman declined to comment on the report, which cited people familiar with the situation but did not identify them. A Liberty Media spokeswoman did not immediately return a message seeking comment.
Charter has about 4.2 million video subscribers.
The 72-year-old Malone is a billionaire who made his fortune by becoming chief executive of Denver-based Tele-Communications Inc. in 1973. After rescuing the company from near bankruptcy, he sold it to AT&T for $48 billion in 1998.
Liberty Media shares were down $1.02 to $109.35.
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