Charter Stock Sinks As Internet Subscriber Losses Worsen; Could A Comcast Merger Be The Next Move?
According to Deadline, Charter Communications shares fell 5% in early trading Friday after the pay-TV, broadband and wireless provider reported wider internet subscriber losses in the third quarter. During the quarter, in August, Charter closed its $34.5 billion acquisition of rival Cox Communications, expanding its footprint to 45 states. Quarterly results, reported on a pro forma basis to account for the merger, showed continued erosion of internet and pay-TV customers. Wireless remains a comparative bright spot, with 1.8 million sign-ups over the past year giving the company 13.5 million wireless customers as of September 30.