Shares of Charter Communications were soaring 9 percent in midday trading Monday after reports surfaced that the company’s private-equity shareholders would sell their stakes to Liberty Media.
Among the sellers are Charter’s two largest shareholders, Apollo Global Management and Oaktree Capital Management, reported Monday, citing anonymous sources.
Liberty is reportedly seeking to acquire 25 percent of charter for about $2.5 billion.
Two hours before the closing bell on Monday, shares of Charter were up $8.30 to $98.39, giving the company a $9.92 billion market capitalization.
Charter, founded in 1993, employs nearly 18,000 people and serves about 4 million video customers through its cable assets, 3.8 million Internet customers and 1.9 million residential telephone consumers.