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Thursday, March 12, 2015

Charter Comms in talks to purchase Bright House Networks -source, (NMS: CHTR)

Charter Communications is in talks to purchase privately held cable company Bright House Networks LLC, according to a source familiar with the matter. Bright House, controlled by the Newhouse family, is worth more than $10 billion, the source said. It has about 2.5 million cable subscribers with its biggest market in Florida, where it has a strong presence in Tampa and Orlando.Charter shares soared $12.89 or 7 percent to $195.39 per share on the news, which was first reported by Bloomberg.A spokesman for Charter declined to comment, while Bright House acknowledged the speculation in a statement on Thursday."While we have had conversations with many parties about this transaction, we do not have an agreement with anyone regarding future plans for Bright House," a company spokeswoman said in the statement.

Charter Communications, Inc. provides cable services offering a range of entertainment, information and communications solutions to residential and commercial customers. Shares of CHTR traded higher by 5.84% or $10.67/share to $193.28. In the past year, the shares have traded as low as $116.78 and as high as $196.00. On average, 899578 shares of CHTR exchange hands on a given day and today's volume is recorded at 2426739.