Altice rallies as Charter Communications reportedly mulling bid: Bloomberg By Investing.com

Investing.com — Altice rallied Monday as Charter Communications is reportedly weighing up an offer for the broadband and video service company, Bloomberg report Monday, citing unnamed sources.

Altice USA Inc (NYSE:) jumped more than 40% in recent trading following the report. 

Charter Communications (NASDAQ:) has enlisted the services of financial advisors to evaluate a potential bid for smaller rival Alice, the report said.

Charter Communications declined to comment, while Altice didn’t immediately respond to request for comment.

The news of a potential tie-up between the two companies come amid a difficult backdrop owing to rising competition from wireless broadband providers.