Shares of telecommunications companies declined amid growth concerns.
The U.S. unit of European telecommunications company Altice, formed through the merger of New York-based Cablevision Systems and Suddenlink Communications, is expected to start trading on the New York Stock Exchange on Thursday after launching in what would be the largest initial-public offering in the telecom sector since the early 2000s.
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Altice, private-equity firm BC Partners and stakeholder Canada Pension Plan Investment Board are selling shares at $30 apiece in the offering, raising $1.9 billion.
The company could find investors reticent to return to the telecom sector, however, after most large U.S. companies in the sector, including Verizon and AT&T, have incurred losses for the year to date.
Comcast's NBC Sports on Wednesday said it would televise an esports tournament later this summer, the latest broadcaster turning to competitive videogaming to reach the kind of younger male viewers most likely to "cut the cord."
Rob Curran, firstname.lastname@example.org
(END) Dow Jones Newswires
June 21, 2017 17:59 ET (21:59 GMT)