Charter Communications plans to take more time to negotiate its $10.4 billion purchase of fellow cable provider Bright House Networks, but the companies say they remain committed to reaching a deal under the terms announced earlier this spring.
Charter and Bright House said Monday they have extended their good faith negotiating period for another 30 days.
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Charter CEO Tom Rutledge said in a statement Monday that the addition of Bright House would give his Stamford, Connecticut-based company more scale and flexibility, and the companies are working to complete the transaction as planned.
The companies said in late March that their combined business will be conducted through a partnership, with Charter owning 73.7 percent and Advance/Newhouse — the parent company of Bright House — owning 26.3 percent.
Charter is the fourth-largest cable operator in the U.S, while Bright House is the sixth biggest.
Shares of Charter Communications Inc. climbed 4 cents to $181.24 Monday afternoon, while broader indexes also rose slightly.