Verizon Snubbed in Its Attempt to Buy Cable Giant

Jun 1, 2017  •  Post A Comment

Verizon boss Lowell McAdam reportedly made a recent attempt to acquire the cable TV giant Charter Communications, only to be spurned by Charter. The New York Post cites three sources who say the proposal was made in recent months.

“The offer — valued at between $350 and $400 a share, and well over $100 billion, according to two of the sources familiar with the move — was rejected by Charter because it was too low — and because Charter and its largest shareholder, Liberty Media, weren’t ready to sell,” The Post reports.

The Post adds: “Verizon, whose archrival AT&T has moved to expand beyond the wireless world by buying DirecTV and Time Warner, also recently expressed interest in another Liberty Media property, Sirius XM Holdings, sources said.”

The SiriusXM pursuit didn’t get to the point where a bid was made, according to the sources.

The Post adds: “Also standing in the way of Liberty Media agreeing to a deal for any of its units is the tax implications, which would be unpalatable to its billionaire chairman John Malone, sources said.”

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