Charter Supposedly Snubs Gigantic Verizon Buyout Offer

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In a move that would have a mammoth channel impact, Charter Communications reportedly has rejected a buyout offer by Verizon valued at more than $100 billion.

Verizon made the buyout offer in recent months, the New York Post said, citing anonymous sources. Charter turned down the telco’s bid because it was too low, and Charter and its largest shareholder, Liberty Media, weren’t ready to sell, it said.

Verizon declined comment, while Charter couldn’t be reached for comment.

In January, the Wall Street Journal reported that Verizon was looking at ways to merge with Charter, potentially continuing the trend of multibillion-dollar telecom-cable consolidation. The carrier is exploring a combination with the cable company, it said, citing people familiar with the matter.

A merger would combine Verizon’s more than 114 million wireless subscribers with Charter’s cable network, which provides television to 17 million customers and broadband connections to 21 million.

Last summer, Charter completed its $71 billion acquisition of Time Warner Cable and Bright House Networks, creating a cable powerhouse with almost as many subscribers as Comcast, the nation’s largest cableco.