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The Journal Gazette

Monday, March 18, 2013 2:48 pm

Charter shares soar on Malone's reported interest

The Associated Press

Shares of cable TV operator Charter Communications jumped Monday after The Wall Street Journal reported that John Malone's Liberty Media Corp. is near a deal to buy a 25 percent stake in the company for $2.5 billion.

Charter shares rose $8.11, or 8.3 percent, to $97.53.

A Charter spokeswoman declined to comment on the report, which cited people familiar with the situation but did not identify them. A Liberty Media spokeswoman did not immediately return a message seeking comment.

Charter has about 4.2 million video subscribers.

The 72-year-old Malone is a billionaire who made his fortune by becoming chief executive of Denver-based Tele-Communications Inc. in 1973. After rescuing the company from near bankruptcy, he sold it to AT&T for $48 billion in 1998.

Liberty Media shares were down $1.02 to $109.35.