Charter Communications To Buy Bright House For $10 Billion

Reuters reported Tuesday morning that Charter Communications, Inc. (NASDAQ: CHTR) will buy Bright House Networks in a deal valued at $10 billion. This is the latest round of consolidation that will expand Charter Communications' user base by 2.5 million subscribers, largely in Florida, according to the report.

Charter Communications shares jumped more than 10 percent in pre-market trading with prices indicated at $201.99 versus a close on Monday at $183.39.

The deal, which is contingent on Comcast Corporation (NASDAQ: CMCSA)'s acquisition of Time Warner Cable Inc (NYSE: TWC) will make Advance Newhouse, Bright House's owner, Charter Communications' largest shareholder.

This move follows Charter's bid last year for Time Warner Cable, which was ultimately not accepted in favor of the bid from Comcast.

Shares of Comcast gained 1.2 percent in the premarket.