Charter stock stirs as Allen floats loan

Shares moved up 7.5% to end the day at $3.00

NEW YORK — Shares of cash-strapped cabler Charter Communications got a boost Friday as reports surfaced that the company’s directors were seeking approval from bank creditors for a $300 million loan from billionaire Microsoft co-founder Paul Allen.

At the same time, shareholders awaited an impending decision from rival cable giant Comcast on its option to sell its interest in a Comcast-Charter joint venture back to Charter for about $700 million. One analyst noted that Charter may be negotiating for a delay or at least better terms on the put option.

Charter shares moved ahead 7.5% to end the day at $3.00. Stock has tumbled from highs above $8 over the past 12 months as worries over debt and financial performance became more pronounced.

Allen, who controls 55% of the St. Louis-based cable giant, offered the loan in early April to help the company avoid breaking the covenants on its existing debt. At the time Charter said it would set up a special committee to examine the mogul’s offer.

Charter reps were not immediately available to comment about Friday’s developments.

Company has been struggling with a $19 billion debt load, financial losses and regulatory attention over possible accounting improprieties. Earlier this year, Charter was forced to restate its financial results by nearly $300 million over the past three years.

More Scene

  • Common Would Support Oprah for President

    Common Says An Oprah Presidency Would Bring America Back to 'Compassionate Leaders' That 'Care About Human Beings' (EXCLUSIVE)

    NEW YORK — Shares of cash-strapped cabler Charter Communications got a boost Friday as reports surfaced that the company’s directors were seeking approval from bank creditors for a $300 million loan from billionaire Microsoft co-founder Paul Allen. At the same time, shareholders awaited an impending decision from rival cable giant Comcast on its option to […]

  • SAG Awards Prep

    Sneak Peek at 2018 SAG Awards Post-Show Gala

    NEW YORK — Shares of cash-strapped cabler Charter Communications got a boost Friday as reports surfaced that the company’s directors were seeking approval from bank creditors for a $300 million loan from billionaire Microsoft co-founder Paul Allen. At the same time, shareholders awaited an impending decision from rival cable giant Comcast on its option to […]

  • Sundance Parties

    Sundance 2018: The Insider's Party Guide

    NEW YORK — Shares of cash-strapped cabler Charter Communications got a boost Friday as reports surfaced that the company’s directors were seeking approval from bank creditors for a $300 million loan from billionaire Microsoft co-founder Paul Allen. At the same time, shareholders awaited an impending decision from rival cable giant Comcast on its option to […]

  • '12 Strong' film premiere

    '12 Strong': Chris Hemsworth Hopes Film Can Reduce 'Misconceptions' About Afghanistan

    NEW YORK — Shares of cash-strapped cabler Charter Communications got a boost Friday as reports surfaced that the company’s directors were seeking approval from bank creditors for a $300 million loan from billionaire Microsoft co-founder Paul Allen. At the same time, shareholders awaited an impending decision from rival cable giant Comcast on its option to […]

  • Guillermo del Toro, Greta Gerwig and

    Timothée Chalamet Says He'd Love to Work With Christopher Nolan or Guillermo del Toro

    NEW YORK — Shares of cash-strapped cabler Charter Communications got a boost Friday as reports surfaced that the company’s directors were seeking approval from bank creditors for a $300 million loan from billionaire Microsoft co-founder Paul Allen. At the same time, shareholders awaited an impending decision from rival cable giant Comcast on its option to […]

  • Tracee Ellis Ross

    Tracee Ellis Ross at Image Makers Awards: 'Clothing Started as Armor for Me'

    NEW YORK — Shares of cash-strapped cabler Charter Communications got a boost Friday as reports surfaced that the company’s directors were seeking approval from bank creditors for a $300 million loan from billionaire Microsoft co-founder Paul Allen. At the same time, shareholders awaited an impending decision from rival cable giant Comcast on its option to […]

More From Our Brands

Access exclusive content