Charter Communications stock dipped more than 2% ($3.19 each) in early trading Tuesday after CEO Tom Rutledge (pictured) told CNBC that the cable operator didn’t need acquisitions to grow.
Speculation has swirled around a Charter purchase of Time Warner Cable ever since one of its largest shareholders, John Malone’s Liberty Media, made overtures to the larger cable company in June. While those overtures were rebuffed, Charter reportedly has assembled about $25 billion in bank financing for the cash portion of a deal that could be valued as much as $70 billion for TWC. No formal offers have been made yet.
Charter stock was priced at $129.53 in early trading, down 2.4% ($3.19 per share). TWC shares also declined, down 1.7% ($2.31 each) to $134.50 in early trading Dec. 3.