NEW YORK (TheStreet) -- Charter Communications (CHTR) fell Friday on chatter that it may face a rival in a buyout deal for Time Warner Cable (TWC). Frontier Communications (FTR) and Winstream Holdings (WIN), meanwhile, both hit a new 52-week low.
Charter Communications dropped 1.9% to close at $175.33.
The telecommunications giant is reportedly going head to head with Altice (ATCEY) as rival suitors for Time Warner Cable, according to a report in Bloomberg. Charter investors may be concerned that a potential bidding war may ensue, driving up the price their company would have to pay for Time Warner.
Time Warner is reportedly expected to spend this weekend engaged in buyout talks with the two companies and a deal could be announced as early as next week, according to Bloomberg.
The cable company closed with a market cap of nearly $48.4 billion on Friday. A potential buyer would possibly have to pay $54 billion to land a deal, according to the report. In April, Comcast (CMCSA) walked away from its $45 billion takeover bid for Time Warner Cable when it appeared it would be difficult to get it approved by regulators.
The Federal Communications Commission chairman reportedly contacted Time Warner Cable's CEO and Charter Communications CEO, along with other cable company executives, to put the word out that the FCC is not necessarily opposed to other future cable deals, according to a Wall Street Journal report.