Charter Posts Slightly Narrower Loss
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Charter Communications Inc., the nation’s third-biggest cable company, on Tuesday reported a slightly narrower loss for the fourth quarter as revenue grew 5%. It also announced deals valued at $896 million to sell cable television systems serving four states.
Charter said it had agreed to sell cable television systems in West Virginia, Virginia, Illinois and Kentucky.
The sale will generate cash for Charter’s plan to consolidate its business, moving away from far-flung cable operations to focus on higher-end phone services, said Chief Executive Neil Smit.
Charter posted a loss of $336 million, or $1.06 a share, for the three months ended Dec. 31, compared with a loss of $340 million, or $1.12, a year earlier. Revenue increased to $1.34 billion from $1.28 billion.
Wall Street investors were lukewarm on the results. Charter’s stock fell 5 cents to $1.15.
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