REPORT: Verizon and Charter are looking to combine

Telecommunications giants Verizon and Charter Communications are exploring a combination, The Wall Street Journal's Shalini Ramachandran, Ryan Knutson, and Dana Mattioli report.

Verizon CEO Lowell McAdam approached officials "close to Charter," according to the report, and is working with bankers to explore a potential deal.

The talks are preliminary, according to the report.

Charter's shares surged around 10% in pre-market trading on the news.

Verizon has 114 million wireless subscribers, while Charter has 17 million cable customers and 21 million broadband customers.

Both Charter and Verizon declined to comment on the report.

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Verizon is also in the process of acquiring Yahoo in a $4.8 billion deal expected to close in the second quarter.

Charter Communications bought Time Warner Cable in 2016 and rebranded it "Spectrum."

Read the full WSJ report»

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