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News of Increased Stake Sends Charter Shares Up

July 30, 2002|Bloomberg News

Charter Communications Inc. shares surged 37% after reports that Chairman Paul Allen may increase his stake in the cable company and take it private.

The shares rose 97 cents to $3.61 in New York Stock Exchange composite trading.

Allen, co-founder of Microsoft Corp., also is considering a major investment in Charter's debt, according to the New York Times, citing unidentified executives. Shares of Charter and its rivals have plunged this year amid investor concern.

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