×

There are no serious merger discussions between Verizon and Charter, sources say

Verizon
Scott Mlyn | CNBC

Reports of merger talks between Charter and Verizon have been greatly exaggerated.

On Thursday, shares of Charter surged after a Wall Street Journal report claimed Verizon was exploring a deal with Charter that would unite two giants in search of growth in a rapidly consolidating media and telecom landscape. (Both Charter and Verizon declined to comment at the time.)

On Friday, numerous sources familiar with the matter told CNBC that no significant talks between the parties are taking place, and Verizon instead is looking at its 5G strategy.

The news came amid Verizon's pending acquisition of Yahoo in a $4.8 billion deal, which has been met with hurdles after the search engine company announced two huge securities breaches.

Verizon said Tuesday in its fourth-quarter earnings release that it "continues to work with Yahoo to assess the impact of data breaches."

— Reporting by CNBC's David Faber.