On Thursday, a report from The Wall Street Journal claimed Verizon is exploring a combination with Charter Communications.

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, the report said.

Verizon has a market capitalization of $203 billion, while Charter is valued at nearly $84 billion.

Shares of Charter Communications jumped nearly 10 percent pre-market trading Thursday following the report of the potential deal with Verizon, their highest rise intraday since August. While Verizon shares lost more than 2 percent following the news.

Verizon and Charter declined to comment on the report.

The largest wireless carrier Verizon has been looking for a company to help build its media and content businesses, as stronger competition is on the rise.

Verizon boasts a combined 10.4 million FiOS customers between broadband and video, while Charter services a combined 38 million customers with its Internet and TV offerings.

A possible merger would give Verizon a boost as it battles with rival AT&T, the owner of DirecTV satellite television service.

Verizon has been negotiating with Yahoo! Inc. in a $4.8 billion deal, to acquire the company’s core internet business although negotiations suffered difficulties due to the email hacks at Yahoo.

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