Charter Communications: Worth 9 Cents?

As goblueridge.net breathlessly reports on whether or not Charter Communications will carry WCNC on Charter's local High Country cable monopoly, we would argue that the folks at Aisling have missed something else which is much more important--and perhaps a little more worthy of getting wrapped around the axle about.

Reports are beginning to surface about the possible bankruptcy of Charter. From the St. Louis Business Journal, via the Sacramento Business Journal:

The likelihood of financial distress at Charter Communications Inc. in the next year has increased from 20 percent to 75 percent, a Citigroup analyst said.

Citi analyst David Hamburger also downgraded Charter from buy to sell and reduced the price target from $1 to 5 cents.

...

Charter, headed by chief executive officer Neil Smit, has never made a profit since it went public in 1999, mainly because of its $24 billion debt, and has seen its stock price plummet.

Its stock dropped to its 52-week low Monday to 9 cents a share.

...

So, the whole media consolidation thingy is going pretty well then--yes?

Is it not just a little ironic that the local consolidated radio empire (which is operating in receivership, mind you) missed the real story about the local cable monopoly possibly going belly-up too?

Never too late for irony.