• Report: Apollo to take equity stake in Charter
Associated Press

NEW YORK (AP) — Financially strapped cable company Charter Communications Inc. appears likely to hand a substantial ownership stake to one of its biggest debt holders, Apollo Management.

The Wall Street Journal reports that Apollo, a private-equity firm, would have minority voting rights and won't control the company.

Charter spokeswoman Anita Lamont did not confirm the report Friday. But she noted that previous regulatory filings have said Charter Chairman Paul Allen will keep a 35 percent voting interest in the St. Louis-based company after it files for a prearranged Chapter 11 bankruptcy by April 1.

A message seeking comment from New York-based Apollo was not immediately returned.