Verizon Communications Inc. VZ, -0.39% is exploring the possibility of combining with Charter Communications Inc. CHTR, +0.79% , according to a report from The Wall Street Journal. Shares of Charter, popped as much as 10% after the news broke. Verizon has been shopping for a company to help build its media and content businesses, as the competitive environment in the industry intensifies. AT&T Inc. has proposed an $85.4 billion acquisition of Time Warner Inc.. Verizon has been in negotiations with Yahoo! Inc. to acquire the company's core internet business, though, talks have been complicated by the revelation of email hacks at Yahoo. Charter Communications last year bought Time Warner Cable. Shares of Verizon are up 3% in the trailing 12-month period, while Charter shares have gained nearly 63% and the S&P 500 Index SPX, -1.11% is up nearly 21% during the same time frame.