Charter Communications Inc.'s biggest shareholder is willing to entertain deals to merge the second-largest U.S. cable company with a business in cable or wireless.

But if any of the rumored multi-billion-dollar deals want support from John Malone’s Liberty Broadband Corp., it will need to bring more to Charter than a lot of debt, Greg Maffei, Liberty Broadband’s CEO and a director on Charter’s board, said Wednesday.

“If we want to lever-up Charter, we already have that opportunity. Any deal would have to be attractive and show new capabilities,” Maffei said. “It can’t just be more leverage.”

It’s a point Maffei raised twice answering Wall Street analyst’s questions Wednesday during Liberty’s quarterly earnings call.

Japan’s SoftBank Group Corp. (TSE: 9984), which controls wireless carrier Sprint Corp. (NYSE: S), and European telecom Altice NV are said to be readying offers to buy Stamford, Connecticut-based Charter (Nasdaq: CHTR). Both would have to borrow heavily to do it.

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