(Updates with the latest stock price movement in the headline and the first paragraph.)

Optimum Communications (ATUS) shares rose 4.4% in Thursday afternoon trading after the company agreed to an expanded multiyear distribution deal with A+E Global Media to continue offering the network's channels to its users.

The contract ensures television subscribers in 21 states maintain access to A+E's complete linear portfolio, Optimum said Thursday in a statement.

The agreement also creates new collaboration opportunities for both companies across advertising and distribution.

Price: 1.07, Change: +0.04, Percent Change: +4.41