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What: Shares of Cablevision Systems Corporation (UNKNOWN:CVC.DL) were up 19% as of 12:20 p.m. Wednesday after Charter Communications reaffirmed its decision to acquire Bright House Networks for $10.4 billion, fueling speculation of further consolidation in the space.

So what: To be sure, earlier this month at a cable convention, Cablevision CEO Jim Dolan noted he would be open to making a similar deal to be acquired by Time Warner Cable or "any other [cable] operator." "Consolidation of that marketplace would fuel ingenuity, provide much more access to resources for the customers, and lower prices," Dolan explained, "and I think would be a great business."

Now what: It's definitely a possibility, as Cablevision's relatively small $6.5 billion market cap puts it within reach of a number of potential suitors. But at the same time, such deals are hardly guaranteed. And Cablevision shareholders should be careful not to hold a potential acquisition at the core of their investment thesis. As a result, and if I were a Cablevision shareholder, I would have no problem taking at least some of today's quick profits off the table.

Steve Symington owns shares of Apple. The Motley Fool recommends Apple. The Motley Fool owns shares of Apple. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.