Spectrum owner Charter buying Cox in $34.5B cable company deal
FILE-A Spectrum store in New York on Tuesday, Feb. 6, 2024. (Angus Mordant/Bloomberg via Getty Images)
Charter Communications is merging with Cox Communications in a massive $34.5 billion deal that unites two of the biggest cable companies in the nation.
What are the terms of the deal?
Dig deeper: Charter Communications, known as Spectrum, told the Associated Press Friday that it will acquire Cox Communications’ commercial fiber and managed IT and cloud businesses.
The AP noted that Cox Enterprises will contribute Cox Communications’ residential cable business to Charter Holdings, an existing subsidiary partnership of Charter. Additionally, Cox Enterprises will own roughly 23% of the combined company's outstanding shares.
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The combined organizations will be renamed Cox Communications within a year and Charter’s headquarters will remain in Stamford, Connecticut, and have a significant presence on Cox’s Atlanta, Georgia campus after the deal closes.
Once the deal is complete, Charter CEO Chris Winfrey will become president and CEO of the combined company. Cox CEO and Chairman Alex Taylor will serve as chairman.
According to the AP, Cox is the third-largest cable television company in the U.S., with over 6.5 million digital cable, internet, telephone, and home security customers, with a strong consumer base in states spanning from California to Virginia. Charter Communications has over 32 million customers in 41 states.
The Source: Information for this story was provided by the Associated Press, which cites comments from Charter Communications on the deal. This story was reported from Washington, D.C.