Charter Communications has announced plans to acquire Cox Communications in a massive $34.5 billion merger, bringing together two of the nation’s top three cable providers.
Cox, currently the third-largest cable television provider in the U.S., serves over 6.5 million customers with services including digital cable, internet, telephone, and home security. Its operations stretch across key markets from California to Virginia. Charter, operating under the Spectrum brand, reaches more than 32 million customers across 41 states.
The cable industry has faced mounting pressure as consumers shift to streaming platforms such as Netflix, Disney+, Amazon Prime Video, and HBO Max. Additionally, competition from mobile carriers offering home internet services has intensified. Traditional cable companies have seen millions of subscribers “cut the cord,” prompting them to adapt to a rapidly changing media landscape. For example, Comcast, which rivals Charter in size, recently spun off several of its cable TV networks in response to these shifts.
Under the terms of the proposed agreement, Charter will acquire Cox’s commercial fiber, managed IT, and cloud services. Meanwhile, Cox Enterprises will transfer its residential cable operations into Charter Holdings, an existing subsidiary of Charter. In return, Cox Enterprises will hold approximately 23% of the combined company’s outstanding shares.
The merger, which still requires approval from regulators and Charter shareholders, includes $12.6 billion in assumed debt. If finalized, it will become one of the largest corporate deals in over a year—surpassed only by Mars’ $30 billion acquisition of Kellanova last summer and ExxonMobil’s roughly $60 billion purchase of Pioneer Natural Resources in late 2023.
Once completed, the merged entity will rebrand under the Cox Communications name within a year. It will maintain Charter’s current headquarters in Stamford, Connecticut, while also establishing a major presence at Cox’s Atlanta campus.
Leadership at the new company will include current Charter CEO Chris Winfrey as president and CEO. Cox CEO and Chairman Alex Taylor will step into the role of chairman. Cox will also secure two seats on the new 13-member board of directors. Advance/Newhouse, a part of Charter’s ownership structure, will retain its two existing board positions.
The transaction is expected to close concurrently with Charter’s planned merger with Liberty Broadband, which received shareholder approval from both Charter and Liberty earlier this year.
Following the announcement, Charter’s shares rose over 4% in pre-market trading. As a privately held company, Cox’s stock does not trade publicly.
