Charter Communications (CHTR) has struck a deal to buy privately held rival Cox Communications in a deal that would combine two of the U.S.'s largest cable providers.

The planned cash-and-stock deal values Atlanta-based Cox Communications at around $34.5 billion, including debt, the companies said. The Cox family will be the largest shareholder in the combined company with a stake of ❀around 23%. The family, which holds its stake in Cox via Cox Enterprises, will get $4 billion ꩲin cash and access to shares in Stamford, Connecticut-based Charter. 

The deal requires the approval of regulators and Charter shareholders to close. The combined company will be headquartered in Stamford and will be renamed൲ Cox Communications within a year of the transaction closing, the companies said. Charter is the parent of internet, mobile phone, and pay-TV provider Spectrum, which will be the consumer-facing brand after the deal.

Bloomberg had earlier reported the plans for the merger between the two cable firms.

Meanwhile, billionaire cable mogul John Malone's 澳洲幸运5开奖号码历史查询:Liberty Broadband (LBRDK) said it “has agreed to accelerate the closing of its previously announced acquisition by Charter to occur contemporaneously with Charter’s combination with Cox.” Liber🧔ty also said it has agreed to give voting support for the deal between Charter and Cox. 

These moves come as cable companies are looking for ways forward as they grapple with threats from streaming firms such as Netflix (NFLX) in the 澳洲幸运5开奖号码历史查询:TV business and phone companies like AT&T (T) that are🎀 offering broadband deals to customers.

🐠Charter shares are up 6% in premarket trading and are up 22% this year entering Friday. 

UPDATE—May 16, 2025: This article has been updated to include confirmation of the deal and refreshed share prices.