Charter Communications and Cox Communications announced a surprise $34.5 billion merger deal on May 16th, creating the largest cable operator in the US. The transaction values Cox at $21.9 billion in equity plus $12.6 billion in net debt and obligations.Under the agreement, Charter will acquire Cox's commercial fiber and managed IT/cloud businesses, while Cox Enterprises contributes its residential cable operations to Charter Holdings. Cox will receive $4 billion and retain 23% ownership in the combined entity. The merger brings together Cox's business services unit, including fiber provider Segra and cloud company Rapid Scale.
The combined company will serve 69.5 million locations (compared to Comcast's 63.96 million) and generated $68.2 billion in 2024 revenues. With 37.6 million total customers, the companies expect $500 million in cost synergies within three years.
Charter CEO Chris Winfrey will lead the combined company, which will be renamed Cox Communications but operate under the Spectrum consumer brand. Headquarters will remain in Stamford, Connecticut, with significant Atlanta presence maintained. The deal positions the company to better compete in video, advertising, business services, and mobile markets while returning customer service operations to the US.
The combined company will serve 69.5 million locations (compared to Comcast's 63.96 million) and generated $68.2 billion in 2024 revenues. With 37.6 million total customers, the companies expect $500 million in cost synergies within three years.
Charter CEO Chris Winfrey will lead the combined company, which will be renamed Cox Communications but operate under the Spectrum consumer brand. Headquarters will remain in Stamford, Connecticut, with significant Atlanta presence maintained. The deal positions the company to better compete in video, advertising, business services, and mobile markets while returning customer service operations to the US.
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