Combined company to rival Comcast as cable faces growing pressure from 5G and streaming
Charter Communications and Cox Communications have announced a landmark US$34.5 billion merger, combining two of the largest broadband providers in the United States as the cable industry grapples with rising competition from wireless and streaming services. The deal, one of the biggest in recent years, includes US$21.9 billion in equity and US$12.6 billion in debt, and will see privately held Cox Enterprises receive a 23% stake in the combined company.
Once completed, the merged entity will operate under the name Cox Communications within a year, though Charter’s Spectrum will remain the consumer-facing brand. Charter CEO Chris Winfrey will continue as CEO of the new company, while Cox Enterprises’ Alex Taylor will become chairman of the board. The combined group will be headquartered in Stamford, Connecticut, with a continued presence in Cox’s Atlanta base.
The new company will serve approximately 38 million customers across 46 states, with a network footprint reaching nearly 70 million homes and businesses—surpassing Comcast’s domestic broadband reach and potentially making it the largest cable broadband provider in the U.S. Charter currently serves 31.4 million customers, while Cox brings 6.3 million, mostly in high-growth regions such as Phoenix, Las Vegas, and across the southern U.S.
The merger comes amid rapid structural changes in the broadband and media landscape. Cable providers are losing subscribers to fixed wireless internet from telcos like Verizon and T-Mobile, and to streaming platforms eroding traditional TV bundles. Charter lost 60,000 broadband customers in the first quarter, while Comcast reported even sharper losses.
Charter believes the deal will unlock scale advantages, help compete more effectively against telcos, and generate US$500 million in annual cost synergies within three years. The merger is expected to close alongside Charter’s pending all-stock merger with Liberty Broadband, simplifying billionaire John Malone’s media empire. Both deals remain subject to regulatory and shareholder approvals.
As federal oversight tightens, particularly around diversity and competition, Winfrey acknowledged the process will be rigorous. “We expect to go through a fulsome process,” he said, but emphasised the company’s intent to work constructively with regulators. If approved, the merger will not only reshape the cable industry’s competitive landscape but also mark a symbolic passing of the torch from Malone’s Liberty Broadband to the Cox family as Charter’s long-term partner.
