Charter Communications has completed its combination with Cox Communications, creating a U.S. broadband and cable group serving about 37 million customers across 45 states.
The transaction values Cox at roughly $34.5 billion including debt, while Cox Enterprises received about $21.9 billion in transaction consideration. The deal closed after receiving its final regulatory approvals.
Spectrum Expands Into Cox Markets
Charter plans to introduce the Spectrum brand, pricing and products across former Cox markets beginning in mid-September. Within a year, the parent company is expected to adopt the Cox Communications name, while Spectrum will remain the customer-facing brand.
The expansion comes as U.S. telecom companies face increasing competition across broadband, fiber and mobile services. Rival Comcast is also restructuring its business by separating NBCUniversal and Sky from its core connectivity operations.
Cox Becomes Charter’s Largest Shareholder
Cox Enterprises now owns approximately 26% of the combined company, making it Charter’s largest shareholder.
Chris Winfrey remains president and CEO, while Cox Enterprises CEO Alex Taylor becomes chairman. Liberty Broadband has meanwhile ceased to be a direct Charter shareholder following the closing of its separate transaction with Charter.
The deal marks Charter’s largest expansion since its $67.1 billion acquisition of Time Warner Cable and Bright House Networks in 2016, adding further scale as telecommunications companies compete for broadband and mobile customers.
