Charter and Cox Communications Announce $34.5 Billion Merger Deal

Charter Communications and Cox Communications, two of the largest cable companies in the U.S., have agreed to merge in a landmark $34.5 billion deal, one of the biggest telecom mergers in recent years.

The transaction, announced Friday, values Cox at $34.5 billion on an enterprise basis, including $21.9 billion in equity and $12.6 billion in net debt. The deal will combine Cox’s regional strength with Charter’s national footprint under a single consumer-facing brand, Spectrum.

“This merger is good for America,” said Charter CEO Chris Winfrey on a call with investors. “It will return jobs from overseas and create new, good-paying careers in customer service and sales.”

The new company will maintain Charter’s headquarters in Stamford, Connecticut, but will keep a significant operational presence in Atlanta, Cox’s hometown.

Industry Consolidation Amid Competition

The merger comes at a time when traditional cable providers face mounting pressure from wireless internet competitors and the continued erosion of the linear TV bundle. Both companies have been leaning into mobile services and broadband bundling as strategies to retain and grow customer bases.

Charter, currently the second-largest cable company in the U.S. behind Comcast, ended the first quarter with 30 million broadband subscribers, though it lost 60,000 cable TV customers in that period. Cox, a division of Cox Enterprises, is the largest privately held broadband company in the country, serving 6.5 million customers, including 5.9 million internet subscribers.

Post-merger, the combined company will span 46 states, serve nearly 70 million homes and businesses, and count 38 million customer relationships. That scale puts it closer to Comcast, which reported 34 million U.S. customers and 51.4 million globally as of March 31.

Structure, Branding, and Leadership

Upon completion, the merged entity will be named Cox Communications, but will retain Spectrum as its consumer-facing brand across all service lines — including cable, broadband, and mobile. The change is expected within a year of closing.

Chris Winfrey will continue as President and CEO of the combined company. Alex Taylor, Chairman and CEO of Cox Enterprises, will become Chairman of the Board, and the Cox family will hold the right to two board seats. The merger also gives Cox Enterprises a 23% stake in the new company’s fully diluted shares.

The companies expect to realize $500 million in annualized cost synergies within three years, driven by operational efficiencies and network integration.

Regulatory Landscape and Outlook

The deal comes amid a slower-than-expected corporate deal environment, despite early expectations that the Trump administration’s second term would ease regulatory constraints. Several factors, including a Federal Communications Commission (FCC) review into diversity and inclusion practices, and uncertainty over tariff impacts, have kept dealmakers cautious.

Charter and Cox executives expect a comprehensive regulatory review but expressed confidence in a positive outcome. Winfrey said the companies are targeting a mid-2026 close, subject to approvals, including the simultaneous closing of Charter’s previously announced acquisition of Liberty Broadband.

“We think the timing could be mid next year, but of course, we’ll follow the lead of regulators and work with them productively,” Winfrey added.

A New Era for Cable

As the cable and broadband sectors evolve, this merger marks a significant consolidation play — one that repositions the combined firm to better compete against wireless broadband, streaming platforms, and tech-driven connectivity services.

By leveraging both companies’ infrastructure, mobile offerings, and economies of scale, the Charter-Cox merger could reshape the U.S. broadband landscape for years to come.