News
Charter Communications and Cox Communications have entered into a “definitive agreement to combine their businesses.”
By: Brad Randall, Broadband Communities
Two giants in the telecommunications industry, Charter Communications and Cox Communications, have entered into an agreement to join forces.
The agreed-upon deal, announced today, remains subject to regulatory approval. It values Cox at $34.5 billion, according to a release provided by Charter early Friday morning.
Additionally, the deal would see Charter acquire Cox’s commercial fiber assets, managed IT, and cloud businesses, the release stated.
Further, Cox Enterprises would contribute Cox Communications’ residential cable business to Charter Holdings, which is an existing subsidiary partnership of Charter, according to Charter.
According to Charter, the deal, if approved, would create “an industry leader in mobile and broadband communications services.”
Chris Winfrey, the president and CEO of Charter, said his company is “honored that the Cox family has entrusted us with its impressive legacy.”
“This combination will augment our ability to innovate and provide high-quality, competitively priced products, delivered with outstanding customer service, to millions of homes and businesses,” Winfrey stated, according to Charter’s joint announcement with Cox.
Comments from Alex Taylor, the chairman and CEO of Cox Enterprises, were also included in the announcement.
“In Charter, we’ve found the right partner at the right time and in the right position to take this commitment to a higher level than ever before, delivering an incredible outcome for our customers, employees, suppliers and the local communities we serve,” Taylor stated.
This remains a developing story. Check back for updates.
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