Charter Communications to acquire Cox Communications in a $34.5 billion deal
Charter Communications
and
Cox
Communications have announced their agreement to merge, with Charter set to acquire Cox in a transaction valued at $34.5 billion. Charter is widely recognised by its brand name, Spectrum and is a prominent television communications operator in the US. Under the proposed transaction, which already ranks as one of the year's most substantial ones, Charter will take over Cox's commercial fibre operations along with its
managed IT and cloud businesses
. Meanwhile, Cox will contribute its residential cable business to Charter. In the merged entity, Cox will hold nearly 23% of the fully diluted shares of the merged company, the companies announced. Under the terms of the agreement, the combined entity will also take on Cox's estimated $12 billion in outstanding debt.
What Charter and Cox said about the merger deal
In a joint press release, both companies noted that the merger will
'create an industry leader in mobile and
broadband communications services
, seamless video entertainment, and high-quality customer service delivering powerful benefits for American employees, customers, communities, and shareholders.'
'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,'
Charter CEO Chris Winfrey said.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Ótimas notícias para os cidadãos brasileiros!
finanzero.com.br
Leia mais
Undo
This deal is set to close alongside the Liberty Broadband merger, with the combined company rebranding as Cox Communications within a year. Spectrum will be the consumer brand in Cox's current markets. Winfrey will stay on as CEO, and the company will remain based in Stamford, while maintaining a strong presence in Atlanta.
According to a report by Fast Company, the merger addresses the cable industry's steep pay‑TV subscriber losses, which are driven by widespread 'cord‑cutting' to streaming, by bolstering scale and focusing on broadband and mobile.
Charter has shed hundreds of thousands of pay‑TV customers and, if approved, would add Cox's six million subscribers, even as overall industry pay‑TV rolls are projected to fall from 67.7 million at end‑2024 to 51.5 million by 2028, the report adds. The deal now hinges on shareholder and regulatory approval, marking a significant test of
antitrust scrutiny
in the post‑Trump era.
AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
an hour ago
- Mint
Trump administration signals it will slash funds for long-delayed California high-speed rail project
LOS ANGELES — The Trump administration signaled Wednesday that it intends to cut off federal funding for a long-delayed California high-speed rail project plagued by multibillion-dollar cost overruns, following the release of a scathing federal report that concluded there is 'no viable path' to complete even a partial section of the line. Voters first authorized $10 billion in borrowed funds in 2008 to cover about a third of the estimated cost, with a promise the train would be up and running by 2020. Five years beyond that deadline, no tracks have been laid and its estimated price tag has ballooned to over $100 billion. In a letter to the California High-Speed Rail Authority, which oversees the project, Federal Railroad Administration acting Administrator Drew Feeley wrote that what was envisioned as an 800-mile system connecting the state's major cities has been reduced to a blueprint for 'a 119-mile track to nowhere.' After a $4 billion federal investment, the California agency 'has conned the taxpayer ... with no viable plan to deliver even that partial segment on time,' Feeley wrote. State officials defended what's known as the nation's largest infrastructure project and said they remain committed to construction, though it's not clear what funding would replace the federal support if it's withdrawn. Feeley noted the FRA could seek repayment of the federal funds but is not proposing to claw back those dollars at this time. Carol Dahmen, the state authority's chief of strategic communications, said in a statement that the federal conclusions are misguided and 'do not reflect the substantial progress made to deliver high-speed rail in California.' Dahmen noted that the majority of the funding for the line has been provided by the state and that Democratic Gov. Gavin Newsom's budget proposal would extend at least $1 billion a year for 20 years to complete an initial segment of the line. State officials are focused on a stretch connecting the Central Valley cities of Bakersfield and Merced, which is set to be operating by 2033. The state agency has about a month to formally respond to the FRA, after which the grants could be terminated. State Sen. Tony Strickland, a Republican from Huntington Beach who is vice chair of the Transportation Committee, said that 'commonsense has prevailed" and urged the Legislature's dominant Democrats to redirect the funds from the rail line to lowering gas prices or investing in viable construction projects. 'Let's stop wasting California's hard-earned taxpayer dollars,' Strickland said. There is no known source for the billions of dollars that would be needed to complete the line. California High-Speed Rail Authority CEO Ian Choudri suggested in April that private investors could step in and fill the funding gap for the project that promised nonstop rail service between San Francisco and Los Angeles in under three hours. At the time, he acknowledged that even if funding is secured, it might take nearly two more decades to complete most of that segment. President Donald Trump said in May that his administration will not continue to fund the line. 'That train is the worst cost overrun I've ever seen,' Trump told reporters at the time, calling it "totally out of control.' This article was generated from an automated news agency feed without modifications to text.
Time of India
an hour ago
- Time of India
‘Unfair litigation': HC slaps fine on state govt
Kochi: HC has imposed a cost of Rs 25,000 on the state govt while dismissing its appeals against single bench orders directing correction of land status in the revenue records, holding that the state had engaged in unfair litigation. A bench of Justice A K Jayasankaran Nambiar and P M Manoj criticised the state govt for attempting to harass the petitioner, Mananchira Township Complex Pvt Ltd, through unnecessary litigation instead of complying with the single bench's order. The court directed that the amount be paid to the petitioner within a week and clarified that the state is at liberty to recover it from the tahsildar concerned, if it finds him responsible for the cost order. In 2020, the petitioner had approached the HC seeking directions to correct the classification of its land in Marathakkara village, Thrissur, shown as paddy land despite having been reclaimed long before the Kerala Conservation of Paddy Land and Wetland Act came into force. The single bench ordered its reclassification as purayidam/dry land. However, the tahsildar (LR) allegedly reclassified the land as 'converted homestead', prompting another round of litigation. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like American Investor Warren Buffett Recommends: 5 Books For Turning Your Life Around Blinkist: Warren Buffett's Reading List Undo In 2024, the court again directed the tahsildar to pass a fresh order based on the land being assessed as purayidam/dry land, but it was informed that the tahsildar issued an order in blatant violation of this direction. Meanwhile, the tahsildar and the state govt filed review petitions against the single bench's orders, which were also dismissed, leading to the present appeals. While rejecting the appeals, the division bench noted that the state had chosen an unfair path to harass a citizen through prolonged litigation, pointing out that its earlier directions were not followed for almost four years. Even after a second single judge reiterated those directions, the tahsildar failed to comply. The court remarked that the conduct of the state in pursuing this litigation "smacks of unreasonableness and unfairness," and held that it must be "put to terms".
Mint
an hour ago
- Mint
‘KILL the BILL': Elon Musk yet again explodes over Donald Trump's tax bill
lon Musk yet again launched a scathing attack on President Donald Trump's tax and spending bill on Wednesday (June 4), urging Americans to pressure their lawmakers to "kill" it. 'Call your Senator, Call your Congressman, Bankrupting America is NOT ok! KILL the BILL,' Musk wrote on X, formerly Twitter. In a previous post, Musk called for a complete rewrite of the bill: 'A new spending bill should be drafted that doesn't massively grow the deficit and increase the debt ceiling by 5 TRILLION DOLLARS.' 'This immense level of overspending will drive America into debt slavery!' In a post on June 4, Musk accused Republican House members of betraying fiscal conservatism and blamed the bill for expanding the national deficit. 'I'm sorry, but I just can't stand it anymore,' he posted. 'This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination,' Musk wrote in a previous post. 'Shame on those who voted for it: you know you did wrong.' Elon Musk also on May 28 voiced strong criticism of the so-called 'Big Beautiful Bill,' warning that it could worsen the federal deficit and undermine cost-cutting efforts led by the Department of Government Efficiency (DOGE). In an interview with CBS, Musk said he was 'disappointed' by the tax and spending bill, which narrowly passed the House and is now pending a Senate vote. 'I think a bill can be big or it could be beautiful. But I don't know if it could be both,' Musk remarked in a preview clip posted online. He added, 'It increases the budget deficit and undermines the work that the DOGE team is doing.' Despite Musk's sharp rebuke, President Trump remains firmly behind the legislation. 'Passing THE ONE, BIG, BEAUTIFUL BILL is a Historic Opportunity to turn our Country around,' Trump said in a social media post earlier. He's pushing for the Senate to pass the measure before July 4. White House Press Secretary Karoline Leavitt brushed off Musk's comments. 'The President already knows where Elon Musk stood on this bill. It doesn't change the president's opinion. This is one big, beautiful bill and he's sticking to it,' she told reporters. The proposed bill, which has cleared the House and is now being debated in the Senate, includes major rollbacks to Biden-era subsidies for electric vehicles and clean energy — programs that benefit Tesla. It also slashes safety-net spending, while adding an estimated $2.5 trillion to the deficit over 10 years. Musk's vocal opposition comes just days after he ended his four-month stint leading DOGE, a Trump administration initiative to reduce federal spending. His brief tenure was marked by controversy and reportedly coincided with a dip in Tesla EV sales. On May 29, Musk officially confirmed his departure on X: 'As my scheduled time as a Special Government Employee comes to an end, I would like to thank President @realDonaldTrump for the opportunity to reduce wasteful spending.' Trump hosted a farewell at the White House on May 30, publicly thanking Musk: 'He's done a fantastic job,' Trump said at a joint press conference. The tech billionaire, once seen as a key Trump ally, appears to be distancing himself from politics. Speaking at the Qatar Economic Forum on May 20, Musk said he planned to reduce his political spending. 'I'm going to do a lot less in the future,' he said.
