Charter to buy Cox Communications for $35 billion
Charter Communications has agreed to buy Cox Communications from Atlanta-based Cox Enterprises for approximately $34.5 billion, the companies announced on Friday.
Why it matters: The combined company would become America's largest cable TV and broadband provider by subscribers, leapfrogging Comcast.
Zoom in: The combined company eventially will be called Cox Communications, with Charter CEO Chris Winfrey retaining his title and Cox Enterprises CEO Alex Taylor serving as chairman.
Some layoffs are expected to result from the merger. Other Cox Enterprises businesses, including Axios and Autotrader, are not directly impacted.
Concurrent to this deal, Charter would complete its all-stock buyout of John Malone's Liberty Media, which was announced last fall.
By the numbers: Cox Enterprises would remain privately held by the Taylor family and receive a 23% stake in the merged entity, plus $4 billion in cash.
The $34.5 billion headline figure also includes around $12 billion in assumed Cox debt.
Charter has agreed to establish both a $50 million charitable foundation and a $5 million employee relief fund — both modeled after existing Cox initiatives.
Behind the scenes: The two companies are said to have begun seriously talking several months ago, spurred on by Malone's pending sale. The final board votes occurred yesterday.
More than a decade ago, Cox was in advanced talks to merge with Time Warner Cable, but the deal fell through and Charter swooped in. Now it's combining, in part, with those same assets.
What to watch: How Comcast responds.
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