Latest news with #Winfrey
Yahoo
20-05-2025
- Entertainment
- Yahoo
Tom Cruise's Scientology fervor almost ruined his career. The 'Mission: Impossible' franchise saved it.
2006 was the lowest point in Cruise's career. The public bristled at him talking about Scientology and his relationship with Katie Holmes. Here, we chronicle Cruise's downfall and his rise back to stardom thanks to "Mission: Impossible." In August 2006, it seemed like Tom Cruise's career was over. In an unprecedented announcement from the head of a major conglomerate, Viacom's then-chairman Sumner Redstone publicly ripped into the star — who for years was one of the most profitable actors and producers at Viacom's movie studio, Paramount Pictures. "We don't think that someone who effectuates creative suicide and costs the company revenue should be on the lot," Redstone told The Wall Street Journal that year. "His recent conduct has not been acceptable to Paramount." It was likely the toughest and strangest time of Cruise's career. The then-43-year-old actor had a lifetime box-office gross of over $1.5 billion, but his flawless transition from young heartthrob to respected dramatic actor to massive action star seemed to self-destruct as quickly as one of the messages his character, Ethan Hunt, received in the "Mission: Impossible" movies. The studio he'd called home for 14 years was parting ways with him following a string of bizarre outbursts. In 2025, that all seems hard to imagine. Cruise is not only the face of one of the biggest action franchises ever, but his 2022 hit, "Top Gun: Maverick," might have saved Hollywood following the pandemic. On May 23, he's back with another "M:I," Mission: Impossible - The Final Reckoning," which is being touted as Cruise's final time playing Ethan Hunt. It's yet another must-see title from one of the last real movie stars the industry has left. But there was a time the veteran actor's career was at a low point. Cruise's strange downfall and subsequent rebirth as one of the most bankable movie stars all began with a seemingly innocent act of love. When Cruise agreed to appear on "The Oprah Winfrey Show" in May 2005 to promote his film, "War of the Worlds," it was a big deal. Cruise rarely did interviews, especially on daytime TV. As Cruise walked onto Winfrey's stage, the crowd went wild. Winfrey playfully tousled Cruise's hair, and the actor was clearly in a great mood. During the interview, Winfrey mentioned Cruise's latest love interest, Katie Holmes, who was off-stage where no one, especially the cameras, could see her. The excitement of talking about his new girlfriend led him to leap up on Winfrey's couch with joy. He did it a second time for good measure. After the couch-jumping, Winfrey even got Cruise to chase down Holmes and get her to come onstage. It seemed harmless at the time, but thanks to a very young internet video-posting site called YouTube, the image of Cruise on top of Winfrey's couch became a pop-culture phenomenon. To some critics, Cruise's behavior felt off. A month later, Cruise agreed to go on the "Today" show to continue promoting "War of the Worlds" and also talk about his religion, Scientology. When now-disgraced interviewer Matt Lauer spoke about Scientology, and specifically about Cruise not agreeing with psychiatry, the tone changed. Cruise offered his opinion on Brooke Shields' use of antidepressants for postpartum depression. Here's an excerpt of Cruise and Lauer's uncomfortable exchange: Later in the conversation: Minutes later, the exchange was on loop all over the world. Within a few weeks, Cruise had gone wild on Winfrey and lashed out at Lauer, and by then, the tabloids had gone into overdrive with the Cruise-Holmes relationship, which they called "TomKat." It was time for Cruise to get off the grid, but he couldn't. For most of his career, an experienced publicist named Pat Kingsley reportedly kept Cruise's private life out of the tabloids. According to a 2014 LA Weekly story, she even talked Cruise out of being more vocal about Scientology when he did press for his 2003 film "The Last Samurai." A year later, the LA Weekly story said Cruise let Kingsley go after 14 years and formed a publicity team that included his sister, Lee Anne De Vette, and fellow Scientologists. Now, in a typhoon of backlash that Cruise had never experienced before, his team may have been too inexperienced to protect him. Despite all the negative attention, "War of the Worlds" still went to No. 1 at the box office during its opening weekend ($65 million), and ended up with a worldwide take of $592 million. It would be the last time a film starring Cruise would make over $500 million worldwide for the next six years. Following the release of "War of the Worlds," TomKat was still daily tabloid fodder, especially with the news that the two were expecting a child. And then, in March 2006, Cruise went global again with the controversial "South Park" episode "Trapped in the Closet." The episode originally aired in November 2005 and revealed what Scientologists believe is the origin of life, but it also depicted Cruise as an insecure person and played on rumors about his sexuality. In the episode, one of the main characters on the show, Stan, is thought by Scientology to be the second coming of its founder, L. Ron Hubbard. This leads Scientologists, including Cruise, to flock to Stan's house to pay their respects. But when Stan insults his acting ability, Cruise hides in Stan's closet, leading to Stan saying, "Dad, Tom Cruise won't come out of the closet." Comedy Central delayed re-airing the episode in March 2006 because Cruise reportedly had declared he would not promote "Mission: Impossible 3" unless Viacom (which owns the film's studio, Paramount, and Comedy Central) canceled the rebroadcast. Cruise's reps denied he ever threatened not to promote the film. The controversy made headlines all over the world and led "South Park" fans to declare they would boycott "Mission: Impossible 3" until Comedy Central aired the episode. The episode finally re-aired in July of that year. "Closetgate," as it would become known, was the last straw. The constant tabloid coverage of TomKat, plus rumors that Cruise and Holmes' relationship was supposedly arranged by the church, had turned people off. (Cruise and Holmes married in November 2006 and divorced six years later.) The bad press soon began to affect Cruise's career. "Mission: Impossible 3" opened in theaters in May 2006, and Cruise's Q score — the appeal of a celebrity, brand, or company to the public — was down 40%. Though the film was No. 1 in the US on its opening weekend ($48 million), it lost appeal as the weeks passed. Ticket sales dropped 47% during its second week in theaters and 53% in its third week. "Mission: Impossible 3" is the lowest-grossing film in the franchise to date, with a $400 million worldwide gross. It was at this point that Redstone gave Cruise his wake-up call: "We don't think that someone who effectuates creative suicide and costs the company revenue should be on the lot. His recent conduct has not been acceptable to Paramount." After being kicked off the Paramount lot, Cruise hired a publicist with more experience and buckled down for a comeback. He brought his production company over to MGM and took partial ownership of the iconic United Artists studio. Cruise also became less vocal about Scientology in public, though he was apparently still very much involved in private. In 2008, a Scientology-produced video went viral on YouTube of the actor explaining what the religion meant to him. Cruise paused making action movies and turned to dramas like "Lions for Lambs" (2007) and "Valkyrie" (2008). In between those films, he agreed to star in pal Ben Stiller's 2008 comedy "Tropic Thunder" as the overweight, bigger-than-life movie exec Les Grossman. It was the best move Cruise had made in years. In doing something so out of character, he began to win back fans. "Tropic Thunder" reunited Cruise with his former studio, Paramount. Although Cruise's production company was kicked off the lot, it didn't mean he couldn't still be cast in the studio's films. The wheels were now in motion for Cruise to get back on Paramount's good side so he could make more "Mission: Impossible" movies. Being a hit in "Tropic Thunder," Paramount's biggest comedy of the year for Paramount, was a good starting point. Director J.J. Abrams, who directed Cruise in "Mission: Impossible 3" and was in Paramount's good graces after directing the studio's hit "Star Trek Into Darkness," was also working to get Cruise back in the franchise. In the summer of 2010, news broke that Cruise would be starring in "Mission: Impossible — Ghost Protocol," with Abrams as producer. But this installment in the franchise would not be titled "Mission: Impossible 4," because the idea was that the film would be a refresh on the franchise, with Cruise stepping aside as the lead and giving way to rising star Jeremy Renner. Cruise didn't get the message. Back in the Ethan Hunt role, Cruise cemented his place in the franchise by scaling the tallest building in the world, the Burj Khalifa in Dubai, without a stunt double. That, and the other impressive stunts featured in the film, led to "Ghost Protocol" earning the biggest worldwide box office in the franchise's history — $695 million. It was also the second-highest earning film for Paramount in 2011, just behind "Transformers: Dark of the Moon." It wasn't all box-office wins for Cruise following "Ghost Protocol." "Knight and Day" and the "Jack Reacher" franchise didn't do as well as expected. And he could not help Universal's Dark Universe get off the ground as 2017's "The Mummy" bombed at the box office. However, he laid the seeds of what could be another profitable franchise with 2014's "Edge of Tomorrow, which — even with a slow start when it opened — ended up passing the domestic $100 million mark (the first time in nine years that a non-"Mission: Impossible" Cruise film hit that landmark number) and only grew in popularity when it got onto home video and streaming. And then there are the "M: I" movies. In 2015, "Rogue Nation," with its eye-popping stunt in which Cruise hung from the side of a plane as it took off, earned over $682.7 million worldwide and was the top-grossing film for Paramount that year. And 2018's "Fallout" did even better, taking in over $791 million worldwide. Cruise took a break from the "M:I" movies to single-handedly get audiences back in theaters after the pandemic when "Top Gun: Maverick" opened in May of 2022. It would go on to earn over $1 billion at the worldwide box office. Just over a year later, "Mission: Impossible — Dead Reckoning" opened and brought in a respectable $570 million-plus worldwide as it teed up the final chapter in Cruise's "M:I" journey with yet another stunning stunt. Despite Alex Gibney's explosive 2015 HBO Scientology documentary "Going Clear," in which Cruise is criticized for being the face of the controversial religion, Cruise remains one of the world's top movie stars. And with "Mission: Impossible — The Final Reckoning" out this month, it doesn't seem likely that he'll be knocked off that mantel anytime soon. This story was originally published in 2022. It has been updated to reflect recent events. Read the original article on Business Insider
Business Insider
20-05-2025
- Entertainment
- Business Insider
Tom Cruise's Scientology fervor almost ruined his career. The 'Mission: Impossible' franchise saved it.
In August 2006, it seemed like Tom Cruise's career was over. In an unprecedented announcement from the head of a major conglomerate, Viacom's then-chairman Sumner Redstone publicly ripped into the star — who for years was one of the most profitable actors and producers at Viacom's movie studio, Paramount Pictures. "We don't think that someone who effectuates creative suicide and costs the company revenue should be on the lot," Redstone told The Wall Street Journal that year. "His recent conduct has not been acceptable to Paramount." It was likely the toughest and strangest time of Cruise's career. The then-43-year-old actor had a lifetime box-office gross of over $1.5 billion, but his flawless transition from young heartthrob to respected dramatic actor to massive action star seemed to self-destruct as quickly as one of the messages his character, Ethan Hunt, received in the "Mission: Impossible" movies. The studio he'd called home for 14 years was parting ways with him following a string of bizarre outbursts. In 2025, that all seems hard to imagine. Cruise is not only the face of one of the biggest action franchises ever, but his 2022 hit, "Top Gun: Maverick," might have saved Hollywood following the pandemic. On May 23, he's back with another "M:I," Mission: Impossible - The Final Reckoning," which is being touted as Cruise's final time playing Ethan Hunt. It's yet another must-see title from one of the last real movie stars the industry has left. But there was a time the veteran actor's career was at a low point. The couch jump, 'TomKat,' and Scientology Cruise's strange downfall and subsequent rebirth as one of the most bankable movie stars all began with a seemingly innocent act of love. When Cruise agreed to appear on " The Oprah Winfrey Show" in May 2005 to promote his film, "War of the Worlds," it was a big deal. Cruise rarely did interviews, especially on daytime TV. As Cruise walked onto Winfrey's stage, the crowd went wild. Winfrey playfully tousled Cruise's hair, and the actor was clearly in a great mood. During the interview, Winfrey mentioned Cruise's latest love interest, Katie Holmes, who was off-stage where no one, especially the cameras, could see her. The excitement of talking about his new girlfriend led him to leap up on Winfrey's couch with joy. He did it a second time for good measure. After the couch-jumping, Winfrey even got Cruise to chase down Holmes and get her to come onstage. It seemed harmless at the time, but thanks to a very young internet video-posting site called YouTube, the image of Cruise on top of Winfrey's couch became a pop-culture phenomenon. To some critics, Cruise's behavior felt off. A month later, Cruise agreed to go on the " Today" show to continue promoting "War of the Worlds" and also talk about his religion, Scientology. When now-disgraced interviewer Matt Lauer spoke about Scientology, and specifically about Cruise not agreeing with psychiatry, the tone changed. Cruise offered his opinion on Brooke Shields' use of antidepressants for postpartum depression. Here's an excerpt of Cruise and Lauer's uncomfortable exchange: Cruise:"Do you know what Adderall is? Do you know Ritalin? Do you know Ritalin is a street drug? Do you understand that?" Lauer:"The difference is — " Cruise:"No, Matt, I'm asking you a question." Lauer:"I understand there's abuse of all of these things." Cruise:"No, you see here's the problem: You don't know the history of psychiatry. I do." Later in the conversation: Lauer:"Do you examine the possibility that these things do work for some people? That yes, there are abuses, and yes, maybe they've gone too far in certain areas, maybe there are too many kids on Ritalin, maybe electric shock —" Cruise:"Matt, Matt, Matt, you're glib. You don't even know what Ritalin is. If you start talking about chemical imbalance, you have to evaluate and read the research papers on how they came up with these theories, Matt. OK? That's what I've done. You go and you say, 'Where's the medical tests? Where's the blood test that says how much Ritalin you're supposed to get?'" Lauer:"It's very impressive to listen to you, because clearly you've done the homework and you know the subject." Cruise:"And you should. And you should do that also, because just knowing people who are on Ritalin isn't enough. You should be a little bit more responsible … " Minutes later, the exchange was on loop all over the world. Within a few weeks, Cruise had gone wild on Winfrey and lashed out at Lauer, and by then, the tabloids had gone into overdrive with the Cruise-Holmes relationship, which they called "TomKat." It was time for Cruise to get off the grid, but he couldn't. Cruise's star power takes a hit For most of his career, an experienced publicist named Pat Kingsley reportedly kept Cruise's private life out of the tabloids. According to a 2014 LA Weekly story, she even talked Cruise out of being more vocal about Scientology when he did press for his 2003 film "The Last Samurai." A year later, the LA Weekly story said Cruise let Kingsley go after 14 years and formed a publicity team that included his sister, Lee Anne De Vette, and fellow Scientologists. Now, in a typhoon of backlash that Cruise had never experienced before, his team may have been too inexperienced to protect him. Despite all the negative attention, "War of the Worlds" still went to No. 1 at the box office during its opening weekend ($65 million), and ended up with a worldwide take of $592 million. It would be the last time a film starring Cruise would make over $500 million worldwide for the next six years. Following the release of "War of the Worlds," TomKat was still daily tabloid fodder, especially with the news that the two were expecting a child. And then, in March 2006, Cruise went global again with the controversial "South Park" episode"Trapped in the Closet." The episode originally aired in November 2005 and revealed what Scientologists believe is the origin of life, but it also depicted Cruise as an insecure person and played on rumors about his sexuality. In the episode, one of the main characters on the show, Stan, is thought by Scientology to be the second coming of its founder, L. Ron Hubbard. This leads Scientologists, including Cruise, to flock to Stan's house to pay their respects. But when Stan insults his acting ability, Cruise hides in Stan's closet, leading to Stan saying, "Dad, Tom Cruise won't come out of the closet." Comedy Central delayed re-airing the episode in March 2006 because Cruise reportedly had declared he would not promote "Mission: Impossible 3" unless Viacom (which owns the film's studio, Paramount, and Comedy Central) canceled the rebroadcast. Cruise's reps denied he ever threatened not to promote the film. The controversy made headlines all over the world and led "South Park" fans to declare they would boycott "Mission: Impossible 3" until Comedy Central aired the episode. The episode finally re-aired in July of that year. "Closetgate," as it would become known, was the last straw. The constant tabloid coverage of TomKat, plus rumors that Cruise and Holmes' relationship was supposedly arranged by the church, had turned people off. (Cruise and Holmes married in November 2006 and divorced six years later.) The bad press soon began to affect Cruise's career. "Mission: Impossible 3" opened in theaters in May 2006, and Cruise's Q score — the appeal of a celebrity, brand, or company to the public — was down 40%. Though the film was No. 1 in the US on its opening weekend ($48 million), it lost appeal as the weeks passed. Ticket sales dropped 47% during its second week in theaters and 53% in its third week. "Mission: Impossible 3" is the lowest-grossing film in the franchise to date, with a $400 million worldwide gross. It was at this point that Redstone gave Cruise his wake-up call: "We don't think that someone who effectuates creative suicide and costs the company revenue should be on the lot. His recent conduct has not been acceptable to Paramount." The long road back to superstardom After being kicked off the Paramount lot, Cruise hired a publicist with more experience and buckled down for a comeback. He brought his production company over to MGM and took partial ownership of the iconic United Artists studio. Cruise also became less vocal about Scientology in public, though he was apparently still very much involved in private. In 2008, a Scientology-produced video went viral on YouTube of the actor explaining what the religion meant to him. Cruise paused making action movies and turned to dramas like "Lions for Lambs" (2007) and "Valkyrie" (2008). In between those films, he agreed to star in pal Ben Stiller's 2008 comedy " Tropic Thunder" as the overweight, bigger-than-life movie exec Les Grossman. It was the best move Cruise had made in years. In doing something so out of character, he began to win back fans. "Tropic Thunder" reunited Cruise with his former studio, Paramount. Although Cruise's production company was kicked off the lot, it didn't mean he couldn't still be cast in the studio's films. The wheels were now in motion for Cruise to get back on Paramount's good side so he could make more "Mission: Impossible" movies. Being a hit in "Tropic Thunder," Paramount's biggest comedy of the year for Paramount, was a good starting point. Director J.J. Abrams, who directed Cruise in "Mission: Impossible 3" and was in Paramount's good graces after directing the studio's hit "Star Trek Into Darkness," was also working to get Cruise back in the franchise. In the summer of 2010, news broke that Cruise would be starring in "Mission: Impossible — Ghost Protocol," with Abrams as producer. But this installment in the franchise would not be titled "Mission: Impossible 4," because the idea was that the film would be a refresh on the franchise, with Cruise stepping aside as the lead and giving way to rising star Jeremy Renner. Cruise didn't get the message. Back in the Ethan Hunt role, Cruise cemented his place in the franchise by scaling the tallest building in the world, the Burj Khalifa in Dubai, without a stunt double. That, and the other impressive stunts featured in the film, led to "Ghost Protocol" earning the biggest worldwide box office in the franchise's history — $695 million. It was also the second-highest earning film for Paramount in 2011, just behind "Transformers: Dark of the Moon." It wasn't all box-office wins for Cruise following "Ghost Protocol." " Knight and Day" and the " Jack Reacher" franchise didn't do as well as expected. And he could not help Universal's Dark Universe get off the ground as 2017's "The Mummy" bombed at the box office. However, he laid the seeds of what could be another profitable franchise with 2014's "Edge of Tomorrow, which — even with a slow start when it opened — ended up passing the domestic $100 million mark (the first time in nine years that a non-"Mission: Impossible" Cruise film hit that landmark number) and only grew in popularity when it got onto home video and streaming. And then there are the "M: I" movies. In 2015, "Rogue Nation," with its eye-popping stunt in which Cruise hung from the side of a plane as it took off, earned over $682.7 million worldwide and was the top-grossing film for Paramount that year. And 2018's "Fallout" did even better, taking in over $791 million worldwide. Cruise took a break from the "M:I" movies to single-handedly get audiences back in theaters after the pandemic when "Top Gun: Maverick" opened in May of 2022. It would go on to earn over $1 billion at the worldwide box office. Just over a year later, "Mission: Impossible — Dead Reckoning" opened and brought in a respectable $570 million-plus worldwide as it teed up the final chapter in Cruise's "M:I" journey with yet another stunning stunt. Despite Alex Gibney's explosive 2015 HBO Scientology documentary "Going Clear," in which Cruise is criticized for being the face of the controversial religion, Cruise remains one of the world's top movie stars. And with "Mission: Impossible — The Final Reckoning" out this month, it doesn't seem likely that he'll be knocked off that mantel anytime soon.
Yahoo
20-05-2025
- Business
- Yahoo
Charter and Cox's big cable-TV merger will ramp up the Spectrum brand in the cord-cutting era
On Friday, cable companies Charter Communications and Cox Communications announced that they've agreed to merge. Charter will acquire Cox in a deal valued at $34.5 billion. Housing market shift explained—and where it's happening the fastest 4 free Coursera courses to jump-start your AI journey Rite Aid is closing 95 more stores after selling assets to CVS and others: See the full list of locations across 6 states This is one of the biggest deals of the year. Charter, known more widely by its brand Spectrum, is one of the largest television communications operators in the country. The proposed transaction will result in Charter acquiring Cox's commercial fiber and managed IT and cloud businesses, and Cox will contribute its residential cable business to Charter. The joint press release 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.' Charter CEO Chris Winfrey said, '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.' Cox will own around 23% of the combined entity's fully diluted shares, the companies said. As part of the deal, the combined entity will assume Cox's estimated $12 billion in outstanding debt. Charter (NYSE: CHTR) stock was up around 2.58% in early trading on Friday. Cox is a privately held company. The deal is expected to close at the same time as the previously announced Liberty Broadband merger. The combined company will change its name to Cox Communications within a year of the deal closing. Spectrum will become the consumer-facing brand in the areas currently served by Cox. Winfrey will continue to serve as CEO. The combined company will remain headquartered in Stamford, Connecticut, and plans to maintain a significant presence at Cox's campus in Atlanta. Why is this strategic merger being announced? Cable companies have experienced dwindling pay-TV subscriber rates as customers 'cut the cord' by canceling cable subscriptions and switching to streaming services. As a result, the industry has invested heavily in broadband and mobile. According to the latest 'cord-cutting monitor' report from analyst firm MoffettNathanson, Charter has continued to lose pay-TV customers along with the rest of the industry. In Q4 of 2024, the cable giant lost 123,000 cable subscribers. Collectively, the cable industry is expected to continue to shed pay-TV subscribers in the coming years, declining from 67.7 million subscribers at the end of last year to 51.5 million by 2028, according to MoffettNathanson's projections. The firm says the growth of streaming services that replicate the cable bundle won't be enough to offset the downward trend. Charter will acquire Cox's existing six million subscribers if the deal closes as planned. The planned merger awaits approval from Charter shareholders and regulators. The proposed deal will further test regulators' appetite for large mergers in the Trump era. A decade ago, Comcast and Time Warner Cable (TWC) abandoned their proposed $45.2 billion combination amid concerns from the Department of Justice (DOJ) and the Federal Communications Commission (FCC). This post originally appeared at to get the Fast Company newsletter:
Time of India
16-05-2025
- Business
- Time of India
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! 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
Miami Herald
16-05-2025
- Business
- Miami Herald
Charter, Cox Communications merger valued at $34.5B
May 16 (UPI) -- Charter Communications, one of the largest telecommunications companies in the United States announced a merger Friday with privately-held Cox Communications in a multi-billion-dollar deal. Once the merger is completed, the new entity will retain the name of Atlanta-based Cox, a subsidiary of parent company Cox Enterprises, a private firm founded in 1898 that also has dealings in the automotive industry. Cox acquired its first cable franchise in 1962. The deal gives Cox Communications a value of approximately $34.5 billion. Charter Communications' stock climbed sharply on the Nasdaq Composite at market open Friday before retreating somewhat. The company's shares were up $7.03 or 1.68% at 10:42 a.m. EDT. Under the terms of the deal, Connecticut-based Charter is acquiring all of Cox's commercial fiber and managed IT and cloud businesses. Cox will also get $4 billion worth of cash and approximately $17.9 billion worth of combined shares, giving the parent company an approximately 23% ownership stake in the new venture. The new company will remain headquartered in Stamford, Conn., and also assume an existing $12 billion worth of Cox Communications' debt. Prior to the deal, Charter was the largest cable operator in the United States, reaching over 32 million subscribers in 41 states. It was also the fifth-largest provider of residential phone lines. Charter's Spectrum brand will survive the merger and will "become the consumer-facing brand within the communities Cox serves." In 2017, Charter announced a partnership with Comcast Communications to share information about wireless services, a year after its $78.7 billion purchase of Time Warner Cable. "Cox and Charter have been innovators in connectivity and entertainment services -- with decades of work and hundreds of billions of dollars invested to build, upgrade, and expand our complementary regional networks to provide high-quality internet, video, voice and mobile services," Charter President and CEO Chris Winfrey said in a jointly-issued statement. "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. We will continue to deliver high-value products that save American families money, and we'll onshore jobs from overseas to create new, good-paying careers for U.S. employees that come with great benefits, career training and advancement, and retirement and ownership opportunities." Winfrey will retain both executive titles upon completion of the deal. "Our family has always believed that investing for the long-term and staying committed to the best interests of our customers, employees and communities is the best recipe for success," Cox Enterprises Chairman and CEO Alex Taylor said in the companies' statement. "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." Copyright 2025 UPI News Corporation. All Rights Reserved.
