Anchor
Charter closes $34.5 billion Cox merger to form largest US broadband operator
Money MovesThe combined company serves about 38 million subscribers and sells internet to more US homes than any rival
Today: Charter closes the Cox and Liberty Broadband dealsNew here? Follow stories to track developments over time. Create a free account to get updates when stories you care about change.
Overview
Updated 2 hours agoCharter Communications closed its $34.5 billion purchase of Cox Communications on Thursday, folding two of the country's biggest cable providers into one company. It now sells internet to about 35.6 million homes and businesses, more than Comcast.
The combined operator has roughly 38 million video, internet, and mobile subscribers across 45 states. Starting in mid-September, Cox customers move to Charter's Spectrum brand. The parent company will take the Cox Communications name within a year.
Why it matters
The combined company sells home internet to more Americans than any rival, giving it more pricing power just as wireless competitors chase the same customers.
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Key Indicators
$34.5B
Deal value
Includes $21.9 billion in equity and $12.6 billion in assumed debt and other obligations.
~38M
Total subscribers
Video, internet, and mobile customers across the combined company.
~35.6M
Broadband customers
Home and business internet, ahead of Comcast's roughly 31 million.
45
US states served
The Spectrum brand will reach Cox markets starting in mid-September.
~26%
Cox Enterprises stake
Family-owned Cox Enterprises' share of the combined company after close.
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People Involved
Chris Winfrey
President and CEO of the combined company
Leading integration of Charter and Cox
Alex Taylor
Chairman and CEO of Cox Enterprises
Now chairman of the combined company's board
John C. Malone
Longtime cable investor, chairman of Liberty Broadband
Liberty Broadband absorbed into Charter at close
Organizations Involved
Charter Communications
Cable and broadband operator
Acquirer; parent will rename to Cox Communications
The cable operator behind the Spectrum brand, now the largest US broadband provider.
Cox Communications
Cable and broadband operator
Acquired; name passes to combined parent
The largest privately held US cable company, now merged into Charter.
California Public Utilities Commission (CPUC)
State regulator
Granted final approval needed to close
California's utility regulator, the last body whose sign-off the deal needed.
Timeline
May 2025 September 2026
6 events
Latest: Today
Tap a bar to jump to that date
-
Spectrum brand reaches Cox markets
Upcoming OperationsThe company begins extending its Spectrum brand into former Cox territory in mid-September.
-
Charter closes the Cox and Liberty Broadband deals
Today DealThe merger completes, creating the largest US broadband operator with about 38 million subscribers across 45 states.
-
California grants the final approval
RegulatoryThe California Public Utilities Commission approves the deal with conditions, including network upgrades and low-cost internet plans. It was the last state hurdle.
-
FCC approves the merger
RegulatoryThe Federal Communications Commission clears the combination, the main federal sign-off for the deal.
-
Charter shareholders approve the deal
CorporateMore than 99% of votes cast at a special meeting back the merger and related steps needed to close.
-
Charter announces $34.5 billion Cox deal
DealCharter agrees to buy Cox Communications, combining the two large cable operators. The price includes $21.9 billion in equity and $12.6 billion in assumed debt.
Historical Context
3 moments from history that rhyme with this story — and how they unfolded.
February 2014 - April 2015
Comcast's blocked bid for Time Warner Cable (2014-2015)
Comcast agreed to buy Time Warner Cable for about $45 billion. Regulators at the FCC and Justice Department signaled the combined company would control too much of the broadband market, and Comcast walked away in April 2015.
Then
The collapse freed Time Warner Cable to sell to Charter instead a year later.
Now
It marked a rare instance of regulators stopping cable consolidation over broadband concentration.
Why this matters now
It shows these mergers can die at the regulatory stage. Charter cleared the FCC and all 45 states, a sign the concerns that sank Comcast's bid carried less weight this time.
July 2015
AT&T buys DirecTV (2015)
AT&T paid about $49 billion for DirecTV, betting big on satellite pay-TV just as streaming took off. Subscribers fled, and AT&T later spun off the TV business at a fraction of the price.
Then
AT&T gained tens of millions of TV customers and heavy debt.
Now
Cord-cutting gutted the value, and AT&T offloaded a majority stake in 2021 at a steep markdown.
Why this matters now
It is a warning about buying into shrinking pay-TV. Charter's deal leans on broadband and mobile, not video, which is exactly the business AT&T misjudged.
May 2016
Charter buys Time Warner Cable (2016)
Charter acquired Time Warner Cable and Bright House Networks in a set of deals worth roughly $65 billion. Overnight it jumped from a mid-size operator to the second-largest US cable company and launched the Spectrum brand.
Then
Charter absorbed millions of customers and spent years merging billing systems and rebranding services under Spectrum.
Now
The deal set the template Charter is now repeating: buy a large rival, cut costs, and put everything under the Spectrum name.
Why this matters now
This is the same playbook. The Cox integration will test whether Charter can repeat its earlier rebranding without driving customers away.
Sources
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