Cable Giants Unite: Cox and Charter Announce Merger

Two of America's largest cable companies are merging. Cox Communications and Charter Communications, which operates under the Spectrum name, announced the merger on Friday, creating a major TV and internet provider valued at $34.5 billion.

The new company will be called Cox Communications, while Spectrum will remain the consumer-facing name. The deal is contingent on regulatory approval.

Cox customers will have the choice to pay less for new Spectrum bundled services or to keep their current plans. Cox estimates that 6 million existing customers will switch to Spectrum service.

"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," said Chris Winfrey, president and CEO of Charter. "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.”

The merger means that Spectrum service will be available in major markets such as Las Vegas, New Orleans, Oklahoma City, Norfolk, San Diego, and Phoenix. Charter states it has over 30 million Spectrum internet customers and 12.7 million video customers.