- M&A
- May 17, 2025
- 3 minutes read
Cable Giants Charter, Cox To Merge In $35B Deal
Charter Communications (NASDAQ: CHTR) and Cox Communications, two of the largest cable television companies in the U.S., have agreed to…
Charter Communications (NASDAQ: CHTR) and Cox Communications, two of the largest cable television companies in the U.S., have agreed to merge in one of the largest corporate deals of 2025.
Per the agreement, Charter will pay Cox Enterprises, the privately-held parent firm of Cox Communications, $4bn in cash, $11.9bn in shares, and $6bn in bonds convertible to Charter shares, totaling $21.9bn. It’ll also assume $12.6bn of Cox Communications’ outstanding debt, summing up to a $34.5bn enterprise value.
- Charter Communications is the largest cable television provider in the U.S., with 13 million subscribers. Cox is a top-ten cable provider, with over 3 million subscribers.
- Cable television has largely declined, as more customers switch to streaming services that offer flexibility and larger content libraries at lower prices. Though it’s still a formidable industry by raw figures, it has experienced a sharp decline since its heyday in the 2010s. Cable TV providers continue to lose millions of customers annually.
As cable TV declines, a merger would give Charter and Cox more leverage to compete for customers, negotiate with content producers, and invest in new frontiers. Both companies offer online streaming services that rival popular platforms like Netflix and Amazon Prime Video.
The combined company will be called Cox Communications and will be headquartered in Stamford, Connecticut, Charter’s current headquarters. Atlanta-based, family-held Cox Enterprises, the parent firm of Cox Communications, will own 23% of the combined company.
- Chris Winfrey, Charter’s chief executive, will be president and chief executive of the combined company. Cox’s chief executive, Alex Taylor, will serve as chairman.
- Barring regulatory pushback, the deal is expected to close in mid-2026.