MW Two big cable TV providers to combine as shift to streaming services continues

By Steve Gelsi

Charter Communications to buy privately owned Cox in a deal that values Cox at nearly $35 billion

Charter Communications Inc. said Friday it would buy privately held Cox Communications in a $34.5 billion deal to combine two big names in cable TV as the business continues to lose market share to streaming video providers.

Charter Communications' stock $(CHTR)$ rose 2.4% in premarket trading after the deal was announced, as Wall Street initially gave a thumbs-up on the agreement to create what the companies describe as "an industry leader in mobile and broadband communications services, seamless video entertainment, and high-quality customer service."

The merger will also provide "powerful benefits for American employees, customers, communities, and shareholders," the companies said.

Spectrum will become the consumer-facing brand within the communities Cox serves, the companies said.

Cable television has been in a state of long-running decline, as streaming services have steadily eaten away at viewers over the past decade. But there are still about 60 million people in the U.S. who pay for cable.

Making things worse for the cable industry, services from Amazon.com Inc. $(AMZN)$, Apple Inc. $(AAPL)$ and Netflix Inc. $(NFLX)$ have been moving into live sports, hurting one advantage that cable TV had over streaming services.

Lukas Alpert contributed to this article.

Also read: Will ESPN's new streaming service spell the end for cable television?

-Steve Gelsi

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May 16, 2025 07:23 ET (11:23 GMT)

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