Today, Charter Communications and Cox Communications announced that they have entered into a definitive agreement to combine their businesses.
The merger values Cox Communications at approximately $34.5 billion. The companies stated: “In the transaction, Charter will acquire Cox Communications’ commercial fiber and managed IT and cloud businesses, and Cox Enterprises will contribute Cox Communications’ residential cable business to Charter Holdings, an existing subsidiary partnership of Charter.”
Chris Winfrey, President and CEO of Charter informed investors, “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. 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.”
Moving forward, Winfrey said, “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.”
Alex Taylor, Chairman and CEO of Cox Enterprises stated, “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.”
The companies hope the merger will assist on several fronts, including combating increasing competition from AT&T, T-Mobile, and other wireless providers.
By CEO NA Editorial Staff
