It was a Friday morning surprise, with Charter announcing it will buy Cox Communications for $34.5 billion.

Within a year after the closing, the merged company will change its name to Cox Communications. Spectrum will become the consumer-facing brand within the communities Cox serves. The combined company will remain headquartered in Stamford, CT, and will maintain a significant presence on Cox’s Atlanta campus following the closing. Cox has been private since 2005.

Charter President/CEO Chris Winfrey will continue in his role, with Cox Enterprise Chair/CEO Alex Taylor joining the board as Chairman. Advance/Newhouse, another storied cable innovator, which contributed its operations to Charter’s partnership in 2016, will retain its two board nominees

New Street Research said the deal equates to 6x pro forma for synergies. Charter is paying $4 billion in cash, $17.9 billion in convertible preferred and partnership units for a total equity purchase price of $21.9 billion. They are assuming $12.6 billion in debt for a total transaction value of $34.5BN.  Cox will own 23% of the equity once units are converted. 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.

“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,” Winfrey said in a statement.

The Cox family of businesses was founded 127 years ago, acquiring its first cable franchise in 1962. “Our family has always believed that investing for the long-term and staying committed to the best interests of our customers, employees and communities is the best recipe for success,” said Taylor. “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 Daily

Subscribe
Thursday–May 15

Gomez: If I’m Removed, It’s Not Because I Didn’t Do My Job

FCC Democratic Commissioner Anna Gomez continued her campaign of speaking out against what she has described as a weaponization of the Commission, but her speech at a Media Institute luncheon in D.C. Thursday

Read the Full Issue
The Skinny is delivered on Tuesday and focuses on the cable profession. You'll stay in the know on the headlines, topics and special issues you value most. Sign Up

Calendar

Sep 11
2025 Faxies Awards Faxies Nominations Open! Final deadline: 4/4/25
Full Calendar

Jobs

Seeking an INDUSTRY JOB or hiring for one?
VIEW JOBS

In conjunction with our sister brand, Cynopsis, we are offering hiring managers a deep pool of media-savvy, skilled candidates at a range of experience levels and sectors. The result will be an even more robust industry job board, to help both employers and job seekers.

Contact Carley Ashley, [email protected], for more information about posting a job on the website and our Jobs newsletter, sent twice weekly to 85,000 media professionals.