Charter Closes $34.5 Billion Cox Deal in Cable Megamerger, Company to Adopt Cox Communications Name
Key Points:
- Charter Communications finalized its $34.5 billion acquisition of Cox Communications, creating a cable giant operating in 45 states and serving approximately 37 million customers.
- The deal received final regulatory approval from the California Public Utility Commission, with Charter planning to rebrand the parent company as Cox Communications within a year while continuing to use the Spectrum brand for services.
- Charter is offering one free year of mobile service to new Cox internet customers and will launch its full product suite in former Cox markets by mid-September.
- Liberty Broadband, led by John Malone, exited as a direct shareholder in Charter, while Cox Enterprises now owns about 26% of the combined company, becoming the largest single shareholder.
- Leadership changes include Chris Winfrey continuing as CEO, Alex Taylor of Cox Enterprises appointed chairman, and new board members from Cox and Advance/Newhouse joining the Charter board.