Cox customers to be switched to Spectrum following major merger

Key Points:

• Charter Communications has completed its acquisitions of Cox Communications and Liberty Broadband Corporation, becoming the largest broadband and video company in the U.S. and the fastest-growing mobile provider in its expanded 45-state service area.
• The merger will bring Spectrum’s products, pricing, and customer service to former Cox markets starting mid-September, including a free year of mobile service for Cox internet customers and enhanced customer service commitments such as 24/7 U.S.-based support and same-day technician dispatch.
• Cox Enterprises received approximately $9 billion in Charter Holdings units and $4 billion in cash, resulting in a 26% ownership stake in the combined company, while Liberty Broadband shareholders exchanged their shares for Charter stock, leading to a net decrease of about 4.7 million Charter shares outstanding.
• Spectrum will integrate Cox’s customer service workforce into its U.S.-based operations, offering employees industry-leading benefits, competitive wages, career development programs, and an employee stock purchase plan.
• Governance changes include Alex Taylor as Chairman of Charter’s board and Eric Zinterhofer as lead independent director; the company will retain the Spectrum brand but plans to change its parent company name to Cox Communications within a year, maintaining headquarters in Stamford, CT.