US cable giants Charter and Cox pursue $34.5 billion merger

Charter Communications and Cox Communications will pursue a $34.5 billion merger, a tie-up that would combine two of the largest cable companies in the U.S.

Charter said Friday that it will acquire Cox Communications' commercial fiber and managed IT and cloud businesses. Cox Enterprises will contribute Cox Communications' residential cable business to Charter Holdings, an existing subsidiary partnership of Charter.

The transaction includes $12.6 billion of debt and other obligations.

The combined company will change its name to Cox Communications within a year after closing. It will keep Charter's headquarters in Stamford, Connecticut, and have a significant presence on Cox's Atlanta, Georgia campus following the closing.