Charter Communications is merging with Cox Communications successful an astir $34.5 cardinal woody that brings unneurotic 2 of the biggest cablegram companies successful the country
ByMICHELLE CHAPMAN AP concern writer
Charter Communications has offered to get Cox Communications, a $34.5 cardinal merger that would harvester 2 of the largest cablegram companies successful the U.S.
Cox is the 3rd largest cablegram tv institution successful the country, with much than 6.5 cardinal integer cable, internet, telephone, and location information customers. Charter Communications, known to galore arsenic Spectrum, has much than 32 cardinal customers successful 41 states.
Charter said Friday that it volition get Cox Communications’ commercialized fibre and managed IT and unreality businesses. Cox Enterprises volition lend Cox Communications’ residential cablegram concern to Charter Holdings, an existing subsidiary concern of Charter.
Cox Enterprises volition ain astir 23% of the combined company's outstanding shares.
The transaction, which needs support from Charter shareholders arsenic good arsenic regulators, includes $12.6 cardinal successful debt.
The combined institution volition alteration its sanction to Cox Communications wrong a twelvemonth aft closing. It volition support Charter’s office successful Stamford, Connecticut, and person a important beingness connected Cox’s Atlanta, Georgia field pursuing the closing.
After the woody is complete, Charter CEO Chris Winfrey volition go president and CEO of the combined company. Cox CEO and Chairman Alex Taylor volition service arsenic chairman.
Shares of Charter roseate 6% earlier the marketplace open. Cox is simply a backstage company.
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