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Cable companies Cox, Charter to merge in $34.5 billion deal

Cox Communications (Ben Morgan)

A merger was announced between two of the largest cable companies in the country, including one with a big footprint in Tulsa.

Cox Communications and Charter Communications announced an agreement to combine businesses and eventually taken on the Cox Communications name.

“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, GA campus following the closing.” The companies said in a press release.

Charter CEO Chris Winfrey will be President and CEO of the new company while Cox Chairman and CEO Alex Taylor will be the new company’s board as Chairman.

In a joint release, the companies said the merger would “create an industry leader in mobile and broadband communications services, seamless video entertainment, and high-quality customer service delivering powerful benefits for American employees, customers, communities, and shareholders.”

Under the agreement, Charter is acquiring Cox’s commercial fiber and managed IT and cloud businesses, and Cox Enterprises will contribute Cox Communications’ residential cable business to Charter Holdings, an existing subsidiary partnership of Charter.

In the announcement, the companies said the benefits of the deal include: combining products to create a larger footprint, U.S.-based customer service, customer credits for outages lasting longer than two hours and more.

The agreement is subject to regulatory approval.

Read more about the merger here

Cox Enterprises holds a minority share in KRMG’s parent company Cox Media Group.

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