Charter and Cox Communications agree to $35 billion merger

Charter Communications has agreed to buy Cox Communications from privately held Cox Enterprises for approximately $34.5 billion, with Cox Enterprises to become Charter's largest shareholder, the companies announced on Friday.Why it matters: The combined company would become America's largest cable TV and broadband provider by subscribers, leapfrogging Comcast.Zoom in: The combined company eventially will be called Cox Communications, with Charter CEO Chris Winfrey retaining his title and Cox Enterprises CEO Alex Taylor serving as chairman.Some layoffs are expected to result from the merger. Other Cox Enterprises businesses, including Axios and Autotrader, are not directly impacted.Concurrent to this deal, Charter would complete its all-stock buyout of John Malone's Liberty Media, which was announced last fall. By the numbers: Cox Enterprises would remain privately held by the Cox family and receive a 23% stake in the merged entity, plus $4 billion in cash.The $34.5 billion headline figure also includes around $12 billion in assumed Cox debt.Charter has agreed to establish both a $50 million charitable foundation and a $5 million employee relief fund — both modeled after existing Cox initiatives.Behind the scenes: The two companies are said to have begun seriously talking several months ago, spurred on by Malone's pending sale. The final board votes occurred yesterday.More than a decade ago, Cox was in advanced talks to merge with Time Warner Cable, but the deal fell through and Charter swooped in. Now it's combining, in part, with those same assets.What to watch: How Comcast responds.One possibility is that Comcast makes a play for Cox Communications and its six million subscribers. Another is that it will try to twist antitrust regulators' arms in D.C., although Comcast CEO Brian Roberts is not currently in President Trump's good graces.Editor's note: Cox Enterprises is the owner of Axios Media.

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