Charter Communications and Cox Communications have announced a merger agreement where Charter will acquire Cox's commercial fiber and managed IT businesses, with Cox contributing its residential cable business. The newly merged entity will operate under the name Cox Communications while using the Spectrum brand. Alongside this merger, Liberty Broadband will expedite its acquisition of Charter. Cox will receive substantial financial compensation, including $4 billion in cash and over $11 billion in common units. Cox Chairman Alex Taylor emphasized the merger's benefits for customers and communities.
"In Charter, we've found the right partner at the right time and in the right position to take this commitment to a higher level than ever before, delivering an incredible outcome for our customers, employees, suppliers and the local communities we serve."
"Cox will receive... $4 billion in cash, $6 billion notional amount of convertible preferred units in Charter's existing partnership, and approximately 33.6 million common units in Charter's existing partnership with an implied value of $11.9 billion."
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