Charter Communications will combine with closely held Cox Communications in a cash-and-stock deal that values Cox at about $34.5 billion including debt.

Stamford

Charter Communications has announced an agreement to combine with Cox Communications in a deal valued at approximately $34.5 billion, including debt. The transaction will be conducted through a mix of cash and stock. Cox Communications, previously closely held by the Cox family, will now become part of Charter's expanding operations.

The cable and broadband industry has been facing significant competition from telecommunications companies offering fixed wireless and fibre internet services. As a result of these pressures, cable’s share of the US broadband market has declined from about 67 percent to around 60 percent over recent years. The merger is seen as a response to this growing competition.

Both cable and telecom companies have been expanding into each other’s core businesses. Cable providers, including Charter, have increased their mobile subscriber base, while telecommunications firms continue to invest in fixed broadband. The deal is aimed at creating bundled offerings that include both mobile and broadband services to help retain customers.

Market response to the announcement has been positive, with Charter’s stock price rising in pre-market trading following the news. Charter has focused on a strategy of aggressive pricing and bundled service convergence, and this acquisition aligns with that approach.



Charter to purchase Cox in $34.5 billion cable deal

What do you think persuaded the Cox family ownership to sell here. And what does this mean for the whole cable landscape. Yeah thank you so much Matt. So you know the cable industry the cable broadband industry especially has been under intense pressure over the past few years especially from the telecom players. So you've had Verizon T-Mobile and AT&T kind of come out with new products both with fixed wireless access which is also cell phone based Internet access as well as fiber. And so cable is kind of facing this double whammy on both ends of the market both competing in terms of price as well as in terms of quality with fiber. And so this is really a response to that. You know cable broadband had the lion's share of the market. It still does. But just a few years ago it dominated the broadband market. The U.S. broadband market with about almost a 67 percent share. Now thanks to that intense telecom competition we're down to about a 60 percent share. And it looks like you know they will face this competition over the next few years as well. So this is really just a response to that intensifying competition. I want to talk a little bit about the logic. I mean it seems to make sense obviously. Investors agreeing with that when you take a look at charter moving 4 percent higher now pre-market. But reading through some of the reaction it seems like the bet here is on convergence. This idea that in the future customers will want to buy their Internet their mobile phone services in the same place. Is that your view as well. Absolutely. And so cable has not normally been like the fixed bra on the fixed broadband side has has totally dominated. And of course you have the telecom operators on the mobile and the wireless side. And this is really both both parties. So both cable and telecom have been getting into each other's space. And cable now for the past few years has really kind of racked up a good number a good number of mobile subscribers. And yes they are trying to offer a discounted converged bundle both with the mobile and the broadband product to really kind of retain those subscribers. And that is absolutely the play here. Charter has been extremely aggressive in this price led strategy with mobile convergence. And this is exactly the rationale and the logic behind this deal as well. Katie.

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