Charter Communications to Acquire Cox Communications in $34.5B Deal

On May 16, 2025, Charter Communications, Inc. (NASDAQ: CHTR) and Cox Communications announced a definitive agreement to combine their businesses in a transformative transaction. This merger aims to 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.

Charter Communications, Inc. and Cox Communications have entered into a definitive agreement to combine their businesses in a transformative transaction. This merger aims to 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. The proposed transaction values Cox Communications at an enterprise value of approximately $34.5 billion based on, and at parity with, Charter’s recent enterprise value to 2025 estimated Adjusted EBITDA trading multiple.

The merger will see Charter acquire Cox Communications’ commercial fiber and managed IT and cloud businesses, while Cox Enterprises will contribute Cox Communications’ residential cable business to Charter Holdings. The combined entity will assume Cox’s approximately $12 billion in outstanding debt and will have approximately 3.9x net leverage, including the impact of the Liberty Broadband and Cox transactions, based on the net debt of each company as of March 31, 2025. Charter expects to adjust at closing its long-term target leverage range to 3.50 – 4.00x to reflect the enhanced size of its balance sheet.

Following the closing, the combined company’s industry-leading products will launch across Cox’s approximately 12 million passings and 6 million existing customers, under the Spectrum brand. The new combination will create a best-in-class customer service model, integrating Cox’s rich service history with Charter’s 100% U.S.-based, employee-focused service and sales model and industry-leading customer commitments. Charter customers will benefit from Cox Business’ well-known industry leadership in business telecommunications, including Segra and RapidScale.