Key dealmakers: Neil Meyer and Emily Downs of Meyer & Downs LLP, Scott Greenberg, LBI (Sheridan team); NBCU's Donna Langley
Charter, the second largest cable company in the U.S., agreed to buy Cox, another one of the largest, in a $34.5 million merger set to create a cable behemoth rivaling Comcast, the largest cable company, and giving the company the broadband and mobile scale to compete with tech giants in video and advertising. Charter already covers major cities such as New York City and Los Angeles, but with Cox, would now include other major markets such as Boston, Phoenix and New Orleans for a total footprint across 46 states with 38 million customers. The deal is expected to close in 2026, at which time the company would operate under the name Cox Communications, with Spectrum being the brand name for consumer-facing business. Cox is not a seller, per se, as it is exchanging equity for the new company, and emerging with a 23 percent ownership of shares. The merger may face regulatory hurdles given the size of the combined company, but Winfrey has argued that there is no overlap between the two company's markets and that the merger would bring needed investment to Cox's markets. "Our immediate focus post-closing will be on the deployment of our industry leading products and pricing and packaging across the Cox footprint, marrying the best products with the fastest speeds and modern entertainment solutions with the ability for customers to save hundreds or even thousands of dollars each year," Winfrey told analysts in May.