Charter Closes $34.5 Billion Cox Merger

Charter Communications' $34.5 billion merger with Cox officially concluded on Thursday morning. Simultaneously, Charter finalized the acquisition of Liberty Broadband through an all-stock transaction. The Spectrum brand and pricing will be implemented in Cox markets starting mid-September, with the newly formed entity adopting the Cox name within a year. The company will retain its headquarters in Stamford, Connecticut, and maintain a significant presence at Cox's Atlanta campus.

The merger, which will establish the nation's largest Internet and video provider by subscriber base, obtained approval from the FCC and regulators across 45 states where the companies operate. Chris Winfrey, Charter's president and CEO, expressed his satisfaction with the addition of Cox to the Spectrum footprint, stating that together they would provide enhanced products, competitive pricing, and top-notch customer service to a broader customer base.

Liberty Broadband chairman John Malone noted that the combination of Charter and Cox would result in a stronger, more competitive company, allowing for further investment and innovation while providing Liberty Broadband shareholders with a direct stake in its future. Winfrey highlighted that Cox employees would benefit from the program and benefits that have established Charter as an employer of choice.

To comply with FCC requirements, Charter pledged to transition all offshore job functions handled by Cox within 18 months, adhering to its commitment to a 100% U.S.-based workforce. Furthermore, the company agreed to uphold its industry-leading employment practices, including a minimum starting wage of $20 per hour for Cox workers.

Charter also introduced new measures to prevent "DEI discrimination" and reaffirmed its commitment to equal opportunity and nondiscrimination, ensuring that job recruitment, hiring, and promotion decisions are based on skills, qualifications, and experience.

In addition to FCC concessions, Charter reached a settlement with California's Public Utilities Commission, the Public Advocates Office, and the California Emerging Technology Fund (CETF). This agreement includes a $30 million investment in digital inclusion initiatives, such as broadband adoption, digital literacy training, community outreach, and device access for underserved communities.

The combined company also committed to upgrading its California network, providing symmetrical one-gigabit service across legacy service areas within three years, and contributing $5 million to Community Development Financial Institutions to expand capital access for underserved California small businesses.