Charter Communications has completed its transaction with Cox Communications, creating a combined broadband and cable company with more than 30 million customers.
The company will operate under the Spectrum brand across all markets. Spectrum products, pricing and packages are expected to launch in former Cox markets in mid-September.
Beginning immediately, eligible Cox internet customers who do not already have Cox Mobile can receive a free mobile line for one year, Charter said.
As part of the transaction, Cox Enterprises received approximately $4 billion in cash, $6 billion in convertible preferred units and common units valued at approximately $5 billion. Cox Enterprises now owns about 26% of the combined company’s fully diluted shares.
Approximately $12 billion in Cox debt and finance leases will remain with Charter subsidiaries.
Alex Taylor, chairman and CEO of Cox Enterprises, has been appointed chairman of Charter’s board. Chris Winfrey will remain Charter’s president and CEO.
Within a year, Charter plans to change its parent company name to Cox Communications. Its services will continue to use the Spectrum brand, and the company will remain headquartered in Stamford, Connecticut.
Charter also completed its acquisition of Liberty Broadband in a separate all-stock transaction.
The transaction involves Cox Communications, the broadband and cable company. It does not include Cox Media Group, which owns WFTV.
Read the full announcement here.
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