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Investing.com -- Charter Communications (NASDAQ:CHTR) and Cox Communications, two major U.S. cable companies, have agreed to merge, according to an announcement on Friday.
The merger values Cox at $34.5 billion, including $21.9 billion of equity and $12.6 billion of net debt and other obligations.
This valuation is consistent with Charter’s recent enterprise value based on its estimated adjusted earnings before interest, taxes, depreciation, and amortization for 2025, as stated in a press release.
The combined entity will adopt the name Cox Communications within a year of the deal’s completion.
Chris Winfrey, the current CEO of Charter, will continue to lead as the president and CEO after the merger.
Alex Taylor, the chairman and CEO of Cox Enterprises, will take up the position of chairman of the newly formed company’s board.
In addition, another executive from Cox will join the board, and the Cox family will retain the right to keep two board members.
The merger is a significant move in the cable industry, with the combined entity set to become a dominant player in the U.S. market.
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