Charter Communications (CHTR) secured final approval from the California Public Utilities Commission for its $34.5 billion acquisition of Cox Communications. The transaction is expected to close next week.
The combined entity will surpass Comcast to become the largest cable and broadband provider in the United States. The new company will serve approximately 59 million homes and businesses.
As part of the regulatory agreement, the companies committed $275 million to expand broadband access for low-income residents. The corporate entity will adopt the Cox Communications name while retaining the Spectrum brand for consumer-facing services.
This consolidation establishes a dominant market leader in the communication services sector. The deal is expected to trigger strategic shifts from major competitors including Comcast, Verizon, and AT&T.