Charter and Cox to merge in $34.5 billion deal

Two of the biggest cable companies in the United States have agreed to merge, marking a major milestone in consolidation as cord-cutters continue to ditch their pricey TV packages, thus forcing companies to adjust to their dwindling futures.

Charter Communications, which operates under the Spectrum branding, is combining with its privately held rival Cox Communications, which it values at $34.5 billion including debt, the two companies announced Friday.

Combining helps both of the companies on several fronts. The first is growing competition from AT&T, T-Mobile and other wireless providers, which are poaching customers with their own broadband services and packaging them with wireless plans. Plus, people are ditching their pay-TV packages for cheaper streaming options and further chipping away at the cable companies' once-lucrative bottom lines.

A combined entity will help both companies compete against wireless services and improve their offerings.

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