Charter Agrees to Combine With Cox in $34.5 Billion Cable Deal

Charter Communications Inc. has agreed to combine with privately held Cox Communications in a deal that would unite two of the biggest US cable providers.

The transaction will value Cox at about $34.5 billion including debt, according to a statement Friday that confirmed an earlier Bloomberg News report. The Cox family will be the largest shareholder in the combined company with a stake of about 23% and will have seats on the board.

Shares of Charter have risen about 22% this year, giving the company a market value of roughly $66 billion.

The combination is one of the largest ...