- The FCC approved Charter Communications' $34.5 billion purchase of Cox Communications on Feb. 27, 2026, with conditions Charter largely volunteered: onshore jobs, an end to diversity initiatives, and commitments to upgrade Cox's network and deliver faster speeds sooner.
- California regulators unanimously cleared the deal on Aug. 13, 2026, the final regulatory approval after FCC and DOJ sign-off, with state conditions including $275 million in network upgrades, a $20 monthly low-income internet plan, and 72-hour backup batteries for new subscribers.
- The combined company becomes the largest US broadband provider with roughly 36 million broadband subscribers and about 70 million passings, operating under the Cox brand.
- Charter shifts free cash flow priorities from aggressive buybacks to debt reduction, targeting 3.5x net debt/EBITDA within three years post-Cox against roughly $110 billion of debt and $28 billion of combined adjusted EBITDA.
- After roughly $5.5 billion per year of debt reduction, only about $2.1 billion to $3.6 billion annually remains for buybacks, capping the repurchase impact that long anchored the Charter thesis.
Quotes
“By approving this deal, the FCC ensures big wins for Americans”
“The FCC approved the largest cable merger in nearly a decade and did not require Charter to do anything it wasn't already planning to do”