SAN DIEGO (CNS) - Charter Communications announced Thursday that it has completed its acquisition of Cox Communications, expanding the Spectrum brand into Cox markets that include parts of Southern California.
The company also completed its acquisition of Liberty Broadband Corp. in a separate all-stock transaction.
Cox has a significant presence in San Diego County, where it provides internet, television, phone and other communications services to residential and business customers.
Charter said it plans to introduce Spectrum branding, pricing and product packages across all former Cox markets in mid-September. The combined company's services are available to more than 70 million homes and businesses across 45 states, according to Charter.
"The addition of Cox to the Spectrum footprint is one that can be celebrated by customers, employees and investors alike," Charter President and CEO Chris Winfrey said in a statement. "Together, we will bring the best products, at the best price, coupled with the highest level of customer service to more customers across our expanded 45-state Spectrum footprint."
Charter said Cox internet customers who do not already subscribe to Cox Mobile will be offered a free mobile line for one year. Spectrum's full suite of products is expected to become available in former Cox markets in mid- September.
Within the next year, the parent company will change its name to Cox Communications while continuing to use the Spectrum brand in its markets, according to Charter. The company will remain headquartered in Stamford, Connecticut, while maintaining a significant presence in Atlanta.
Alex Taylor, chairman and CEO of Cox Enterprises, was appointed chairman of Charter's board, while Winfrey will remain Charter's president and CEO and a member of the board.
"For generations, my family has believed in building businesses that matter and stand the test of time," Taylor said. "The broadband industry has shaped how people live, work and connect with one another, and we believe deeply in its future."
In the Liberty Broadband transaction, Charter said it retired approximately 38.6 million Charter shares previously owned by Liberty Broadband and issued about 33.9 million shares to Liberty Broadband common shareholders, resulting in a net reduction of approximately 4.7 million outstanding Charter shares.
Charter also assumed approximately $840 million in Liberty Broadband net debt, which the company said will be repaid shortly after closing.
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