Charter Communications announced today that it has
completed its acquisition of Cox Communications, expanding the Spectrum
brand into Cox markets that include parts of Southern California and bringing
the Dodgers’ SportsNet LA channel to former Cox customers in the region.
The company also completed its acquisition of Liberty Broadband Corp.
in a separate all-stock transaction.
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.”
The transaction also means Spectrum SportsNet LA, the television home
of the Los Angeles Dodgers, is now available to Spectrum customers in former
Cox markets within the Dodgers’ broadcast territory.
The company said customers with Contour TV Preferred or Contour TV
Ultimate in former Cox markets in Orange County, Palos Verdes, Santa Barbara
and Las Vegas have access to SportsNet LA. The network is available on channel
63 in Orange County, channel 54 in Palos Verdes, channel 36 in Santa Barbara
and channel 50 in Las Vegas.
SportsNet LA carries Dodgers regular-season games along with pregame,
postgame and other team programming.
Charter also 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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