Constitution Communications and Cox Communications have accomplished a $34.5 billion merger that creates the world’s largest cable operator, with about 70 million houses and companies handed and roughly 38 million clients throughout 45 US states.
The deal’s closing comes simply days after the California Public Utilities Fee (CPUC) authorized it with an array of circumstances, following months of negotiations that delayed the deal by greater than two months. The FCC authorized the transaction in March.
A view of the mixed Constitution-Cox footprint. (Supply: Cox/Spectrum)
Constitution additionally mentioned at this time that it has accomplished its beforehand introduced acquisition of John Malone’s Liberty Broadband. That transaction contains Liberty Broadband’s 26% stake in Constitution, however not GCI, Alaska’s largest cable operator. Liberty Broadband spun off GCI in July 2025.
“The mix of Constitution and Cox creates a stronger, extra aggressive firm to additional make investments and innovate, whereas giving Liberty Broadband shareholders a direct curiosity in its future,” Malone, Liberty Broadband’s chairman, mentioned in a press release.
On the shut, Cox Enterprises and its subsidiaries now personal roughly 26% of the mixed firm’s absolutely diluted shares excellent. About $12 billion of Cox debt and finance leases will stay excellent at subsidiaries of Constitution on account of the transaction.
In a latest evaluation (registration required) of the most recent numbers, MoffettNathanson analyst Craig Moffett famous that Cox will signify 18% of the brand new firm’s income and 19% of its earnings earlier than curiosity, taxes, depreciation and amortization (EBITDA), earlier than synergies.
Cox company title paired with Spectrum branding
Constitution and Cox confirmed at this time that inside a yr the mixed firm will develop into Cox Communications, and can begin working underneath the Spectrum model throughout all markets by mid-September. Cox/Spectrum might be headquartered in Stamford, Connecticut, and can retain a “important presence” in Atlanta, Cox’s long-time headquarters metropolis, in line with a press assertion.
Constitution’s exec staff, together with President and CEO Chris Winfrey (who can be a board member of the mixed firm), will lead Cox/Spectrum. Alex Taylor, the chairman and CEO of Cox Enterprises, has been appointed chairman of the brand new firm.
Eric Zinterhofer, who beforehand served as chairman of Constitution’s board, will now function the lead impartial director of the brand new firm’s 13-member board. Cox Enterprises has appointed Dallas Clement, president and COO of Cox Enterprises, and Mark Greatrex, the previous president of Cox Communications, to the brand new firm’s board.
Pricing and packaging strikes
Alongside using the Spectrum model, the brand new firm will transfer to increase Constitution’s pricing and packaging to the Cox footprint by mid-September.
To kick issues off, Spectrum mentioned it’s providing a free yr of cellular service to Cox residence broadband clients who do not already subscribe to Cox Cellular (each Cox Cellular and Spectrum Cellular have MVNO offers with Verizon).
Spectrum will even present Cox subs with entry to video merchandise developed underneath Constitution. That features entry to the Xumo Stream Field and a pay-TV providing that gives entry to a number of ad-supported streaming providers, together with Disney+, Hulu, Discovery, HBO Max, Fox One, Paramount+ and Peacock, for no extra price. Cox subs will even get entry to the Spectrum TV app, which is supported on internet browsers, cellular units, and several other related TVs and streaming units, together with these from Roku, LG Electronics, Samsung, Vizio, Google and Amazon.
Amongst different deal-related commitments to be carried out throughout the subsequent yr, Cox/Spectrum mentioned Cox clients will achieve entry to a 100% US-based customer support staff and can obtain credit for outages that last more than two hours.
Spectrum will transition all Cox offshore gross sales and repair to the US throughout the subsequent 18 months, Winfrey mentioned on this letter to Cox clients.
Spectrum will even lengthen its gross sales and repair workforce mannequin to Cox markets, with all staff in line for a beginning wage of a minimum of $20 per hour and different advantages, together with free or discounted Spectrum cellular, TV and Web service and Spectrum’s worker inventory buy plan.
Spectrum has arrange an internet site with deal-related FAQs for Cox clients.
Winfrey is predicted to share extra particulars in regards to the going-forward plans when he speaks to media and analysts later at this time.
Editor’s word: The story has been up to date to make clear that the Spectrum model change will happen in mid-September. The change to the Cox company title will nonetheless happen throughout the subsequent yr.
