In one of the biggest telecom acquisitions in years, the cable giants Charter Communications and Cox Communications have agreed to merge in a $34.5 billion deal.

Charter is the second largest cable company in the U.S. after Comcast, while Cox is also among the largest with six million subscribers. Combining the two companies would create a cable behemoth, with enormous scale in both broadband internet connectivity and video.

Charters footprint includes New York City and Los Angeles, while Cox is a major player in cities like Boston, Phoenix and New Orleans. Assuming the deal closes, the combined company will be led by Charter CEO Chris Winfrey, with Cox CEO Alex Taylor serving as board chairman. The company would be called Cox Communications, with Spectrum being the brand that it uses for its consumer-facing business.

The company will be based in Charters headquarters in Stamford, Connecticut, while maintaining a large presence at Coxs Atlanta, Georgia hub.

The companies did not specify when they believe the deal will be able to close (it will need to navigate a regulatory environment that has been tougher than many companies had anticipated), but Liberty Broadband said that it would accelerate its own acquisition by Charter to coincide with the Cox deal.

In announcing the deal, Charter said that adding Cox would give it additional scale on broadband and mobile, and called out Big Tech dominance in video and advertising, framing the deal as a way to take on the tech giants. Spectrums local stations will expand to Coxs footprint, with Cox ownership of the Atlanta Journal-Constitution also a factor.

Were honored that the Cox family has entrusted us with its impressive legacy and are excited by the opportunity to benefit from the terrific operating history and community leadership of Cox, said Chris Winfrey, president and CEO of Charter. Cox and Charter have been innovators in connectivity and entertainment services with decades of work and hundreds of billions of dollars invested to build, upgrade, and expand our complementary regional networks to provide high-quality internet, video, voice and mobile services. This combination will augment our ability to innovate and provide high-quality, competitively priced products, delivered with outstanding customer service, to millions of homes and businesses. We will continue to deliver high-value products that save American families money, and well onshore jobs from overseas to create new, good-paying careers for U.S. employees that come with great benefits, career training and advancement, and retirement and ownership opportunities.

Our family has always believed that investing for the long-term and staying committed to the best interests of our customers, employees and communities is the best recipe for success, added Alex Taylor, chairman and CEO of Cox Enterprises. In Charter, weve found the right partner at the right time and in the right position to take this commitment to a higher level than ever before, delivering an incredible outcome for our customers, employees, suppliers and the local communities we serve.