STAMFORD, Conn.—After getting final regulatory approvals last week, Charter Communications has completed its previously announced $34.5 billion transaction with Cox Communications (Cox) and the acquisition of Liberty Broadband Corporation.

The combined company will be by far the largest pay TV and broadband provider in the U.S., serving more than 37 million video, broadband, phone and mobile customers in 45 states.

The two merged cable operators plan to change the company’s name to Cox Communications next year but will operate under Charter’s consumer facing Spectrum brand.

The operator also plans to launch the Spectrum brand, pricing and packaging in all Cox markets.

Also as part of the deal, John Malone’s Liberty Broadband will no longer be a direct shareholder and will no longer designate board members, ending the direct influence of one of the most important pioneers and entrepreneurs in the history of cable TV.

“The addition of Cox to the Spectrum footprint is one that can be celebrated by customers, employees and investors alike,” said Chris Winfrey, Charter president and CEO. “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. And Cox employees will soon have access to all the programs and benefits that have made Charter an employer of choice where its 100% U.S.-based employees can build long-term careers.

The deal creating a much larger operation is also likely to provide new impetus to consolidation among broadcasters who will be looking for ways to strengthen their hand in retransmission consent negotiations with pay TV providers.

In announcing the closing, Winfrey also touched on the issue of consolidation and increased competition cable operators face from 5G providers, noting that, “the market has changed considerably over the past decade, and regional providers like Spectrum are competing with national and even global connectivity and entertainment companies. Today, with expanded scale, we are better positioned to compete and continue investment in our products and service, tools and platforms, and to further the capability and reach of our Spectrum Fiber Broadband Network.”

“When Liberty first invested in Charter more than a decade ago, we saw an opportunity to build scale behind a great management team and operating model,” added Dr. John C. Malone, chairman of Liberty Broadband. “The combination of Charter and Cox creates a stronger, more competitive company to further invest and innovate, while giving Liberty Broadband shareholders a direct interest in its future. I have tremendous respect for the Cox family and its long tradition of entrepreneurial leadership and responsible stewardship, and I look forward to seeing what Chris, Alex and their teams accomplish together.”

More information on the shareholding changes, new products, the combined board and other issues is available here.

STAMFORD, Conn. and ENGLEWOOD, Colo.—Charter Communications said it has entered into a deal to acquire Liberty Broadband in an all-stock transaction, a move intended to simplify the media holdings of Liberty Broadband’s controlling shareholder, John Malone.

Liberty Broadband is the largest shareholder in Charter, the largest U.S. pay TV provider, which does business under the Spectrum brand. Its major assets include about 45.6 million shares in Charter as well as Alaskan telecommunications company GCI, which will be spun off when the acquisition of Liberty Broadband is complete.

The deal comes as Malone, a pioneer of the U.S. cable industry and chairman of Liberty Broadband, is moving to streamline his media and telecom assets. On Wednesday (Nov. 13), Malone-controlled Liberty Media said it would split into two companies, one focused on sports and the other on live entertainment, The Wall Street Journal reported. As part of the spinoff, Liberty Media CEO Greg Maffei will step down.

“We are pleased to announce this agreement today with Liberty Broadband. I am grateful for Liberty Broadband’s strategic partnership since 2013, and particularly for the support of John Malone, Greg Maffei and our Liberty Broadband-nominated board members,” Charter president and CEO Chris Winfrey said in a statement. “We look forward to their continued partnership and support in the coming years in driving value for our shareholders.”

Added Malone: “Today’s announced transaction will rationalize Liberty Broadband’s trading discount and ultimately provide our shareholders with enhanced liquidity. The transaction closing timeline reflects my belief in Charter’s operating strategy under the excellent leadership of Chris Winfrey and team and the value creation opportunity for both Charter and Liberty shareholders. I look forward to that continued upside, and to holding Charter shares after the merger closing.”

Under the agreement, each holder of Liberty Broadband Series A, B and C common stock, will receive 0.236 of a share of Charter common stock per share of Liberty Broadband common stock held, with cash to be issued for fractional shares. Each holder of Liberty Broadband Series A cumulative redeemable preferred stock will receive one share of newly issued Charter cumulative redeemable preferred stock per Liberty Broadband share, with the Charter preferred stock substantially mirroring the current terms of the Liberty Broadband preferred stock, Charter reported.

As a result of the transaction, Charter expects to retire about 45.6 million Charter shares currently owned by Liberty Broadband and to issue roughly 34.0 million shares to holders of Liberty Broadband common stock at closing, resulting in a net decrease of about 11.5 million Charter shares outstanding. Liberty Broadband has existing debt of $2.6 billion (excluding debt at GCI) that will be repaid prior to closing or assumed by Charter, and $180 million of preferred equity that will become Charter preferred equity following the deal’s close, the companies said.

John Malone and certain related holders have agreed to vote, subject to certain exceptions, shares beneficially owned by them, representing about 48% of the aggregate voting power of Liberty Broadband, in favor of the transaction, the companies said.

Maffei and certain related Liberty shareholders have agreed to vote, subject to certain exceptions, shares beneficially owned by them, representing about 4% of the aggregate voting power of Liberty Broadband, in favor of the transaction.

“We are pleased to have reached definitive terms with Charter and provide Liberty shareholders with certainty of a future transaction at an attractive exchange ratio,“ Maffei said. “This transaction simplifies our corporate structure and allows our shareholders to participate in Charter’s upside through direct ownership of the equity.

“In connection with the transaction, we expect GCI will become an independent public company prior to close, Liberty has had a great partnership with Ron Duncan and GCI management since 2018 and will continue to participate in value creation opportunities for the business,” Maffei added. “Reaching this agreement was an important milestone in my leadership of the company, and I will be stepping down from my role as Liberty Broadband CEO at the end of this year. I look forward to continuing as a director of Charter and a meaningful shareholder.”

Centerview Partners is the exclusive financial adviser to Charter’s special committee, with Citi serving as Charter’s exclusive financial adviser. Wachtell, Lipton, Rosen & Katz is serving as the special committee’s legal counsel. J.P. Morgan is the exclusive financial adviser to Liberty Broadband, with O’Melveny & Myers serving as its legal counsel.

Liberty Global said it has named former TiVo CEO Enrique Rodriguez executive vice president and chief technology officer, taking the spot left vacant after former CTO Balan Nair was promoted to head up Liberty Global’s Latin American operation in January.

Rodriguez will start his new position in late July. Since January, Baptiest Coopmans has filled in as interim CTO. He will remain with the company as senior vice president, operations.

“Enrique is a seasoned executive who will hit the ground running on day one,” Liberty Global CEO Mike Fries said in a statement. “In today's technology environment the best CTOs have worked across sectors, platforms and geographies. Enrique has C-level experience as an engineer, software developer and operator. …I'm particularly excited to tap into Enrique's knowledge of video products and platforms as we ramp up innovation in our TV business. He’s the right leader at the right time for Liberty Global.”

Rodriguez will lead Liberty Global’s Technology & Innovation (T&I) team of more than 7,500 employees, with an annual operating and capital budget of more than $5 billion.

[Read: TiVo Exiting The Box-Making Business]

Rodriguez was named CEO of TiVo in 2017. Prior to that, he has managed multi-billion dollar businesses for companies like AT&T, Microsoft, Cisco and Thomson, and has a long history in digital television as well as the European broadband sector.

As head of Microsoft's Connected TV business, he launched IPTV solutions for telecommunication companies around the world. At AT&T Rodriguez was responsible for the teams that developed and launched its OTT service, DirecTV Now.

Rodriguez will lead Liberty Global’s Technology & Innovation (T&I) team of more than 7,500 employees, with an annual operating and capital budget of more than $5 billion. The centralized technology function powers the IT, supply chain, product development and delivery and network platforms across Liberty's operating companies, working across countries and brands to help them succeed. Liberty Global’s standardized approach to its portfolio of software and hardware, which includes the Horizon TV platform and state-of-the-art Connect WiFi routers, plays a critical role in optimizing operational efficiency and delivering a consistently superior experience to Liberty's 22 million customers in Europe.

“This is an exciting time to join Liberty Global,” Rodriguez said in a statement. “It is one of the few companies in our sector with international scale, a long-term commitment to technology leadership, and a track record of consistent growth and value creation. Mike and his team are first class operators and I look forward to accelerating product innovation and building the network capacity that European consumers want and demand.”