Charter Communications, one of the largest telecommunications companies in the United States, announced a merger Friday with privately held Cox Communications in a multi-billion-dollar deal. Once the merger is completed,

Charter agreed to acquire privately held Cox in a deal valued at $34.5 billion as cable companies confront multiple challenges.

Two of the largest cable companies in the US are intent on merging. Charter Communications’ proposed acquisition of Cox Communications — the largest division of Cox Enterprises — will value the former at over $34 billion inclusive of debt.