The cable industry is fighting back against streaming services with the announcement that Charter Communications and Cox Communications will merge. Charter, more commonly known as Spectrum, will buy Cox for around $34.

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

Charter Communications said on Friday it would merge with Cox Communications in a deal that would value its privately held rival at about $34.5 billion including debt, uniting two of the biggest cable providers in the U.