Charter, Cox Merge in Megadeal

America’s cable giants are being squeezed from all sides. Competition from wireless carriers is surging. Government subsidies are on hold. The onetime fortress of cable TV has all but crumbled. Those forces propelled the $21.9 billion deal Charter Communications struck to buy Cox Communications. A decade ago, broadband providers pursued big mergers to protect their ailing TV businesses. These days, the main concern is that broadband, which had been the ultimate moat for these multibillion-dollar enterprises, is under attack. Cable internet service is now a grind for the industry’s two heavyweights, Charter and Comcast. Selling a broadband connection remains their main way to reap profits from the internet economy, from streaming to gaming, but that growth engine is sputtering. The deal with Cox gives the combined company more heft in competing for customers, negotiating with programmers, and making network investments. It also expands the merged company’s enterprise offerings. Within a year after the Charter-Cox deal closes, the combined company, which will be headquartered in Stamford (CT), plans to change its name to Cox Communications. Spectrum will be the consumer-facing brand.