Charter Communications (NASDAQ: CHTR), the cable operator, has agreed to buy Liberty Broadband (NASDAQ: LBRDA) in an all-stock deal, the companies said on Wednesday.
Liberty Broadband, which is controlled by U.S. cable pioneer John Malone, owns a 32.05% stake in Charter, according to data compiled by LSEG.
Liberty Broadband had a market value of about $14 billion, according to LSEG data
Charter faces intense competition as wireless majors including AT&T (NYSE: T) and Verizon (NYSE: VZ) bulk up their internet services and attract broadband customers.
The company is also reeling under the loss of a federal subsidy program that provided low-income U.S. households with internet.
