Charter Communications Acquires Liberty Broadband

(Reuters) – Cable operator Charter Communications (NASDAQ:CHTR) has agreed to buy Liberty Broadband (NASDAQ:LBRDA) in an all-stock deal, the companies announced on Wednesday.

Liberty Broadband, controlled by U.S. cable pioneer John Malone, owns a 32.05% stake in Charter, as per data compiled by LSEG.

Liberty Broadband had a market value of about $14 billion, according to LSEG data.

Charter is facing intense competition from wireless giants such as AT&T (NYSE:T) and Verizon (NYSE:VZ), which are enhancing their internet services to attract broadband customers.

The company is also currently impacted by the loss of a federal subsidy program that had provided internet access to low-income households in the U.S.