Charter Communications is investing $70 million in Maine to speed up existing broadband service and is extending service to more than 3,500 unserved homes and businesses, the company announced Thursday.

Charter, the parent company of Spectrum, is also purchasing Maine-based Bee Line Cable, which serves thousands in Somerset, Franklin and Penobscot counties.

“We’ll be able to deliver multigigabit speeds that will certainly serve the needs of our customers well into the future,” Adam Falk, senior vice president of state government affairs at Charter said during a State House press conference. “If you are someone who wants to have a virtual reality at home with a relative living somewhere else in the country, these speeds will enable those kinds of things in the future.”

The expansion of service to 3,500 additional homes and small businesses — at a cost of $12 million — will take place in Somerset and Oxford counties, Falk said.

That type of expansion is critical to meet the needs of all Mainers and ensure the state can compete for workers and businesses, said Maine Department of Economic and Community Development Commissioner Heather Johnson.

“We tend to focus on unserved because basic connectivity is key to everyday life,” she said. “For Maine people who are currently served, the modernization of infrastructure is critical to keeping Maine competitive in the global market."

Across the country, Charter serves 32 million customers in 41 states. In Maine, the company serves 466,000 in 295 communities and employs 753 people. Charter also owns Spectrum Networks, of which Spectrum News Maine is a part.

Andrew Butcher, president of the Maine Connectivity Authority, said another key component to broadband expansion is affordability.

He said many Mainers qualify for subsidies to help them pay for high-speed internet through a federal program called the Affordable Connectivity Program, of which Charter is a participant.

“It’s a good day when we see this level of private investment in Maine,” he said.