Charter and Cox Communications have announced an agreement to merge their two companies.

Charter's President and CEO Chris Winfrey on Friday said this transaction – upon regulatory approval – would create an industry leader in mobile, broadband, communications services and  video.

“We’re honored that the Cox family has entrusted us with its impressive legacy and are excited by the opportunity to benefit from the terrific operating history and community leadership of Cox,” Winfrey said.

In the transaction, Charter will acquire Cox Communications' commercial fiber and managed IT cloud businesses and will contribute Cox Communications' residential cable business to Charter Holdings.

The deal will now undergo a regulatory process and is expected to take hold within a year.

Charter Communications is the parent company of Spectrum News.