Charter to acquire Cox's fiber ($3.5B cash) and cable ops; issues $6B convertible pref; Cox gets 23% stake

CHARTER COMMUNICATIONS, INC. /MO/

Charter pays $3.5B cash for Cox's commercial fiber and managed IT/cloud businesses.
For Cox's residential cable unit, Charter pays $500M cash + issues $6B 6.875% convertible preferred units + ~33.6M common units at $353.64.
Cox Parent will own ~23% of combined company on as-exchanged basis; combined entity assumes ~$12B Cox debt.
Cox Parent gets 3 board seats; Cox CEO Alexander Taylor to be Charter Chairman for 3 years; company to rename 'Cox Communications'.
Closing requires stockholder and regulatory approvals; Liberty and A/N committed votes; deal must close by May 16, 2026.

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