Charter Communications, one of the largest telecommunications companies in the United States, announced a merger Friday with privately held Cox Communications in a multi-billion-dollar deal. Once the merger is completed,

Charter Communications plans to buy Cox Communications for $21.9 billion. The deal will create a major player in the cable and broadband industries, competing with Comcast. It comes as cable operators see subscriptions diminish in both areas.

Charter Communications is merging with Cox Communications in an approximately $34.5 billion deal that brings together two of the biggest cable companies in the country.