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 has offered to acquire Cox Communications, a $34.5 billion merger that would combine two of the top three cable companies in the U.S.

Charter and Cox are planning to merge in a deal worth $34.5 billion that will create an industry leader in mobile, broadband and video entertainment.