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.

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 agreed to acquire privately held Cox in a deal valued at $34.5 billion as cable companies confront multiple challenges.