Charter Communications on Friday agreed to buy privately held rival Cox Communications for $21.9 billion, combining two of the largest U.S. cable and broadband operators in their battle with streaming giants and mobile carriers.

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. Cox is the third largest cable television company in the country,

Charter Communications' merger with Cox Communications will combine two of the top three cable companies in the U.S.