Charter Communications is buying a majority stake in Bright House Networks, the country's No. 6 cable TV operator, from Advance/Newhouse Partnership for $10.4B.
Bright House, which is based in Syracuse, services 2M customers in central Florida (Tampa, Orlando), Alabama, Indiana, Michigan and California.
Tom Rutledge, CEO of Stamford-based Charter, said Bright House said "has built outstanding cable systems in attractive markets that are either complete, or contiguous with the new Charter footprint."
The deal enhances Charter's scale and solidifies the company as the No. 2 cable operator, he added.
Steve Miron, CEO of Bright House, has known Rutledge for more than 20 years.
Rutledge once managed cable systems that were part of partnership with Time Warner Cable before the creation of Bright House Networks.
Charter will own 73.7 percent of the merged company with Advance/Newhouse in control of the remainder shares.
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