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.

Cable-TV companies Charter Communications and Cox will merge, using Spectrum as the brand name, in an era of cord-cutting and streaming.