Charter Communications today 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 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 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.