Charter swaps with Comcast

Charter Communications has struck an agreement with Comcast to pay an estimated $7.3 billion for 1.4 million existing Time Warner subscribers.

The purchase would come after Comcast completes its $45 billion planned merger with Time Warner Cable.

As a result, Charter Communications, would leapfrog from being the fourth to the second biggest player in the cable industry. If the deal is approved, Charter would manage 8.2 million subscribers.

In connection with the deal, Comcast will receive current Charter systems serving approximately 1.6 million subscribers in the states of New York, Connecticut, Massachusetts, California, Texas, Georgia, North Carolina, Tennessee, Virginia, Washington, Maryland, and some smaller areas contiguous to existing Comcast or Time Warner Cable systems.