Andrew Harrer/Bloomberg via Getty Images file
Christopher Rosen
May 26, 2015 AT 04:08 PM EDT

Charter Communications made it official on Tuesday morning, announcing plans to acquire Time Warner Cable $56.7 billion.

New Charter — which combines Charter, Time Warner and Bright House, another cable company recently acquired by Charter — becomes America’s second-largest cable provider behind only Comcast. As CNN noted, the merger affects one in six American households.

“With today’s announcement, we have delivered on our commitment to maximizing shareholder value,” Robert D. Marcus, chairman and CEO of Time Warner Cable, said in a statement. “This agreement recognizes the unique value of Time Warner Cable, and brings together three great companies that share a common philosophy of strong operations, great products, robust network investment and putting customers first. This combination will only accelerate the great operating momentum we’ve seen over the last year and provide enormous opportunities for our 55,000 dedicated employees. We remain wholly committed to bringing the very best experience to our residential and business customers coast to coast.”

“With our larger reach, we will be able to accelerate the deployment of faster Internet speeds, state-of-the-art video experiences, and fully–featured voice products, at highly competitive prices,” Tom Rutledge, president and CEO of Charter Communications, said. “In addition, we will drive greater competition through further deployment of new competitive facilities-based WiFi networks in public places, and the expansion of the facilities footprint of optical networks to serve the large, small and medium sized business services marketplace. New Charter will capitalize on technology to create and maintain a more effective and efficient service model. Put simply, the scale of New Charter, along with the combined talents we can bring to bear, position us to deliver a communications future that will unleash the full power of the two-way, interactive cable network.”

The merger between Charter and Time Warner is the second major media union this month. In early May, Verizon announced plans to acquire AOL.

For more on the merger, head to CNN.

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