The cable industry is fighting back against streaming services with the announcement that Charter Communications and Cox Communications will merge. Charter, more commonly known as Spectrum, will buy Cox for around $34.

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 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.