Charter Communications Inc. announced Wednesday an all-stock agreement to buy Liberty Broadband Corp. at better terms than were previously proposed but less than what Liberty had countered with.

Cable TV giant Charter Communications and Liberty Broadband Corp. have entered into a definitive agreement under which Charter has agreed to acquire Liberty Broadband, part of the empire of John Malone, in an all-stock transaction.

Charter Communications has agreed to buy Liberty Broadband in an all-stock deal as John Malone continues to simplify his sprawling web of companies, the companies have announced. Liberty Broadband, which is controlled by US billionaire Malone, had a market value of $14 billion, according to data compiled by LSEG.