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The combined companies will combine with Time Warner and Comcast to offer broadband services in all 50 states.
The deal is expected to be completed by the end of the year.
In announcing the deal, Comcast said it would pay a combined $4 billion for the combined company and a majority stake in Time Warner.
The combined company would have a 50 percent market share.
The two companies will also pay $2.5 billion to purchase the company’s assets, including NBCUniversal and the NBC Universal Studios movie studio.
Comcast said in a statement that the deal would “create a new leader in the industry.”
Time Warner has been struggling to gain customers, and it has faced pressure from cable operators, including Charter, to bring more competition to its services.
Time Warner’s stock is down more than 35 percent this year, and its stock price has been on the decline for several years.