Charter Communications buying Bright House Networks

Charter Communications Inc. is buying fellow cable operator Bright House Networks LLC in a deal valued at $10.4 billion.

Charter is the fourth-largest cable operator in the U.S, while Bright House is the sixth biggest.

The business will be conducted through a partnership, with Charter owning 73.7 percent and Advance/Newhouse — the parent company of Bright House — owning 26.3 percent.

Bright House serves customers in Florida, Alabama, Indiana, Michigan and California.

The transaction is subject to conditions including Charter shareholder approval, the expiration of Time Warner Cable's right of first offer for Bright House and the closing of Charter's previously announced deal with Comcast.

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