Two major U.S. cable companies, Charter Communications (Spectrum) and Cox Communications, announced a $34.5 billion merger to better compete amid rising cord-cutting and wireless competition.

The combined company aims to strengthen broadband and service offerings as customers leave traditional pay-TV for cheaper streaming. Charter’s stock rose over 6% on the news.

The new company will be named Cox Communications, headquartered in Stamford, Connecticut, with a significant presence in Atlanta, CNN has reported.

The deal awaits regulatory approval and could test the Trump administration’s stance on large mergers.

Written by B.C. Begley