Charter and Cox, two of the nation's biggest cable companies, agreed to merge at a time when cable is increasing out of favor among consumers

It's the latest shakeup in an industry grappling with widespread subscriber losses as viewers shift to streaming and social media.

Charter Communications has reached a deal to buy rival Cox Communications for $21.9 billion, bringing together two of the biggest broadband and cable operators in the U.S. The proposed transaction values closely held Cox at $34.