Charter Communications Inc. agreed to buy Time Warner Cable Inc. for about $55 billion in cash and stock, snapping up the cable provider after getting last-minute competition from French billionaire Patrick Drahi.

Charter will pay $195.71 a share -- 14 percent above Time Warner Cable’s May 22 close -- with $100 in cash and the remainder in its own stock, according to a statement Tuesday. Bright House Networks, a smaller cable company that Charter has previously agreed to buy, will also be merged into the combined entity.

Subscribe Now

Complete access to real-time information and analysis of news and trends in the industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.