Charter Communications Inc. agreed to buy a majority stake of billionaire Si Newhouse Jr.’s Bright House Networks, for $10.4 billion, expanding its footprint in states including California, Florida and Michigan.

Charter will pay Advance/Newhouse common and convertible preferred stock and $2 billion in cash for the 73.7 percent stake, Stamford, Connecticut-based Charter said in a statement Tuesday. Its stock and bonds rose after the deal was announced.

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