Reginal Thomas
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Charter Communications to buy Bright House For $10.4 billion

Charter Communications Inc. is acquiring Bright House Networks in a $10.4 billion transaction as it works to expand its cable network after losing out to Comcast Corp. in a bidding war for Time Warner Cable Inc. last year.

The cable industry is consolidating to counter the growing popularity of satellite TV and Web based services such as Netflix and Hulu.

Comcast’s $45.2 billion offer for TWC, will cement the firms No. 1 position in the industry and reshape the TV and broadband markets.

Shares for Charter rose 8.5% on Tuesday.