Charter Communications, controlled by cable industry pioneer John Malone, has offered to buy Time Warner Cable for $56bn (€52bn), seeking to combine the number two and three US cable operators to compete against market leader Comcast.

Comcast has agreed to buy Time Warner Cable for $45.2bn (€33.1bn) in stock, or $158.82 (€116.5) per share, in a deal that will combine America’s top two cable TV companies.