(Reuters) – Cable operator Charter Communications (NASDAQ:) has agreed to buy Liberty Broadband (NASDAQ:) in an all-stock deal, the companies said on Wednesday.

Liberty Broadband, which is controlled by U.S. cable pioneer John Malone, owns a 32.05% stake in Charter, according to data compiled by LSEG.

Liberty Broadband had a market value of about $14 billion, according to LSEG data

Charter faces intense competition as wireless majors including AT&T (NYSE:) and Verizon (NYSE:) bulk up their internet services and attract broadband customers.

The company is also reeling under the loss of a federal subsidy program that provided low-income U.S. households with internet.