UPDATE 2-Charter Communications to buy Bright House in $10.4 bln deal

March 31, 2015 3:33 PM

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March 31 (Reuters) - Charter Communications Inc said it would buy Bright House Networks in a $10.4 billion deal as it seeks to expand its cable network after losing out to Comcast Corp in a fight for Time Warner Cable Inc last year.

The cable industry has been rapidly consolidating in recent years in a bid to counter the growing popularity of satellite TV and Web-based entrants such as Netflix Inc.

Also read: UPDATE 8-AT&T agrees in principle to buy Time Warner for $85 bln -sources

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