Charter (NASDAQ: CHTR) will purchase Time Warner Cable (NYSE: TWC) for $55.3 billion, $79 billion including debt in a huge, cash-and-stock agreement. This is an attempt, according to USA Today, to become a larger force in the fight against online streaming services which are becoming more competitive against traditional cable companies. Last year, Charter attempted to acquire Time Warner, however, lost in a bidding war against Comcast which eventually fell through due to restrictions by the Federal Communications Commission. In an effort to become even larger and host and even higher number of cable customers, Charter is attempting to buy Brighton House Networks, as well. "With our larger reach, we will be able to accelerate the deployment of faster Internet speeds, state-of-the-art video experiences, and fully–featured voice products," Charter CEO Tom Rutledge said in a statement, according to USA Today. Shares of both company rose after the news of the deal Tuesday. In pre-market trading, Time Warner shares shot up 8%, while Charter shares rose about 4%, according to USA Today. For more business and financial news, click here.