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Charter Communications to buy Bright House for $10.4B

Cable television operator Charter Communications has agreed to acquire Bright House Networks in a $10.4 billion deal.

Bright House has about 2.5 million cable subscribers, with its biggest market in Florida including a strong presence in Tampa and Orlando.

The deal is contingent on Comcast's acquisition of Time Warner Cable being approved by U.S. regulators, the source said. (DISCLOSURE: Comcast is the parent company of NBCUniversal, which owns CNBC.)

Charter has commented about its desire for consolidation in the cable industry. It made a bid for Time Warner Cable last year before Comcast beat it to a deal.