Charter Communications announced a $55 billion deal for Time Warner Cable Tuesday, giving mogul John Malone the prize he has been chasing for two years.

The acquisition by Charter, which is backed by Malone’s Liberty Broadband, would vault the cable operator into the ranks of the biggest U.S. broadband and pay-television companies.

The firms have agreed to terms for a cash-and-stock deal that would value Time Warner Cable at $195 a share, according to people familiar with the matter.

As part of the transaction, Charter would also merge with small operator Bright House Networks, said people familiar with the deals. The combined cable giant would have 23 million total customers, second only to Comcast’s 27 million among cable operators.

News of the advanced deal talks comes only a month after Time Warner Cable went back on the block after Comcast terminated the companies’ planned $45.2 billion merger in the face of serious pushback from Washington regulators. A Charter-TWC deal could be in for a stringent review in Washington as well, some analysts have said.

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