May 25, 2015 12:41 PM EDT

Charter Communications, in which John Malone’s Liberty Media owns a big stake, is nearing a deal to acquire Time Warner Cable for about $55.1 billion in cash and stock, Bloomberg News reported Monday, citing people familiar with the situation.

Comcast recently abandoned plans to buy Time Warner Cable amid regulators’ opposition.

Charter would pay about $195 per share, with $100 a share of that coming in cash and the rest in stock, according to the Bloomberg report. It is also expected to take on debt.

The combined cable company would have 23 million total subscribers, second in the cable industry to Comcast’s roughly 27 million customer relations as of the end of the first quarter.

The deal could be announced as early as Tuesday, Bloomberg said.

A spokesman for Time Warner Cable declined to comment. Charter representatives couldn’t immediately be reached for comment.

This article originally appeared on The Hollywood Reporter.

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