CenturyLink is to buy Level 3 in a cash and stock transaction valued at approximately $34bn (£28bn).

The deal includes the assumption of debt and will see CenturyLink shareholders own approximately 51%, and Level 3 shareholders 49%, of the combined company.

Various broadcasters and media companies use level 3’s Content Delivery Network (CDN) for their VoD and SVoD services.

Level 3 chief executive Jeff Storey said: “The combined company will be uniquely positioned to meet the evolving and global needs of enterprise customers.”

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