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Comcast Corp. agreed to acquire Time Warner Cable Inc. for about $44 billion, combining the largest two U.S. cable companies in an all-stock deal, according to four people familiar with matter.

Comcast is paying about $159 a share in the transaction, which will be announced this morning, said the people, who asked not to be named because the negotiations were private.

Comcast beat rival Charter Communications Inc. to what is the second-largest cable-television acquisition by equity value, according to data compiled by Bloomberg. Stamford, Conn.-based Charter, the fourth-largest U.S. cable company, had offered about $132.50 a share to Time Warner Cable’s management, a bid that was rejected.

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