Comcast and Charter announced May 8th a wireless partnership, as the two cable providers seek to add more services in a bid to reduce customer churn.

The partnership will also help speed up their entry into the highly competitive and overly saturated market for mobile service in the U.S.

Comcast is moving into the wireless space as cable companies are looking to offset customer attrition; young viewers are in favor of cheaper online options rather than the pricey subscriptions and long-term contracts.

This move could affect carriers like AT&T Inc. and Verizon in the mobile space because there’s a new player in town in terms of competition.

AT&T and Verizon already face strong competition with Sprint and T-Mobile, so adding two more strong opponents into the mix could cause a price fluctuation for customer gain but could also cause a profit loss.

As part of the Charter and Comcast wireless agreement, they can’t make ‘material’ transactions in the wireless space for a year without the other’s consent.

The material transactions may include acquisitions, investments, or joint ventures that have a value of more than $200 million.

The agreement could help pave the way for a merger between Charter and Comcast in the future.

So what could this mean for customers or even businesses? Price influx, competition tightening up their game on services provided to clients, faster speeds for existing customers, and an opportunity to attract customers from other carriers in the space.

The tangled webs carriers weave…