July 22 (Reuters) - Comcast ( CMCSA ) and Charter

Communications ( CHTR ) said on Tuesday they would establish a

mobile virtual network operator (MVNO) that will use T-Mobile's

5G network to serve wireless business customers, with

plans to launch next year.

Financial terms of the agreement were not disclosed.

As competition in broadband and pay TV intensifies,

Comcast ( CMCSA ) and Charter's new MVNO deal with T-Mobile underscores

how the cable giants are seeking new growth opportunities by

expanding into the business wireless market.

The initiative will focus exclusively on providing

wholesale mobile connectivity to Charter's and Comcast's ( CMCSA )

business customers.

The companies added that their existing long-term MVNO

partnership would continue to support residential and current

business customers.

An MVNO is a mobile service provider that delivers phone

services by leasing network capacity from established wireless

carriers, rather than owning its own network infrastructure.

Prominent MVNOs such as Tracfone, Mint Mobile and Metro

by T-Mobile collectively cater to tens of millions of U.S.

customers, offering cost-effective prepaid and no-contract

plans.