It’s a deal that is truly staggering: Charter Communications is merging with Time Warner Cable in a deal worth $79 billion — that’s billion with a B — and it could mean big changes for consumers.

It’s not all bad: Time Warner and Charter say the merger will result in more investment in broadband investment, which could result in better speeds if the new behemoth keeps its promises — always dubious when it comes to cable giants. However, it is true that the merger would better enable them to deploy a broader amount of WiFi networks in public spaces and expand optical networks for businesses, according to a Gannett Wisconsin Media report.

Time Warner claimed in a press release that it would result in faster broadband speeds, more high-definition channels, and more competition. Charter argued that it is trying to return jobs to the United States and improve their customer service.

However, there is that one big issue that surrounds any merger of this size, especially when it comes to cable companies: fewer choices. The new giant company would serve 24 million people in 41 of the 50 states. That means pretty much consumers only other choice would be Comcast or Verizon Fios — and sometimes not even that.

And your wallet will definitely be affected — whether in a positive or negative way is uncertain. Some consumers could see lower bills and improved internet speeds if the deal is approved. But since such a merger limits the choices of consumers, the opposite could happen in the long term.