Shareholders in Liberty Broadband have approved a proposed merger with Charter Communications.
On Wednesday, John Malone, chairman of Liberty Broadband’s board, convened a 7-minute virtual shareholders meeting to vote on the proposed merger with Charter Communications. Back in November 2024, Charter Communications, headed by CEO Chris Winfrey, initially announced plans to buy Liberty Broadband, a component of John Malone’s media empire, in an all-stock deal.
The specific committee, comprised of impartial, self-interested directors and counseled by separate financial and legal experts, endorsed the deal to be accepted by the Charter board of directors.
The governing bodies of both Charter and Liberty Broadband have endorsed the deal, which encompasses significant holdings such as a 26% stake in Charter and its subsidiary GCI, owned by Liberty Broadband. To note, GCI is Alaska’s premier broadband and wireless service provider, headed by CEO Ron Duncan.
After the transaction, GCI is anticipated to become an independent entity. Additionally, Liberty Broadband owns approximately 16.5% of Comscore, a firm specializing in analytics and audience measurements.
The Charter acquisition is anticipated to be finalized on June 30, 2027, unless both parties decide otherwise. Liberty Broadband, a company that was separated from Malone’s Liberty Media Corp. in 2014, has been focusing on telecommunications investments since then.
Centerview Partners is acting as the financial consultant for Charter’s special committee during the deal negotiations, while Citi is providing similar services to Charter itself. Wachtell, Lipton, Rosen & Katz are the lawyers representing Charter’s special committee, and J.P. Morgan is serving as a financial advisor to Liberty Broadband with O’Melveny & Myers LLP acting as their legal counsel.
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2025-02-26 22:25