Liberty Broadband Corporation, in its second quarter 2024 financial results, reported that the fair value of its Charter investment was $13.7 billion as of June 30th. It had sold 270 thousand Charter shares to Charter, resulting in proceeds of $74 million. Additionally, Liberty Broadband's GCI revenue remained flat at $246 million, with operating income at $30 million and adjusted OIBDA decreasing by 7% to $86 million.
The company revealed that there were no repurchases of Liberty Broadband’s common stock from May 1, 2024, through July 31, 2024, and it had approximately $1.7 billion in remaining repurchase authorization as of August 1, 2024. Furthermore, Liberty Broadband maintained a fully diluted equity interest in Charter of 26%.
Looking at the balance sheet, the fair value of public holdings in Charter increased from $13.385 billion as of March 31, 2024, to $13.73 billion as of June 30, 2024. Liberty Broadband's consolidated cash decreased from $108 million to $73 million in the same period, while the total Liberty Broadband debt decreased from $3.769 billion to $3.726 billion, with a fair market value adjustment and deferred loan costs of ($33) million.
GCI's revenue was flat in the second quarter, with consumer revenue staying flat and business revenue increasing by 1%. However, operating income and adjusted OIBDA decreased, while capital expenditure spending was related primarily to improvements to the wireless and data networks in rural Alaska.
The market has reacted to these announcements by moving the company's shares 1.3% to a price of $63.73. For more information, read the company's full 8-K submission here.
