Charter Communications Inc. has released its unaudited pro forma condensed combined financial statements for the nine months ended September 30, 2024, and the year ended December 31, 2023, reflecting the impact of the Merger Transaction with Liberty Broadband Corporation.
As a result of the Merger Transaction, Charter expects to retire the approximately 45.6 million shares of Charter Class A common stock currently owned by Liberty Broadband and to issue approximately 34.0 million shares of Charter Class A common stock to holders of Liberty Broadband common stock at the closing, resulting in a net decrease of approximately 11.5 million shares of Charter Class A common stock outstanding.
The unaudited pro forma condensed combined balance sheet as of September 30, 2024, shows that the total assets of the combined entity amount to $149,475 million. This includes a significant increase in the investment in cable properties, net, which stands at $140,117 million.
In terms of the unaudited pro forma condensed combined statement of operations for the nine months ended September 30, 2024, the combined entity generated revenues of $41,159 million. The statement also shows that the income before income taxes amounted to $5,301 million, and the net income attributable to Charter shareholders was $3,501 million.
The earnings per common share, both basic and diluted, were $26.46 and $26.04, respectively, based on the weighted average common shares outstanding.
The press release provides detailed insights into the financial impact of the Merger Transaction and the resulting changes in the financial position and performance of the combined entity. As a result of these announcements, the company's shares have moved -2.6% on the market, and are now trading at a price of $378.31. For more information, read the company's full 8-K submission here.
