Liberty Broadband Corporation has provided an update on its pending acquisition by Charter Communications, Inc. The company announced that it has agreed to accelerate the closing of its acquisition by Charter to occur at the same time as Charter's combination with Cox Communications, subject to certain conditions.
As part of the update, Liberty Broadband has agreed to provide its voting support for the Charter and Cox combination. Additionally, three Liberty Broadband nominees on Charter's board will resign at the closing of Charter's acquisition of Liberty Broadband.
The acquisition of Liberty Broadband by Charter is contingent upon the completion of the spin-off of Liberty Broadband's GCI business through a distribution to its common stockholders, which is expected to take place in the summer of 2025, along with other customary closing conditions.
Liberty Broadband Corporation operates and owns interests in various communications businesses, with its principal assets including its interest in Charter Communications and its subsidiary GCI. GCI provides data, mobile, video, voice, and managed services to consumers, businesses, government, and carrier customers throughout Alaska, serving more than 200 communities.
The company has invested $4.7 billion in its Alaska network and facilities over the past 45 years and continues to expand and strengthen its statewide network infrastructure to provide the best possible connectivity to its customers and close the digital divide in Alaska. Today the company's shares have moved -2.23% to a price of $97.97. For the full picture, make sure to review Liberty Broadband Corp's 8-K report.
