Liberty Broadband Shareholders Approve Charter Merger
Deal News | Feb 26, 2025 | EIN
Liberty Broadband has received shareholder approval for a merger with Charter Communications, a transaction initially unveiled in November 2024. The merger, an all-stock deal, is a noteworthy event within John Malone's media empire. The approval followed a virtual meeting led by Malone himself, who chairs Liberty Broadband. The merger was greenlit following unanimous recommendations from independent directors and consultations with financial and legal advisors. Both Charter and Liberty Broadband's boards have approved the deal, which involves Liberty Broadband’s 26% interest in Charter and its affiliate GCI, Alaska’s largest broadband and wireless provider, running under Ron Duncan. A post-merger spinoff of GCI is on the horizon, along with Liberty Broadband’s 16.5% stake in Comscore. The merger is projected to finalize by June 30, 2027, marking a significant strategic shift for both entities. Centerview Partners, Citi, Wachtell, Lipton, Rosen & Katz, J.P. Morgan, and O'Melveny & Myers LLP played instrumental advisory roles.
Sectors
- Telecommunications
- Media
Geography
- United States – Both Liberty Broadband and Charter Communications are based in the United States, reflecting the geographical context of the merger and its market.
- Alaska – GCI, a subsidiary involved in the merger, is Alaska’s largest broadband and wireless provider, emphasizing a significant regional impact.
Industry
- Telecommunications – The merger involves Liberty Broadband and Charter Communications, both significant players in the telecommunications industry, with a heavy focus on broadband and cable.
- Media – Liberty Broadband is part of John Malone's media empire, and the deal reflects significant movements in media ownership and broadcasting sectors.
Financials
- Undisclosed – The deal is structured as an all-stock transaction, but financial specifics like valuations were not disclosed in the article.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Liberty Broadband | Target | Company | A telecommunications investment company, spun off from Liberty Media Corp, being acquired by Charter. |
| Charter Communications | Bidding Company | Company | A leading cable and telecommunications company in the U.S. acquiring Liberty Broadband. |
| GCI | Subsidiary | Company | Alaska's largest broadband and wireless provider, currently a part of Liberty Broadband, expected to be spun off. |
| John Malone | Chairman of Liberty Broadband | Person | Chairman of Liberty Broadband's board, instrumental in the merger process. |
| Chris Winfrey | CEO of Charter | Person | CEO of Charter Communications, leading the company through the acquisition. |
| Centerview Partners | Financial Advisor to Charter’s Special Committee | Company | Advisory firm providing financial advice for the special committee of Charter. |
| Citi | Financial Advisor to Charter | Company | Financial services company advising Charter Communications during the merger. |
| Wachtell, Lipton, Rosen & Katz | Legal Counsel to Charter’s Special Committee | Company | Law firm advising the special committee of Charter on legal matters related to the merger. |
| J.P. Morgan | Financial Advisor to Liberty Broadband | Company | Financial services company advising Liberty Broadband through the merger. |
| O'Melveny & Myers LLP | Legal Counsel to Liberty Broadband | Company | Law firm providing legal counsel to Liberty Broadband in the transaction. |
| Comscore | Other Stake | Company | Analytics and audience measurement company in which Liberty Broadband holds a stake. |