Official announcement from Liberty Media or press coverage

Charter Acquires Liberty Broadband for $15B; Malone Steps in as Liberty Media CEO

Nov 13, 2024, 02:04 PM

Charter Communications Inc. has agreed to acquire Liberty Broadband Corp. in an all-stock transaction, marking a significant consolidation in the media and telecom sectors. The deal, which values Liberty Broadband at a 30.7% premium, is expected to close on June 30, 2027. Liberty Broadband shareholders will receive 0.236 shares of Charter for each common share they hold, with equivalent terms for preferred shares. This acquisition comes as Liberty Media, under the leadership of 83-year-old John Malone, undergoes a corporate restructuring, spinning off most assets except Formula One auto racing into a new publicly traded company called Liberty Live. Concurrently, Greg Maffei, who has been at the helm of Liberty Media for nearly two decades, announced his decision to step down as CEO at the end of 2024, with Malone assuming the role of interim CEO. This move is part of a broader strategy to simplify Liberty Media's corporate structure.