Charter to Acquire Liberty Broadband; John Malone Returns as Interim Liberty Media CEO

Nov 13, 2024, 01:58 PM

On November 13, 2024, Charter Communications (NASDAQ: CHTR) announced it will acquire Liberty Broadband Corporation (NASDAQ: LBRDK) in an all-stock deal, where Liberty Broadband shareholders will receive 0.236 shares of Charter per common share and equivalent preferred shares. Prior to the closing, expected on June 30, 2027, Liberty Broadband will spin off its GCI division. The transaction structure allows the deal to bypass FCC review, according to Charter CEO Christopher Winfrey. Concurrently, Greg Maffei, CEO of Liberty Media, announced he will step down at the end of 2024. John Malone, 83-year-old chairman of Liberty Media, will assume the role of interim CEO. The moves signal increased M&A activity in the media sector, as predicted by John Malone.