Charter to Acquire Liberty Broadband; Liberty Media's Maffei Steps Down, Malone Becomes Interim CEO

Nov 13, 2024, 01:45 PM

Charter Communications has agreed to acquire Liberty Broadband, Alaska's largest broadband internet provider, in an all-stock transaction. Under the terms of the deal, Liberty Broadband shareholders will receive 0.236 shares of Charter per common share, with the transaction expected to close on June 30, 2027. Before the closing, Liberty Broadband will spin off its GCI unit. Additionally, Liberty Media CEO Greg Maffei will step down at the end of 2024 and will continue as a senior advisor to aid the management transition. John Malone, the 83-year-old chairman of Liberty Media, will assume the role of interim CEO.