Charter Communications and Liberty Media Corporation Announce Completion of Investment
May 01 2013 - 3:03PM
Business Wire
Charter Communications, Inc. (Nasdaq: CHTR) (“Charter”) and
Liberty Media Corporation (Nasdaq: LMCA, LMCB) (“Liberty”)
announced today that Liberty has completed its previously announced
agreement with investment funds managed by, or affiliated with,
Apollo Management, Oaktree Capital Management and Crestview
Partners to acquire 26.9 million shares and 1.1 million warrants in
Charter Communications, Inc. for $2.6 billion, which represents a
27.3% beneficial ownership in Charter using shares outstanding as
of December 31, 2012, and a price per share of $95.50.
Liberty funded the purchase with cash on hand of $1.2 billion
and borrowed $1.4 billion under newly executed margin loans on 20.3
million Charter common shares (Nasdaq: CHTR), 720 million SiriusXM
common shares (Nasdaq: SIRI), 8.1 million Live Nation Entertainment
common shares (NYSE: LYV) and a portion of Liberty’s available for
sale securities.
Liberty and Charter have entered into a previously announced
stockholders agreement that among other things provides Liberty the
right to designate up to four directors for appointment to the
Charter board. With the closing of the transaction, Liberty has
designated, and Charter’s board of directors has appointed, John
Malone, Chairman of Liberty; Gregory Maffei, President and CEO of
Liberty; Balan Nair, EVP and CTO of Liberty Global; and Michael
Huseby, CFO of Barnes & Noble to join Charter’s board of
directors. Additionally, John Malone will serve on the board’s
Nominating and Corporate Governance Committee, Greg Maffei will
serve on the board’s Compensation and Benefits Committee, and
Michael Huseby will serve on the board’s Audit Committee.
The board appointments were made in conjunction with the
resignation of Stan Parker, Darren Glatt, Bruce Karsh and Edgar Lee
from the board.
About Charter
Charter (Nasdaq: CHTR) is a leading broadband communications
company and the fourth-largest cable operator in the United States.
Charter provides a full range of advanced broadband services,
including advanced Charter TV® video entertainment programming,
Charter Internet® access, and Charter Phone®. Charter Business®
similarly provides scalable, tailored, and cost-effective broadband
communications solutions to business organizations, such as
business-to-business Internet access, data networking, business
telephone, video and music entertainment services, and wireless
backhaul. Charter's advertising sales and production services are
sold under the Charter Media® brand. More information about Charter
can be found at charter.com.
About Liberty Media
Liberty Media (Nasdaq: LMCA, LMCB) owns interests in a broad
range of media, communications and entertainment businesses,
including its subsidiaries SiriusXM, Atlanta National League
Baseball Club, Inc. and TruePosition, Inc., its interests in
Charter Communications, Live Nation Entertainment and Barnes &
Noble, and minority equity investments in Time Warner Inc. and
Viacom.
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