Is this U.S.-China selloff a buy? A top Wall Street voice weighs in
ENGLEWOOD, Colo. - Liberty Broadband Corporation (NASDAQ:LBRDA, LBRDK, LBRDP) announced today that it will expedite the closing of its acquisition by Charter Communications, Inc. (NASDAQ:CHTR), aligning it with Charter’s newly announced combination with Cox Communications. Charter, a prominent player in the Media industry with a market capitalization of $58.89 billion according to InvestingPro, has seen its stock surge 22.41% year-to-date. The transactions are set to occur concurrently, without alterations to the original terms of the Liberty Broadband and Charter deal.
The agreement stipulates that if the Charter and Cox merger does not finalize, Liberty Broadband may opt to hasten its own acquisition by Charter, which would then be scheduled for the later of two dates: ten business days after the Charter-Cox deal termination, or three business days post-fulfillment of the Liberty Broadband-Charter transaction conditions.
Further, Liberty Broadband has pledged its voting support for the Charter-Cox merger. In conjunction with the closing of Charter’s acquisition of Liberty Broadband, the three Liberty Broadband appointees on Charter’s board will step down.
Completion of the Liberty Broadband acquisition is contingent on the spin-off of its GCI subsidiary to its common stockholders, anticipated for summer 2025, and other customary closing conditions.
Liberty Broadband, with its principal assets in Charter Communications and subsidiary GCI, focuses on diverse communications services. GCI, serving over 200 communities, is dedicated to bridging the digital divide in Alaska through substantial network investments.
This press release contains forward-looking statements subject to risks and uncertainties that could materially affect the anticipated results and timing of events. Liberty Broadband disclaims any obligation to update any forward-looking statement.
The information in this article is based on a press release statement.
In other recent news, Charter Communications and Cox Communications have agreed to merge, valuing Cox at $34.5 billion, including $21.9 billion in equity and $12.6 billion in net debt and other obligations. This merger, one of the largest in the cable industry, will result in the combined entity adopting the name Cox Communications, with Charter’s CEO Chris Winfrey continuing as president and CEO. In addition to this major development, Benchmark has raised its price target for Charter Communications to $475, maintaining a Buy rating, citing the company’s effective pricing strategies and significant growth in mobile lines. Charter’s revenue remained steady, while its EBITDA growth exceeded expectations at 4.8%. Meanwhile, Loop Capital increased its price target for Charter to $430, maintaining a Hold rating, noting improvements in broadband subscriber losses and the company’s strong Adjusted EBITDA growth. Loop Capital also highlighted Charter’s successful brand rebranding and new product introductions, which have gained traction with consumers. Despite challenges, Charter’s mobile services continue to drive growth, and management anticipates further benefits from seamless entertainment apps.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.