(The author is a Reuters Breakingviews columnist. The opinions expressed are his own.)
By Jonathan Guilford
NEW YORK, Nov 14 (Reuters Breakingviews) - The famed cable dealmaker’s empire is reshaping itself, as giant Charter strikes a $13 bln agreement for Liberty Broadband. It’s mostly about the buyer getting back a lump of its own shares, at an 11% discount. The transaction is great for everyone except selling shareholders.
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CONTEXT NEWS
U.S. cable operator Charter Communications on Nov. 13 announced that it had reached a deal to acquire Liberty Broadband. The seller owns a 26% stake in Charter on a fully diluted basis, a 16.5% stake in media data analysis company Comscore, and all of Alaska-based cable provider GCI.
Liberty Broadband investors are set to receive 0.236 Charter shares for each of their shares, while also receiving spun-out subsidiary GCI. The deal is conditional on approval of shareholders other than John Malone and insiders, who collectively control a majority of Liberty Broadband.
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(Editing by Rob Cyran and Pranav Kiran)
((For previous columns by the author, Reuters customers can click on Jonathan.Guilford@thomsonreuters.com))
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