Charter Communications and Liberty Media said Tuesday that Liberty has completed its $2.6 billion investment in the cable operator.
Back in March, Liberty said it would purchase 26.9 million Charter shares and 1.1 million warrants from investment funds managed by, or affiliated with, Apollo Management, Oaktree Capital Management and Crestview Partners for $95.50 each. The deal gives Liberty beneficial ownership of 27.3% of Charter's outstanding shares.
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, 720 million Sirius XM common shares, 8.1 million Live Nation Entertainment common shares and a portion of Liberty's available for sale securities.
The smarter way to stay on top of broadcasting and cable industry. Sign up below.
Thank you for signing up to Broadcasting & Cable. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.