Charter Communications, Inc. (NASDAQ:CHTR) (along with its subsidiaries, "Charter") today announced that it has completed its previously announced transaction with Cox Communications ("Cox") and the acquisition of Liberty Broadband Corporation ("Liberty Broadband"). These transformative transactions create the leading broadband and video company in the nation and the fastest growing mobile provider in its footprint, with seamless connectivity and video entertainment, and high-quality customer service delivering powerful benefits for customers, local communities, employees and shareholders.

The Cox Transaction

A subsidiary of Cox Enterprises, Inc. ("Cox Enterprises") received:

  • Approximately 33.6 million common units in Charter's existing partnership ("Charter Holdings"), with an implied value of approximately $5 billion, and which are exchangeable for Charter common shares. 
  • $6 billion of convertible preferred units of Charter Holdings, with a 6.875% coupon, which are convertible into 12.6 million common units of Charter Holdings, and which are exchangeable for Charter common shares.
  • And a total of approximately $4 billion in cash.

In aggregate, Charter issued the equivalent of just over 46 million Charter shares to a subsidiary of Cox Enterprises. Based on Charter's share count as of June 30, 2026, and giving effect to the closing of the Liberty Broadband merger and the Cox transaction, Cox Enterprises and its subsidiaries now own approximately 26% of the combined entity's fully diluted shares outstanding, on an as-converted, as-exchanged basis. Additionally, approximately $12 billion of Cox debt and finance leases will remain outstanding at subsidiaries of Charter as a result of the transaction.

The Liberty Broadband Transaction

Concurrent with the closing of the Cox transaction, Charter closed its transaction with Liberty Broadband. Under the terms of the agreement, each holder of Liberty Broadband Series A common stock, Series B common stock, and Series C common stock (collectively, "Liberty Broadband common stock") received 0.236 of a share of Charter common stock per share of Liberty Broadband common stock held, with cash paid in lieu of fractional shares. Each holder of Liberty Broadband Series A cumulative redeemable preferred stock ("Liberty Broadband preferred stock") received one share of newly issued Charter cumulative redeemable preferred stock ("Charter preferred stock") per share of Liberty Broadband preferred stock held, which Charter preferred stock will substantially mirror the current terms of the Liberty Broadband preferred stock.

As a result of the transaction, Charter retired approximately 38.6 million Charter shares previously owned by Liberty Broadband and issued approximately 33.9 million shares to holders of Liberty Broadband common stock at closing, resulting in a net decrease of approximately 4.7 million Charter shares outstanding. At close, Charter assumed approximately $840 million of Liberty Broadband net debt that will be repaid shortly after closing, and $180 million of preferred equity that became Charter preferred equity upon the close of the transaction.