LBRDB - The New Liberty Broadband Is Charter Communications With An Alaskan Twist

• Liberty Broadband acquired GCI Liberty in a stock-for-stock merger in December of last year. The first quarter of business of the "new" Liberty Broadband was thus Q1 2021.
• The key financial benefit of the acquisition came from taking advantage of the Liberty Broadband stake in Charter Communications, which was ~20% undervalued by the market pre-merger.
• The post-merger Liberty Broadband, also now having sold off the LendingTree stake and Evite, equals a quarter ownership of Charter Communications and full ownership of Alaskan telco GCI.
• Liberty Broadband shares will track Charter Communications shares going forward. The upcoming Q1 earnings report on May 7 will probably confirm that the Charter stake is now more fairly valued.

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