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Sydnee Gatewood
Sydnee Gatewood
Articles (3500) 

Mario Gabelli Comments on Liberty Broadband

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March 02, 2021 | About:
Liberty Broadband's (2.4%) (NASDAQ:LBRDA) (LBRDA – $157.58 – NASDAQ) principal assets are a 25% interest in Charter Communications, the second largest cable company in the U.S., and General Communications, the leading cable and wireless provider in Alaska. Liberty Broadband is the product of decades of financial engineering by cable pioneer Dr. John Malone, who effectively controls the company. Charter, currently operated by former Cablevision executive Tom Rutledge, successfully integrated the acquisitions of Time Warner Cable and Bright House and is now capitalizing on its broadband infrastructure advantage during a time of increasing internet usage. Liberty's investment in Charter was held in two entities, Liberty Broadband and GCI Liberty (which itself also owned 24% of Liberty Broadband); the two entities merged in December 2020 in a long-anticipated transaction. This ownership rationalization should allow for accelerated share repurchases and an eventual combination with Charter.

From Mario Gabelli (Trades, Portfolio)'s Gabelli Value 25 Fund fourth-quarter 2020 shareholder letter.

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