Liberty Media’s cable spinoff, Liberty Broadband, has priced its rights offering, which will start on 11 December and close on 9 January 2015, at US$40.36 per share.
Liberty Broadband will distribute subscription rights to purchase shares of series C…
Liberty Media’s cable spinoff, Liberty Broadband, has priced its rights offering, which will start on 11 December and close on 9 January 2015, at US$40.36 per share.
Liberty Broadband will distribute subscription rights to purchase shares of series C common stock to holders of its series A, B and C common stock entitled to receive the dividend.
When the cableco was listed in early November, analysts had estimated that its 88 million shares, valued at about US$4.6bn, or about US$53 per share, would trade at about US$51 per share after the rights issue.
John Malone’s Liberty Media started the process of spinning off its cable assets at the end of July.
The new entity, which is 47.3%-owned by Malone, is set to become the US’ second-largest cableco.
It houses Liberty’s 26.4% controlling stake in Charter Communications as well as an indirect 33% stake in GreatLand Connections, a new cableco set to be hived off from rival Comcast.
