Charter Shareholders Overwhelmingly Approve Issuance of Shares in Transactions with Comcast
STAMFORD, Conn., March 17, 2015 /PRNewswire/ -- Charter Communications, Inc. (NASDAQ: CHTR) ("Charter") today announced that, at its special meeting of shareholders this morning, Charter stockholders approved the issuance of shares of common stock of New Charter in connection with New Charter's previously announced acquisition of approximately 33% of the shares of Midwest Cable, Inc. ("GreatLand Connections"), a wholly-owned subsidiary of Comcast Corporation ("Comcast"), following GreatLand Connections' spin-off from Comcast to Comcast's shareholders. New Charter's acquisition of approximately 33% of the shares of GreatLand will follow a reorganization in which CCH I, LLC, a current subsidiary of Charter, will become the new holding company of Charter through a merger in which each share of Charter's Class A common stock will be exchanged for a share of New Charter's Class A common stock. New Charter's Class A common stock will be traded on the NASDAQ Stock Market under the same ticker symbol, CHTR, as currently used by Charter.
New Charter's acquisition of the stake in GreatLand Connections and the previously announced transactions between Comcast and Charter, which include an asset purchase and asset exchange, in addition to the contribution and spin-off transaction noted above, are subject to various regulatory approvals and other customary conditions.
About Charter Charter (NASDAQ: CHTR) is a leading broadband communications company and the fourth-largest cable operator in the United States. Charter provides a full range of advanced broadband services, including advanced Charter TV® video entertainment programming, Charter Internet® access, and Charter Phone®. Charter Business® similarly provides scalable, tailored, and cost-effective broadband communications solutions to business organizations, such as business-to-business Internet access, data networking, business telephone, video and music entertainment services, and wireless backhaul. Charter's advertising sales and production services are sold under the Charter Media® brand. More information about Charter can be found at charter.com.