John Malone and GCI Liberty Inc. Secured a $110 Million Settlement Resolving a Challenge to a Merger
“Cable cowboy” John Malone, other former members of GCI Liberty Inc.’s board, and a group of investors secured the approval of a Delaware judge for a $110 million settlement resolving a challenge to the telecom holding company’s merger with an affiliate, Liberty Broadband Corp.
Vice Chancellor Sam Glasscock III signed off Wednesday on the deal, ending litigation in Delaware’s Chancery Court over the combination between the two Malone affiliates, each of which holds a large stake in operating subsidiary Charter Communications Inc.
The agreement calls for the payment to be made either by the post-merger entity or the board members’ insurers, according to court filings. Glasscock also awarded $22 million in legal fees to the trio of pension funds leading the case.
