ENGLEWOOD, Colo. & ANCHORAGE, Alaska--(BUSINESS WIRE)--
Liberty Interactive Corporation ("LIC") (Nasdaq: QVCA, QVCB, LVNTA,
LVNTB) and General Communication, Inc. ("GCI") (Nasdaq: GNCMA) today
announced that, at their respective special meetings of stockholders,
each held at their respective corporate headquarters on February 2, at
8:00 a.m. local time, the holders of GCI common stock and Liberty
Ventures common stock entitled to vote at each meeting approved the
proposals relating to the previously announced proposed transactions
between GCI and LIC.
As a result, GCI has filed restated articles of incorporation (the
"restated GCI articles") with the Commissioner of the Department of
Commerce, Community and Economic Development of the State of Alaska
(the "Alaska Commissioner") which will, among other things, change the
name of GCI to "GCI Liberty, Inc.," effect the reclassification of
shares of GCI's existing Class A common stock and Class B common stock
into shares of Class A-1 common stock and Class B-1 common stock,
respectively, and provide for the terms of the auto conversion of the
Class A-1 common stock and Class B-1 common stock in connection with the
completion of the proposed transactions, each as more fully described in
the joint proxy statement/prospectus relating to the special meetings
and the proposed transactions. The restated GCI articles are subject to
review and acceptance by the Alaska Commissioner and neither GCI nor LIC
can give any assurance regarding the timing of the review. GCI and LIC
will provide notice regarding the acceptance of the restated GCI
articles, as well as updates regarding other key steps to the completion
of the proposed transactions, as appropriate.
GCI and LIC still expect that the closing of the proposed transactions
will occur in the first quarter of 2018. In connection with the proposed
transactions, the contemplated reattribution of certain assets and
liabilities from the Liberty Ventures Group to the QVC Group will occur
following the completion of the auto conversion (as described more fully
in the joint proxy statement/prospectus) but prior to the commencement
of trading on the day on which the acquisition of a controlling stake in
GCI Liberty is completed.
Forward-Looking Statements
This press release includes certain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995,
including statements about the completion of the proposed transactions
between LIC and GCI and the Alaska Commissioner's acceptance of the
restated GCI articles. These forward-looking statements involve many
risks and uncertainties that could cause actual results to differ
materially from those expressed or implied by such statements,
including, without limitation, the acceptance of the restated GCI
articles by the Alaska Commissioner and the satisfaction of conditions
to the proposed transactions. These forward-looking statements speak
only as of the date of this press release, and each of LIC and GCI
expressly disclaims any obligation or undertaking to disseminate any
updates or revisions to any forward-looking statement contained herein
to reflect any change in LIC's or GCI's expectations with regard thereto
or any change in events, conditions or circumstances on which any such
statement is based. Please refer to the publicly filed documents of LIC
and GCI, including their most recent Forms 10-K and 10-Q, for additional
information about LIC, GCI and about the risks and uncertainties related
to LIC's and GCI's respective businesses which may affect the statements
made in this press release.
Additional Information
Nothing in this press release shall constitute a solicitation to buy
or an offer to sell shares of GCI Liberty, GCI common stock or any of
LIC's tracking stocks. The offer and issuance of shares in the proposed
transactions will only be made pursuant to GCI's effective registration
statement. LIC stockholders, GCI shareholders and other investors are
urged to read the registration statement and the joint proxy
statement/prospectus regarding the proposed transactions and any other
relevant documents filed with the SEC, as well as any amendments or
supplements to those documents, because they contain important
information about the proposed transactions. Copies of these SEC filings
are available free of charge at the SEC's website (http://www.sec.gov).
Copies of the filings together with the materials incorporated by
reference therein are also available, without charge, by directing a
request to Liberty Interactive Corporation, 12300 Liberty Boulevard,
Englewood, Colorado 80112, Attention: Investor Relations, Telephone:
(720) 875-5420. GCI investors can access additional information at ir.gci.com.
About Liberty Interactive Corporation
Liberty Interactive Corporation operates and owns interests in a broad
range of digital commerce businesses. Those businesses are currently
attributed to two tracking stock groups: the QVC Group and the Liberty
Ventures Group. The businesses and assets attributed to the QVC Group
(Nasdaq: QVCA, QVCB) consist of Liberty Interactive Corporation's
subsidiaries, QVC, Inc., HSN, Inc. and zulily, llc, and the businesses
and assets attributed to the Liberty Ventures Group (Nasdaq: LVNTA,
LVNTB) consist of all of Liberty Interactive Corporation's businesses
and assets other than those attributed to the QVC Group, including its
subsidiary Evite and interests in Liberty Broadband Corporation, FTD,
Lending Tree, ILG and Charter Communications.
About General Communication, Inc.
GCI is the largest communications provider in Alaska, providing data,
wireless, video, voice and managed services to consumer and business
customers throughout Alaska and nationwide. Headquartered in Alaska, GCI
has delivered services for nearly 40 years to some of the most remote
communities and in some of the most challenging conditions in North
America. Learn more about GCI at www.gci.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180202005717/en/
Liberty Interactive Corporation
Courtnee Chun, 720-875-5420
or
General
Communication, Inc.
Heather Handyside, 907-301-3481
Source: Liberty Interactive Corporation
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