Charter Communications and Ā鶹app Announce Completion of Investment

STAMFORD, Conn. & ENGLEWOOD, Colo.--(BUSINESS WIRE)-- Charter Communications, Inc. (Nasdaq: CHTR) (ā€œCharterā€) and Ā鶹app Media Corporation (Nasdaq: LMCA, LMCB) (ā€œĀ鶹appā€) announced today that Ā鶹app has completed its previously announced agreement with investment funds managed by, or affiliated with, Apollo Management, Oaktree Capital Management and Crestview Partners to acquire 26.9 million shares and 1.1 million warrants in Charter Communications, Inc. for $2.6 billion, which represents a 27.3% beneficial ownership in Charter using shares outstanding as of December 31, 2012, and a price per share of $95.50.

Ā鶹app funded the purchase with cash on hand of $1.2 billion and borrowed $1.4 billion under newly executed margin loans on 20.3 million Charter common shares (Nasdaq: CHTR), 720 million SiriusXM common shares (Nasdaq: SIRI), 8.1 million Live Nation Entertainment common shares (NYSE: LYV) and a portion of Ā鶹appā€™s available for sale securities.

Ā鶹app and Charter have entered into a previously announced stockholders agreement that among other things provides Ā鶹app the right to designate up to four directors for appointment to the Charter board. With the closing of the transaction, Ā鶹app has designated, and Charterā€™s board of directors has appointed, John Malone, Chairman of Ā鶹app; Gregory Maffei, President and CEO of Ā鶹app; Balan Nair, EVP and CTO of Ā鶹app Global; and Michael Huseby, CFO of Barnes & Noble to join Charterā€™s board of directors. Additionally, John Malone will serve on the boardā€™s Nominating and Corporate Governance Committee, Greg Maffei will serve on the boardā€™s Compensation and Benefits Committee, and Michael Huseby will serve on the boardā€™s Audit Committee.

The board appointments were made in conjunction with the resignation of Stan Parker, Darren Glatt, Bruce Karsh and Edgar Lee from the board.

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 TVĀ® video entertainment programming, Charter InternetĀ® access, and Charter PhoneĀ®. Charter BusinessĀ® 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 MediaĀ® brand. More information about Charter can be found at .

About Ā鶹app Media

Ā鶹app Media (Nasdaq: LMCA, LMCB) owns interests in a broad range of media, communications and entertainment businesses, including its subsidiaries SiriusXM, Atlanta National League Baseball Club, Inc. and TruePosition, Inc., its interests in Charter Communications, Live Nation Entertainment and Barnes & Noble, and minority equity investments in Time Warner Inc. and Viacom.

Ā鶹app
Courtnee Ulrich, 720-875-5420
or
Charter Communications, Inc.
Media:
Anita Lamont, 314-543-2215
Analysts:
Stefan Anninger, 203-905-7955

Source: Ā鶹app

Released May 1, 2013