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Liberty Media to Acquire 27% Stake in Charter Communications for $2.6 Billion

As has been widely reported in several news outlets including Bloomberg, Reuters and The Wall Street Journal, Charter Communications, Inc. and Liberty Media Corporation announced that Liberty Media has entered into a definitive agreement with investment funds managed by, or affiliated with, Oaktree Capital Management, Apollo Management and Crestview Partners. Paul, Weiss represented Oaktree in the transaction. The firm was first retained in 2008 to represent Oaktree and a committee of bondholders in restructuring Charter, so this transaction is the culmination of many years of work.

Liberty Media will acquire approximately 27.3% of Charter for approximately $2.6 billion. The transaction represents a price per share of $95.50. Closing is expected to occur in the second quarter of 2013, subject to the satisfaction of customary closing conditions, including expiration of the waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

Paul, Weiss was first retained in 2008 to represent an ad hoc bondholder committee, including Oaktree, Apollo, Crestview and others, in the restructuring of Charter.

The Paul, Weiss team included corporate partners Neil Goldman, Kenneth Schneider and Lawrence Wee; and tax partner Richard Bronstein.

March 19, 2013

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