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GCI Liberty, Inc. announced in a Form 8-K that it has agreed to sell its stake of LendingTree, Inc. and agreed to unwind its forward sale contract on LendingTree shares. The gross proceeds of the sale are expected to be $1,007 million. The Company intends to use the proceeds from the sale to pay costs related to unwinding the forward sale contract and for other general corporate purposes that could include debt reduction at GCI Liberty and share repurchases post-closing of the planned merger with Liberty Broadband Corporation. The closing of the sale of the LendingTree shares is expected to occur on November 18, 2020.
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