Kirkland & Ellis advised Charter Communications, Inc. (Nasdaq: CHTR), a leading broadband connectivity company and cable operator, on its strategic investment in Comscore, Inc. (Nasdaq: SCOR), a trusted partner for planning, transacting and evaluating media across platforms, together with Qurate Retail (Nasdaq: QRTEA) and Cerberus Capital Management, L.P. Specifically, Charter, Qurate and Cerberus will invest an aggregate of $204 million in cash in exchange for shares of convertible preferred stock of Comscore at a price of $2.47 per share. Proceeds from the investment will be used to retire Comscore’s existing debt, including the repayment of Comscore’s convertible debt held by Starboard Value, and significantly improve Comscore’s financial flexibility and liquidity position.
In connection with the transaction, Charter will also enter into an extended data license agreement with Comscore, anchoring and expanding Comscore’s comprehensive, industry-leading assets. The transaction is subject to shareholder approval and customary closing conditions, and is expected to close in the first quarter of 2021.
The Kirkland team was led by transactional partners Michael Brueck and James Hu and associate Patrick Moneypenny.