Malone's GCI Takeover: Alaska Commission Approves Financial Secrecy

The Regulatory Commission of Alaska has approved a request for financial secrecy from telecom billionaire John Malone, who is seeking to gain a controlling interest in GCI, Alaskas largest internet firm. The decision, made just before Black Friday, aligns with previous commission practices and concludes that the public interest in disclosure is outweighed by potential competitive disadvantages. Malone, who is eighty-four years old and worth approximately ten billion dollars, currently holds fifty-three point five percent of GCI Libertys voting power and is looking to increase it above fifty percent. The commissions order did not decide on Malones request to increase his voting power, only addressing the requests for financial secrecy. Almost all comments submitted by Alaskans opposed the secrecy request, but the commission ultimately sided with Malone, stating that no legitimate public interest would be served by requiring him to provide a statement of his financial condition. The commissioners are scheduled to make a final determination on Malones takeover by April first. DNN | The Daily News Now! The world’s first global local news network. Every city. Every story. AI powered. Hosted on Acast. See acast.com/privacy for more information.