GCI has been around for decades now and has the founder as its CEO today still. It was tied up in the Liberty Broadband ticker along with its more valuable Charter position. In the last few years John Malone has been tidying up his companies. He merged his SIRI stock into SIRI, he is turning Formula 1 and MotoGP into its own vehicle and he merged his Charter position into Charter. As part of the Charter deal, it was agreed GCI would be spun into his own vehicle. And in typical John Malone fashion it has 3 share classes. The A shares have 1 vote per share, the B shares have 10 votes (John owns most), and the K shares have 0 votes (also the most numerous). The K shares are also priced the cheapest, and seen as I dont foresee myself ever having a material position (enough to have any sway over John) I skip the glories of A&B shares and be content with an economic share in the K.
Essentially, GCI is the largest fiber network in Alaska. A pretty bullet proof operation as it has its network going to a strong majority of homes, and the big players in the lower 48 see no economic reason to compete in Alaska. Starlink will never be as fast and reliable as fiber in the ground, but they will get market share in the more rural areas. But this leaves a nice competitve position for GCI which minces out FCF. Not a huge reason to own the stock, its around a 6-7x PE multiple. But I guess what attracts me somewhat to this is John Malone himself. He may be old as hills now, but he is still sharp as ever. He recently bought $6mm worth of shares on the open market which is rare for him, usually he prefers selling calls or puts on his stock for extra income. So I think John will be using this GCI vehicle as his next M&A vehicle where he will wheel and deal and try to create some old fashioned value. I dont think this will compound at high returns, maybe mid-high teens, unless a very attractive entry opens up <30.