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GCI Liberty has announced a significant repurchase of approximately $459 million of its 1.75% Exchangeable Senior Debentures due 2046. This will cost about $819 million in cash based on Charter Communications' stock price. Additionally, GCI Liberty has completed the sale of its stake in LendingTree for gross proceeds of $1,007 million, with net proceeds expected to be around $900 million. The proceeds will support general corporate purposes and possibly future share repurchases following the upcoming merger with Liberty Broadband.
GCI Liberty announced plans to sell its stake in LendingTree for gross proceeds of $1,007 million. The funds will be used for unwinding a forward sale contract and general corporate purposes, including debt reduction and share repurchases post-merger with Liberty Broadband. The sale is expected to close on November 18, 2020. GCI Liberty also provided an update on the status of its merger with Liberty Broadband, which is pending regulatory approvals and expected to close by the first quarter of 2021.
GCI Liberty reported a strong third quarter for 2020, with revenue increasing by 11% year-over-year to $244.3 million. Consumer revenue rose 8% while business revenue surged 13%. Operating income skyrocketed to $28 million, and Adjusted OIBDA rose 27% to $91.6 million. Liquidity remained robust at $553 million. The company's 5G network launch and strong customer support during the COVID-19 pandemic were highlighted. GCI expects its merger with Liberty Broadband to finalize by Q1 2021, pending regulatory approvals.
GCI Liberty is set to hold its annual Investor Meeting on November 20, 2020, following Qurate Retail's meeting. The virtual event begins at 10:05 a.m. M.T. and is open to shareholders, analysts, and the press. Key leaders, including Chairman John Malone and CEO Greg Maffei, will lead a Q&A session post-presentation. Questions can be submitted via email by November 13, 2020. The meeting's webcast will be archived for one year on the company's website. GCI Liberty operates diversified communications businesses, with GCI being Alaska's largest communications provider.
GCI Liberty, Inc. (Nasdaq: GLIBA) will conduct its third quarter 2020 earnings call on November 5th at 11:15 a.m. (E.S.T.). CEO Greg Maffei will discuss the company's financial performance and future outlook during the call, followed by a Q&A session addressing inquiries about GCI Liberty and its subsidiaries, including Liberty Broadband Corporation. Interested participants can join the conference call via telephone or access a live webcast through the GCI Liberty website, where replays will also be available.
GCI Liberty, Inc. (Nasdaq: GLIBA) announced the completion of a private offering of $600 million in 4.750% senior notes due 2028. The net proceeds will primarily be used to redeem $450 million of 6.875% senior notes due 2025 and $325 million of 6.625% senior notes due 2024. Redemption for the 2025 Notes is set for October 14, 2020, and for the 2024 Notes on October 23, 2020. The offering, made under a Securities Act exemption, targets Qualified Institutional Buyers. GCI Liberty's operations include its subsidiary GCI, the largest communications provider in Alaska.
