Liberty Communications PR Holding LP
December 31, 2023 Annual Report
Liberty Communications PR Holding LP
1550 Wewatta Street, Suite 710
Denver, Colorado 80202
Liberty Communications PR Holding LP
TABLE OF CONTENTS
Page | |
Number | |
Forward-lookingStatements | I-1 |
Description of Our Business | I-3 |
Management's Discussion and Analysis of Financial Condition and Results of Operations | II-1 |
Consolidated Financial Statements: | |
Independent Auditors' Report | II-12 |
Consolidated Balance Sheets as of December 31, 2023 and 2022 | II-14 |
Consolidated Statements of Operations for the Years Ended December 31, 2023, 2022 and 2021 | II-15 |
Consolidated Statements of Equity for the Years Ended December 31, 2023, 2022 and 2021 | II-16 |
Consolidated Statements of Cash Flows for the Years Ended December 31, 2023, 2022 and 2021 | II-17 |
Notes to Consolidated Financial Statements | II-18 |
GLOSSARY OF DEFINED TERMS
Unless the context requires otherwise, references to "Liberty PR", "we," "our," "our company" and "us" in this annual report may refer to Liberty Communications PR Holding LP or collectively to Liberty Communications PR Holding LP and its subsidiaries. We have used several other terms in this annual report, most of which are defined or explained below. The following glossary of defined terms are unaudited.
2026 SPV Credit Facility | $1.0 billion principal amount LIBOR + 5.0% term loan facility due October 15, 2026 |
2027 LPR Senior Secured Notes | issued by LCPR Loan Financing (repaid during 2021) |
$1.2 billion aggregate principal amount 6.75% senior secured notes due October 15, | |
2028 LPR Term Loan | 2027 issued by LCPR Senior Secured Financing |
$620 million principal amount Adjusted Term SOFR + 3.75% term loan facility due | |
2029 LPR Senior Secured Notes | October 15, 2028 issued by LCPR Loan Financing |
$820 million principal amount 5.125% senior secured notes due July 15, 2029 issued | |
ACP | by LCPR Senior Secured Financing |
Affordable Connectivity Program | |
Adjusted OIBDA | Operating income or loss before share-based compensation, depreciation and |
amortization, related-party fees and allocations, provisions and provision releases | |
related to significant litigation and impairment, restructuring and other operating | |
items. Other operating items include (i) gains and losses on the disposition of long- | |
lived assets, (ii) third-party costs directly associated with successful and unsuccessful | |
acquisitions and dispositions, including legal, advisory and due diligence fees, as | |
applicable, and (iii) other acquisition-related items, such as gains and losses on the | |
Adjusted Term SOFR | settlement of contingent consideration. |
SOFR U.S. dollar denominated loans adjusted as follows: (i) 0.11448% for a one- | |
month interest period, (ii) 0.26161% for a three-month interest period and (iii) | |
0.42826% for a six-month interest period | |
ARPU | Average monthly subscription revenue per average fixed RGU or mobile subscriber, |
ASU | as applicable |
Accounting Standards Update | |
AT&T | AT&T Inc. |
AT&T Acquired Entities | Collectively, Liberty Mobile Inc., Liberty Mobile Puerto Rico Inc. and Liberty |
AT&T Acquisition | Mobile USVI Inc. |
October 31, 2020 acquisition of all of the outstanding shares of the AT&T Acquired | |
B2B | Entities |
Business-to-business | |
B2B Disposal | The United States Department of Justice, as a condition of approval of the AT&T |
Acquisition, required us to divest certain B2B operations that were a part of our then- | |
existing operations in Puerto Rico | |
BBVI Acquisition | December 31, 2021 acquisition of 96% of Broadband VI |
Broadband VI | Broadband VI, LLC |
C&W | Cable & Wireless Communications Limited and its subsidiaries |
Cayman Holding | LCPR Cayman Holding Inc. |
CBRS | Citizens Broadband Radio Service |
CIP | Construction-in-process |
CLEC | Competitive local exchange carrier |
Communications Act | The United States Communications Act of 1934, as amended |
CPE | Customer premises equipment |
CRU | Corporate Responsible User |
DirecTV | DIRECTV Latin America Holdings, Inc. |
Dish Network | Dish Network Corporation |
DOCSIS | Data over cable service interface specification |
DOJ | United States Department of Justice |
DTH | Direct-to-home |
DVR | Digital video recorder |
GLOSSARY OF DEFINED TERMS | |
EBU | Equivalent billing unit |
EIP | Equipment installment-plan |
ETC | Eligible Telecommunications Carrier |
FASB | Financial Accounting Standards Board |
FCC | United States Federal Communications Commission |
FCPA | United States Foreign Corrupt Practices Act of 1977, as amended |
FTTH | Fiber-to-the-home/-cabinet/-building/-node |
Gbps | Gigabits per second |
GITCs | General information technology controls |
HD | High definition |
HFC | Hybrid fiber coaxial cable networks |
Hurricane Fiona | Hurricane impacting our operations in during September 2022 |
ILEC | Incumbent local exchange carrier |
Infrastructure Act | The Infrastructure Investment and Jobs Act of 2021 |
Law 213 | The Puerto Rico Telecommunications Act of 1996 |
LCPR | Liberty Communications of Puerto Rico LLC |
LCPR Loan Financing | LCPR Loan Financing LLC, a consolidated special purpose financing entity that was |
created for the primary purpose of facilitating the issuance of certain term loan debt. | |
LCPR is required to consolidate LCPR Loan Financing as a result of certain variable | |
interests in LCPR Loan Financing, for which LCPR is considered the primary | |
LCPR Senior Secured Financing | beneficiary. |
LCPR Senior Secured Financing Designated Activity Company, a consolidated | |
special purpose financing entity that was created for the primary purpose of | |
facilitating the issuance of certain debt offerings. Liberty Mobile is required to | |
consolidate LCPR Senior Secured Financing as a result of certain variable interests in | |
LCPR Senior Secured Financing, of which Liberty Mobile is considered the primary | |
beneficiary. | |
LCPR Ventures | LCPR Ventures LLC |
Liberty Latin America | Liberty Latin America Ltd. |
Liberty Mobile | Liberty Mobile Inc. and it subsidiaries |
Liberty PR | Liberty Communications PR Holding LP and its subsidiaries, which include LCPR |
LIBOR | and Liberty Mobile and its subsidiaries |
London Inter-Bank Offered Rate | |
LiLAC Services | LiLAC Services Ltd. |
LiLAC Services Receivable | $398 million aggregate principal amount loan issued by LCPR Ventures to LiLAC |
Services with a weighted average interest rate of 6.1%; $32 million due December 23, | |
2025 and $367 million due July 15, 2029 | |
LLA Holdco | LLA Holdco LLC |
LPR Credit Facilities | Senior secured credit facilities comprised of: (i) 2028 LPR Term Loan; and (ii) LPR |
LPR Revolving Credit Facility | Revolving Credit Facility |
$173 million Adjusted Term SOFR + 3.5% revolving credit facility due March 15, | |
LPR Senior Secured Notes | 2027 |
Senior secured notes comprising: (i) 2029 LPR Senior Secured Notes; and (ii) 2027 | |
MMG Program | LPR Senior Secured Notes |
The Middle Mile Broadband Infrastructure Grant Program established by the | |
Network Extensions | Infrastructure Act |
Network extension and upgrade program | |
NTIA | National Telecommunications and Information Administration |
OFAC | Office of Foreign Assets Control |
PRTC | Telecommunications Of Puerto Rico, Inc. |
Puerto Rico and USVI Spectrum | Pending acquisition of Dish Network spectrum assets in Puerto Rico and USVI and |
Acquisition | approximately 120,000 prepaid mobile subscribers in those markets |
GLOSSARY OF DEFINED TERMS | |
RGU | Revenue generating unit |
Senior Secured Covenant Group | LCPR and LLA Holdco and its subsidiaries |
SIM | Subscriber identification module |
SOFR | Reference rate based on secured overnight financing rate administered by the Federal |
SOHO | Reserve Bank of New York |
Small office / home office | |
TB | The Puerto Rico Telecommunications Regulatory Bureau |
Tower Transactions | Transactions associated with certain of our mobile towers that (i) have terms of 20 |
years and did not meet the criteria to be accounted for as a sale and leaseback and (ii) | |
also include "build to suit" sites that we are obligated to construct over the next 5 | |
years. The total weighted average imputed interest rate of the financial liabilities | |
UPR Fund | associated with these transactions is approximately 8%. |
Uniendo a Puerto Rico Fund | |
U.S | United States |
USD | United States Dollar |
U.S. GAAP | Generally accepted accounting principles in the United States |
USF | Universal Service Fund |
USVI | The U.S. Virgin Islands |
VoD | Video-on-demand |
VoIP | Voice-over-internet-protocol |
Weather Derivatives | Weather derivative contracts that provide insurance coverage for certain weather- |
related events |
FORWARD-LOOKING STATEMENTS
Certain statements in this report constitute forward-looking statements. To the extent that statements in this report are not recitations of historical fact, such statements constitute forward-looking statements, which, by definition, involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. In particular, statements under Business and Management's Discussion and Analysis of Financial Condition and Results of Operations may contain forward-looking statements, including statements regarding: our business, products and finance strategies; subscriber growth and retention rates; changes in competitive, regulatory and economic factors; anticipated changes in our revenue, expenses or growth rates; debt levels; our liquidity and our ability to access the liquidity of our subsidiaries; credit risks; internal control over financial reporting; interest rate risks; compliance with debt, financial and other covenants; our projected sources and uses of cash; the timing and impact of proposed transactions, including the Puerto Rico and USVI Spectrum Acquisition; our anticipated integration plans, synergies, opportunities and integration costs following the AT&T Acquisition; changes in operating and capital costs; the remediation of a material weakness; and other information and statements that are not historical fact. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. In evaluating these statements, you should consider the following list of some but not all of the factors that could cause actual results or events to differ materially from anticipated results or events:
- economic and business conditions and industry trends in Puerto Rico;
- the competitive environment in the industries in which we operate in Puerto Rico, including competitor responses to our products and services;
- fluctuations in inflation rates and interest rates;
- our relationships with third-party programming providers and broadcasters, some of which are also offering content directly to consumers, and our ability to maintain access to desirable programming on acceptable economic terms;
- our relationships with suppliers and licensors and the ability to maintain equipment, software and certain services;
- instability in global financial markets, including sovereign debt issues and related fiscal reforms;
- our ability to obtain additional financing and generate sufficient cash to meet our debt obligations;
- the impact of restrictions contained in certain of our subsidiaries' debt instruments;
- consumer disposable income and spending levels, including the availability and amount of individual consumer debt;
- changes in consumer viewing preferences and habits, including on mobile devices that function on various operating systems and specifications, limited bandwidth, and different processing power and screen sizes;
- customer acceptance of our existing service offerings, including our video, broadband internet, fixed-line telephony, mobile and business service offerings, and of new technology, programming alternatives and other products and services that we may offer in the future;
- our ability to manage rapid technological changes;
- the impact of 5G and wireless technologies on broadband internet;
- our ability to maintain or increase the number of subscriptions to our video, broadband internet, fixed-line telephony and mobile service offerings and our average revenue per household and mobile subscriber;
- our ability to provide satisfactory customer service, including support for new and evolving products and services;
- our ability to maintain or increase rates to our subscribers or to pass through increased costs to our subscribers;
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- the impact of our future financial performance, or market conditions generally, on the availability, terms and deployment of capital;
- changes in, or failure or inability to comply with, government regulations in Puerto Rico and adverse outcomes from regulatory proceedings;
- government intervention that requires opening our broadband distribution network to competitors;
- our ability to renew necessary regulatory licenses, concessions or other operating agreements and to otherwise acquire future spectrum or other licenses that we need to offer new mobile data or other technologies or services;
- our ability to obtain regulatory approval and satisfy other conditions necessary to close acquisitions and dispositions, and the impact of conditions imposed by competition and other regulatory authorities in connection with acquisitions, such as with respect to the Puerto Rico and USVI Spectrum Acquisition;
- our ability to successfully acquire new businesses and, if acquired, to integrate, realize anticipated efficiencies from and implement our business plan with respect to the businesses we have acquired or that we expect to acquire, such as with respect to the AT&T Acquisition;
- changes in laws or treaties relating to taxation, or the interpretation thereof, in Puerto Rico and the results of any tax audits or tax disputes;
- changes in laws and government regulations that may impact the availability and cost of capital and the derivative instruments that hedge certain of our financial risks;
- the ability of suppliers and vendors, including third-party channel providers and broadcasters, to timely deliver quality products, equipment, software, services and access;
- the availability of attractive programming for our video services and the costs associated with such programming, including retransmission and copyright fees payable to public and private broadcasters;
- uncertainties inherent in the development and integration of new business lines and business strategies;
- our ability to adequately forecast and plan future network requirements, including the costs and benefits associated with our network extension and upgrade programs;
- the availability of capital for the acquisition and/or development of telecommunications networks and services, including property and equipment additions;
- problems we may discover post-closing with the operations, including the internal controls and financial reporting process, of businesses we acquire, such as with respect to the AT&T Acquired Entities;
- the effect of any of the identified material weaknesses in our internal control over financial reporting;
- piracy, targeted vandalism against our networks, and cybersecurity threats or other security breaches, including the leakage of sensitive customer data, which could harm our business or reputation;
- the outcome of any pending or threatened litigation;
- the loss of key employees and the availability of qualified personnel;
- the effect of any strikes, work stoppages or other industrial actions that could affect our operations;
- changes in the nature of key strategic relationships with partners;
- our ability to realize the full value of our intangible assets;
- changes in and compliance with applicable data privacy laws, rules, and regulations;
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- our ability to recoup insurance reimbursements and settlements from third-party providers;
- our ability to comply with anti-corruption laws and regulations, such as the FCPA;
- our ability to comply with economic and trade sanctions laws, such as the U.S. Treasury Department's OFAC
- the impacts of climate change such as rising sea levels or increasing frequency and intensity of certain weather phenomena; and
- events that are outside of our control, such as political conditions and unrest in international markets, terrorist attacks, malicious human acts, natural disasters, pandemics like the COVID-19 pandemic, and other similar events.
The broadband distribution and mobile service industries are changing rapidly and, therefore, the forward-looking statements of expectations, plans and intent in this annual report are subject to a significant degree of risk. These forward- looking statements and the above described risks, uncertainties and other factors speak only as of the date of this annual report, and we expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein, to reflect any change in our expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based. Readers are cautioned not to place undue reliance on any forward-looking statement.
DESCRIPTION OF OUR BUSINESS
Overview
Liberty PR is an indirect wholly-owned subsidiary of Liberty Latin America and holds a (i) 100% interest in Cayman Holding and (ii) a 100% interest in LCPR Ventures. Cayman Holding and LCPR Ventures jointly own LCPR, while LCPR Ventures wholly-owns LLA Holdco, the direct parent of Liberty Mobile. LCPR and LLA Holdco and its subsidiaries comprise the Senior Secured Covenant Group.
We provide fixed and mobile telecommunications services to residential and business customers in Puerto Rico and USVI through (i) LCPR and (ii) Liberty Mobile and its subsidiaries.
We are engaged in an ongoing network extension and upgrade program, collectively referred to as the "Network Extensions." Through the Network Extensions, we continue to expand our fixed network pursuant to which we pass or upgrade homes and businesses with our broadband communications network. In addition, we look for mobile service opportunities where we have our established cable network and have expanded our fixed-line network where we have a strong mobile offering. This allows us to offer converged fixed-line and mobile services to our customers.
Residential Services
Mobile Services. We are a mobile network operator, delivering high-speed services throughout our operating footprint. In Puerto Rico and USVI, spectrum licenses are typically held for perpetuity with the exception of CBRS spectrum which has a term of 10 years. We transmit wireless calls and data through radio frequencies that we use under spectrum licenses. We have a diversified portfolio of frequencies, which support 5G technologies. Spectrum is a limited resource, and, as a result, we may face spectrum and capacity constraints on our wireless network. We believe our current spectrum portfolio will allow us to meet subscribers' needs in the coming years, although we will continue to evaluate our need to acquire additional frequencies to supplement our existing spectrum portfolio. In Puerto Rico and USVI the 700 MHz FirstNet (Band 14) is usable by us (when not occupied by first responders' traffic) but owned by AT&T and the First Responders Public Private Partnership. In addition, in November 2023, we entered into an asset purchase agreement and a license purchase agreement with Dish Network to acquire Dish Network spectrum assets in Puerto Rico and USVI, which is subject to certain customary closing conditions, including regulatory approvals, and is expected to close in 2024.
Subscribers to our mobile services pay varying monthly fees depending on whether the mobile service is bundled with one of our other services or includes mobile data services over their phones, tablets or laptops. Our mobile services are available on a postpaid or prepaid basis. We offer our customers the option to purchase mobile handsets with purchase terms typically related to whether the customer selects a prepaid or postpaid plan. Customers selecting a prepaid plan or service, pay in advance for a pre-determined amount of airtime and/or data and generally do not enter into a minimum contract term. Customers
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subscribing to a postpaid plan are offered installment agreements if they buy a new handset with acceleration provisions if they cancel the account without penalty.
In Puerto Rico and USVI, we are a reseller of the national US FirstNet (Emergency/First Responders) network, which necessitates above-average network resilience and other customer performance requirements, subject to governmental penalties for non-compliance.
Broadband Internet Services. We offer high-speed internet access throughout our entire footprint. Our fully digital, two- way HFC and FTTH network enables us to deliver high-speed broadband internet services. We have invested heavily in fixed and wireless infrastructure assets that enable us to deliver superior connectivity solutions to our customers and plan to continue to invest in technologies to increase the speed, reliability and resilience of our network. This includes investment in the convergence of our fixed and mobile data systems and through our next generation WiFi products, which enable us to maximize the impact of our broadband networks by providing reliable, high-speed wireless connectivity anywhere in the home. We deliver broadband internet over a more than 12,000 mile, fully digital, HFC and FTTH network, capable of delivering connectivity services, including our market-leading 1,000 Mbps broadband Internet speeds, to approximately 1,178,700 homes passed in Puerto Rico as of December 31, 2023. During 2023, our Network Extensions program upgraded or passed approximately 50,500 homes across Puerto Rico and USVI.
Video Services. We offer video services in Puerto Rico. To meet the demands of our customers, we have enhanced our video services with next generation, market-leading digital television platforms that enable our customers to control when and where they watch their programming. These advanced services are delivered over our FTTH and HFC networks and include a Replay, a DVR, a VoD offering and an advanced user interface with a robust recommendation engine including an electronic programming guide. Customers can also enjoy our video services in streamers platforms such as Apple TV. In Puerto Rico, our video customers can watch their favorite channels on the "Liberty Go" app as well as access over 60 applications from content providers to watch streamed linear and VoD programming by authenticating as a Liberty PR customer.
Telephony Services. Liberty PR offers fixed-line telephony services primarily through VoIP. We offer B2B customers enterprise class telephone services which include traditional multi-line phone service over DOCSIS and trunking solutions as well as optional add-on services, such international calling, toll free calling and virtual receptionists.
In Puerto Rico, our network includes a fiber ring around the island that provides enhanced interconnectivity points to the island's other local and international telecommunications companies.
Regulatory Matters
Liberty PR is subject to regulation in Puerto Rico by various governmental entities at the Puerto Rico and the U.S. federal level, including the FCC and the TB. The TB has primary regulatory jurisdiction in Puerto Rico at the local level and is responsible for awarding franchises to cable operators for the provision of cable service in Puerto Rico and regulating cable television and telecommunications services. The TB consolidated the majority of Liberty PR's cable franchises in December 2022.
Our business in Puerto Rico is subject to comprehensive regulation under the Communications Act, which regulates communication, telecommunication and cable television services. The Communications Act also provides the general legal framework for, among other things, the provision of telephone services, services related to interconnection between telephone carriers, and television, radio, cable television and direct broadcast satellite services.
The FCC and/or the TB have the authority to impose sanctions, including warnings, fines, license revocations and, in certain specific cases, termination of the franchise, although license revocation and franchise termination are rare. The Communications Act specifies causes for the termination of licenses, including, for example, the failure to comply with license requirements and conditions or to pay fines or fees in a timely manner. Such sanctions by the TB and/or FCC can be appealed to, and reviewed by, Puerto Rican courts and U.S. federal courts.
In May 2018, the FCC established the UPR Fund to provide subsidies for the deployment and hardening of fixed wireline and mobile wireless communications networks in Puerto Rico. Stage 1 of the UPR Fund made $51 million of new funding available for Puerto Rico telecommunications providers, following Hurricanes Maria and Irma in 2017.
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Stage 2 of the UPR Fund made additional funding available to providers of services over fixed wireline networks through a competitive bidding process, and to mobile wireless providers subject to those providers meeting certain conditions.
To be eligible for Stage 2 UPR funding for fixed services, Liberty PR requested that the TB designate it as an ETC, which the TB did in June 2018. As part of its obligations as an ETC, Liberty PR must offer services at a discounted rate to low income customers under the federal Lifeline Program and low-cost services to schools and libraries under the Schools and Libraries Program (E-Rate). Both programs provide FCC subsidies to ensure access to telecommunications and broadband access services for specified classes of customers. Liberty PR began offering Lifeline services in April 2019.
On November 2, 2020 LCPR received preliminary approval from the FCC for an award of approximately $72 million through the UPR Fund. The funds support providing high-speed broadband access to all locations within 43 of Puerto Rico's 78 municipalities, representing service to over 914,000 locations. After LCPR submitted all required materials in June 2021, this funding was authorized by the FCC. Liberty PR will have six years to complete the network expansions and upgrades, during which certain milestones must be met. Liberty PR is expected to receive approximately $72 million, which will be paid in 120 equal monthly payments over a 10-year period that began in July 2021. The revenue recognized from such project will be reflected as "other revenue" in our revenue by product disclosures in our financial statements.
Effective December 31, 2021, in connection with the BBVI Acquisition, Liberty PR acquired 96% of the outstanding shares of Broadband VI, LLC for $33 million, subject to certain post-closing adjustments. On June 8, 2021, the FCC's Wireline Competition Bureau issued a public notice authorizing $85 million in Connect USVI funding for Broadband VI, LLC to deploy wireline networks and provide voice and broadband services to more than 46,000 locations in the U.S. Virgin Islands. Given its acquisition of Broadband VI, LLC, Liberty PR will now be the recipient of these funds, as well as responsible for the network expansions and upgrades committed to in the bid. Liberty PR will have six years to complete the network expansions and upgrades committed to in the bid, and will receive FCC funding support over the course of ten years. In addition to expansions and upgrades, Broadband VI, LLC committed to a robust disaster preparation and response plan to harden its network and make it more resistant to storm damage.
With respect to Stage 2 UPR funding for mobile wireless providers, the FCC also established in September 2019 that mobile wireless providers providing service in Puerto Rico as of June 2017 were eligible to receive up to $254 million over three years based on their relative number of subscribers for such service as of June 2017. In order to obtain such support, the mobile providers were required to confirm the number of mobile wireless subscribers they served as of June 2017, and obtain FCC approval of a plan that describes and commits to the methods and procedures that will be used to prepare for and respond to disasters in Puerto Rico. Liberty Puerto Rico's predecessor wireless provider in Puerto Rico (AT&T) submitted the required documentation and in June 2020, the FCC authorized that entity to receive approximately $34 million in annual funding over three years or a total amount of $102 million in funding to expand, improve and harden the mobile networks in Puerto Rico and the U.S. Virgin Islands. That entity had previously obtained the required ETC designation in Puerto Rico. Having purchased this business in connection with the AT&T Acquisition, Liberty Puerto Rico is receiving these funds. The funds are paid in equal installments of $3 million and since the date of the AT&T Acquisition, we have received approximately $98 million in funding, including approximately $94 million and $4 million received by our mobile operations in Puerto Rico and the U.S. Virgin Islands, respectively.
On April 19, 2023, the FCC adopted a report and order that provides two additional years of transitional mobile support beginning in June 2023. Transitional mobile support recipients receive 50% of their current monthly support for both 4G LTE and 5G-NR during the first year of transitional support, and then 25% of their current monthly support in their second year of transitional support. Thus, Liberty PR's annual Stage 2 UPR mobile support was reduced from approximately $34 million to approximately $17 million in the first year of transitional support and to approximately $8.5 million in the second year. The FCC has stated that it intends to develop a long-term funding mechanism to support network hardening in Puerto Rico but has not yet released a notice of proposed rulemaking regarding such long-term funding program. On September 21, 2023 the FCC adopted a further notice of proposed rulemaking seeking comment on whether the FCC should support 5G development in Puerto Rico and USVI through the 5G Fund for Rural America.
Liberty PR also is subject to certain regulatory requirements specific to it. Liberty Latin America entered into a Letter of Agreement on July 1, 2020 with the DOJ and the U.S. Department of Defense in connection with the AT&T Acquisition, and Liberty Communications PR entered into a Letter of Agreement on November 20, 2020 with the DOJ regarding an FCC application. Further, Liberty Latin America and LCPR are subject to a Final Judgment, filed on February 3, 2021, in connection with the divestiture of certain assets to complete the AT&T Acquisition, which does not expire for 10 years. Failure to comply
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Disclaimer
Liberty Latin America Ltd. published this content on 21 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 March 2024 20:29:08 UTC.