Greg Maffei: Yes. And I agree, there’s tension there because the buyback has gotten more attractive. Charter is cheaper than it has been at many historical levels. And as you know, Liberty Broadband further cheaper. I think we look at the longer strategic value and the longer economic opportunity that’s there. And we probably were not — we can continue to play off all of these. But we do look at the opportunity that may be done with these rural programs, particularly how they’re subsidized that, that opportunity is now, and that is worthwhile. And we are also, I think, with high split, not only creating more an opportunity but also putting a further moat around the business. So those are important and those yield attractive economic opportunities.
And we will continue to try and also take advantage of the discount. So there are 3 sets at least of attractive investment opportunities, and we’re trying to waive it all those against the long-term growth, the — and which ones are going to be available when.
Operator: And our last question comes from Michael Rollins with Citi. Please state your question.
Michael Rollins: Two, if I could. First, on GCI, can you share how the business has benefited in — the customers of the business have benefited from ACP? And how you see that playing out over time in terms of whether that gets incremental funding from Congress? And then just on the broader strategic front. Last quarter, Greg, you made a comment that it could be logical at some point to combine Liberty Broadband and Charter. Just curious on your latest thoughts on that? And what would be the catalyst to make that logical in terms of timing and function?
Greg Maffei: I’ll handle the second question first, and then I’ll let either Ron or Pete comment on ACP or if they don’t want, Brian and I can take a shot. But on Liberty Broadband combining with Charter. I think you look, we’ve had these holding companies that we think have done very well and been very beneficial in some taking advantage of things like share repurchase or written growth in the underlying asset. But in many cases, we’ve also, at some point, merge them in and close the gap between their trading. Examples of that would be — closed example be Liberty Media and DIRECTV, Liberty Expedia and Expedia, certainly cases we’ve gone that along the way, what’s been proposed between LSXM and SiriusXM. We do that when we think the logical path is pursued on why we should be independent, and it would be more beneficial to merge these entities.
That day could clearly come somewhere down the road for Charter, probably will come based on our Street, but we don’t think that day is today. On GCI and on ACP to Pete or Ron, do you want to take a shot?
Brian Wendling: Yes. I think Ron, are you there?
Greg Maffei: We’re going to let him get it pass unless he chooses to step in. So we’ll let you go, Pete, unless Ron decides that he wants to preempt.
Ronald Duncan: Yes. I think what the ACP program has been a good program, helping lower-income people get good broadband connectivity. It has been helpful for us as far as bad debt reduction as it’s eliminated that aspect of revenue coming in. The longevity, we’ll have to see, there’s kind of some upheaval that is very, very difficult to predict how that will all pan out as far as this program going forward. But it’s been a relatively small program, but very beneficial to several thousand of our customers.
