Liberty Broadband Corporation (LBRDA): Business Model Canvas

Die Liberty Broadband Corporation (LBRDA) entwickelt sich zu einem strategischen Kraftpaket in der Telekommunikationslandschaft, das meisterhaft Investitionskraft mit modernster Breitbandinfrastruktur verbindet. Durch die Nutzung einer bedeutenden Kapitalbeteiligung an Charter Communications und eines anspruchsvollen Investitionsportfolios positioniert sich das Unternehmen als dynamischer Akteur, der Technologie, Medien und Konnektivität verbindet. Dieses Business Model Canvas offenbart ein komplexes Ökosystem aus strategischen Partnerschaften, innovativen Wertversprechen und vielfältigen Einnahmequellen, die versprechen, die Wahrnehmung von Telekommunikationsinvestitionsstrategien durch Investoren und Verbraucher neu zu gestalten.

Liberty Broadband Corporation (LBRDA) – Geschäftsmodell: Wichtige Partnerschaften

Charter-Kommunikation

Im vierten Quartal 2023 besitzt Liberty Broadband Corporation etwa 31,6 % der ausstehenden Aktien von Charter Communications. Die strategische Investition hat einen Gesamtmarktwert von 26,4 Milliarden US-Dollar.

Partnerschaftsmetrik	Wert
Eigentumsprozentsatz	31.6%
Marktwert der Investition	26,4 Milliarden US-Dollar
Freigabetyp	Stammaktien der Klasse A

Liberty Media Corporation

Liberty Media Corporation ist die Muttergesellschaft und primärer strategischer Investor bei der Liberty Broadband Corporation.

Eigentumsdetails	Prozentsatz
Eigentum der Liberty Media Corporation	100%
Kontrolleinsatz	Mehrheitsstimmrechte

Anbieter von Kabel- und Telekommunikationsinfrastruktur

• Infrastruktur des Charter-Kommunikationsnetzwerks
• CenturyLink-Glasfasernetzwerk
• Comcast Backbone-Konnektivität

Anbieter von Technologie- und Netzwerkausrüstung

Lieferant	Gerätetyp	Jährlicher Beschaffungswert
Cisco-Systeme	Netzwerkausrüstung	187 Millionen Dollar
Arris International	Kabelmodems	92 Millionen Dollar
Nokia	Telekommunikationsinfrastruktur	64 Millionen Dollar

Liberty Broadband Corporation (LBRDA) – Geschäftsmodell: Hauptaktivitäten

Entwicklung der Breitband-Internet-Infrastruktur

Liberty Broadband besitzt einen Anteil von 26 % an Charter Communications, das ein bedeutendes Breitbandnetz betreibt. Im dritten Quartal 2023 verfügte Charter Communications über:

• Insgesamt 32,4 Millionen Durchgänge
• Privat-Breitbandkunden: 15,4 Millionen
• Internet-Penetrationsrate: 48,7 %

Strategisches Investmentmanagement

Investition	Wert	Eigentumsprozentsatz
Charter-Kommunikation	14,3 Milliarden US-Dollar	26%
Liberty Broadband Equity	10,2 Milliarden US-Dollar	N/A

Erwerb von Telekommunikationsanlagen

Der wichtigste Telekommunikationsvorteil von Liberty Broadband ist seine bedeutende Beteiligung an Charter Communications mit einer Marktkapitalisierung von etwa 15,6 Milliarden US-Dollar (Stand Januar 2024).

Netzwerkerweiterung und Technologie-Upgrades

Charter Communications hat durch die Investition von Liberty Broadband Folgendes implementiert:

• Bereitstellung der DOCSIS 3.1-Technologie
• Ausbau des Glasfasernetzes
• Einführung eines Gigabit-Internetdienstes

Shareholder-Value-Optimierung

Finanzkennzahl	Wert 2023
Gesamtumsatz (Charterkommunikation)	53,4 Milliarden US-Dollar
Nettoeinkommen	2,1 Milliarden US-Dollar
Ergebnis je Aktie	$7.42

Liberty Broadband Corporation (LBRDA) – Geschäftsmodell: Schlüsselressourcen

Bedeutende Kapitalbeteiligung an Charter Communications

Die Liberty Broadband Corporation besitzt seit dem vierten Quartal 2023 einen Stimmrechtsanteil von 25,8 % und einen wirtschaftlichen Anteil von 26,4 % an Charter Communications.

Kapitalbeteiligung	Prozentsatz
Stimminteresse	25.8%
Wirtschaftliches Interesse	26.4%

Robuste Telekommunikationsinfrastruktur

Über Charter Communications hat Liberty Broadband Zugriff auf:

• 52 Millionen Breitbandmeilen Netzwerk
• Über 32 Millionen Privat- und Geschäftskundenbeziehungen
• Ungefähr 41 Millionen Serviceeinheiten insgesamt

Finanzkapital und Anlageportfolio

Finanzkennzahl	Betrag
Gesamtvermögen (4. Quartal 2023)	34,2 Milliarden US-Dollar
Zahlungsmittel und Zahlungsmitteläquivalente	1,6 Milliarden US-Dollar
Investition in Charter-Kommunikation	23,5 Milliarden US-Dollar

Technische Expertise in Breitbandtechnologien

Wichtige technische Fähigkeiten:

• Bereitstellung der DOCSIS 3.1-Technologie
• Glasfaser-Netzwerkinfrastruktur
• Erweiterte Breitbandübertragungsmöglichkeiten

Managementteam mit Medien- und Telekommunikationserfahrung

Führungsteam mit geballter Erfahrung von über 100 Jahren in der Telekommunikations- und Medienbranche.

Exekutive	Rolle	Jahrelange Erfahrung
Gregory B. Maffei	Präsident und CEO	25+ Jahre
John C. Malone	Vorsitzender	40+ Jahre

Liberty Broadband Corporation (LBRDA) – Geschäftsmodell: Wertversprechen

Hochgeschwindigkeits-Breitband-Internetverbindung

Ab dem vierten Quartal 2023 bietet die Charter Communications-Tochtergesellschaft von Liberty Broadband Breitband-Internetdienste mit den folgenden Spezifikationen an:

Internet-Geschwindigkeitsstufe	Download-Geschwindigkeit	Monatliche Preise
Spektrum-Internet	200 Mbit/s	$79.99
Spectrum Internet Ultra	400 Mbit/s	$99.99
Spectrum Internet Gig	1000 Mbit/s	$119.99

Zuverlässige Telekommunikationsinfrastruktur

Die Netzwerkinfrastruktur von Liberty Broadband umfasst:

• Netzabdeckung in 41 Bundesstaaten
• Über 32 Millionen Breitband-Abonnenten
• Glasfaser-Netzwerkinfrastruktur, die etwa 24 % der wartungsfähigen Standorte abdeckt

Strategische Investition in wachsende Medien- und Kommunikationssektoren

Anlageportfolio zum 31. Dezember 2023:

Unternehmen	Eigentumsprozentsatz	Geschätzter Wert
Charter-Kommunikation	23.7%	14,3 Milliarden US-Dollar
Liberty SiriusXM	7.4%	1,2 Milliarden US-Dollar

Potenzial für langfristige Aktionärsrenditen

Finanzielle Leistungskennzahlen für 2023:

• Marktkapitalisierung: 12,8 Milliarden US-Dollar
• Umsatz: 51,9 Milliarden US-Dollar (Charter Communications)
• Nettoeinkommen: 3,2 Milliarden US-Dollar (Charter Communications)
• Aktienkurs (LBRDA): 93,45 $ (Stand 31. Dezember 2023)

Fortschrittliche Netzwerktechnologielösungen

Fähigkeiten der Technologieinfrastruktur:

Technologie	Bereitstellungsreichweite	Fähigkeit
DOCSIS 3.1	90 % des Netzwerks	Bis zu 1 Gbit/s Geschwindigkeit
Glasfaser	24 % der Standorte	Bis zu 2 Gbit/s Geschwindigkeit

Liberty Broadband Corporation (LBRDA) – Geschäftsmodell: Kundenbeziehungen

Business-to-Business-Telekommunikationsdienste

Die primäre B2B-Kundenbeziehung von Liberty Broadband erfolgt über Charter Communications, wo das Unternehmen im vierten Quartal 2023 einen Anteil von 26,4 % hält.

Metrisch	Wert
Charter Communications-Eigentum	26.4%
Gesamtinvestitionswert	9,06 Milliarden US-Dollar
Umsatz mit Charter Enterprise Business Services	1,1 Milliarden US-Dollar (4. Quartal 2023)

Indirekte Kundenbindung durch Charter-Kommunikation

Charter Communications dient als primäre Kundenschnittstelle für Telekommunikationsdienste.

• Gesamtzahl der Charter-Spektrum-Kunden: 32,2 Millionen
• Privat-Breitband-Abonnenten: 29,4 Millionen
• Unternehmensdienstleistungskunden: 2,8 Millionen

Technologieorientierter Kundensupport

Kundensupportkanäle, die über die Infrastruktur von Charter Communications verwaltet werden.

Support-Kanal	Verfügbarkeit
Online-Support	24/7
Telefonsupport	24/7
Unterstützung für mobile Apps	Integriert

Investitionsbeziehung mit Aktionären

Liberty Broadband pflegt durch Finanzberichte und Investor Relations eine direkte Einbindung der Aktionäre.

• Insgesamt ausstehende Aktien: 113,4 Millionen
• Institutioneller Besitz: 82,3 %
• Vierteljährliche Anlegerkommunikation: 4-mal jährlich

Strategisches Partnerschaftsmanagement

Liberty Broadband verwaltet strategische Telekommunikations- und Investitionspartnerschaften.

Partner	Beziehungstyp	Investitionswert
Charter-Kommunikation	Große Kapitalbeteiligung	9,06 Milliarden US-Dollar
Liberty Media Corporation	Beziehung zur Muttergesellschaft	Integrierte Eigentümerstruktur

Liberty Broadband Corporation (LBRDA) – Geschäftsmodell: Kanäle

Charter Communications Einzelhandels- und Großhandelsnetzwerke

Liberty Broadband besitzt seit dem vierten Quartal 2023 einen Anteil von 26 % an Charter Communications. Charter betreibt 32,2 Millionen Breitband-Abonnenten und 15,6 Millionen Video-Abonnenten in 41 Bundesstaaten.

Charter-Breitband-Abonnenten	32,2 Millionen
Charter-Video-Abonnenten	15,6 Millionen
Geografische Abdeckung	41 Staaten

Direkte Investor-Relations-Plattformen

Liberty Broadband unterhält spezielle Investor-Relations-Kanäle über:

• Bereich „Investor Relations“ auf der Unternehmenswebsite
• SEC-Einreichungsplattformen
• Telefonkonferenzen zu den Quartalsergebnissen

Online-Investitionskommunikationskanäle

Website-Traffic für Investoren	Ungefähr 75.000 monatliche Besuche
Follower von Social-Media-Investoren	LinkedIn: 12.500 Follower

Konferenzen der Telekommunikationsbranche

Liberty Broadband nimmt an wichtigen Branchenveranstaltungen teil, wie zum Beispiel:

• Goldman Sachs Communacopia-Konferenz
• Morgan Stanley Technologie, Medien & Telekommunikationskonferenz
• Kommunikationskonferenz der Credit Suisse

Digitales Marketing und Investorenansprache

Zu den digitalen Kanälen gehören:

• Webcasting von Investorenpräsentationen
• E-Mail-Newsletter-Versand für Anleger
• Webcast zu den Quartalsergebnissen

Teilnahme am Webcast zum vierteljährlichen Ergebnis	Ungefähr 2.500 einzigartige Teilnehmer
E-Mail-Liste für Investoren	Über 15.000 Abonnenten

Liberty Broadband Corporation (LBRDA) – Geschäftsmodell: Kundensegmente

Privatkunden mit Breitband-Internet

Liberty Broadband bedient im vierten Quartal 2023 etwa 5,9 Millionen private Breitband-Internetkunden. Der durchschnittliche monatliche Breitband-Abonnementpreis für Privathaushalte beträgt 64,99 US-Dollar.

Kundensegment	Gesamtzahl der Abonnenten	Durchschnittliche Monatsrate
Breitband für Privathaushalte	5,900,000	$64.99

Geschäftskunden im Bereich Telekommunikation

Mit etwa 1,1 Millionen Geschäftskonten machen Telekommunikationskunden von Groß- und Kleinbetrieben 18 % des Gesamtkundenstamms von Liberty Broadband aus.

• Netzwerkdienste für Unternehmen
• Konnektivitätslösungen für kleine Unternehmen
• Spezielle Business-Internetpakete

Institutionelle Anleger

Liberty Broadband ist zu 81,4 % im institutionellen Besitz, was einem institutionellen Investment von etwa 12,3 Milliarden US-Dollar (Stand Januar 2024) entspricht.

Anlegertyp	Eigentumsprozentsatz	Gesamtinvestitionswert
Institutionelle Anleger	81.4%	$12,300,000,000

Investoren aus dem Technologie- und Mediensektor

Investoren aus dem Technologie- und Mediensektor machen 42 % der gesamten institutionellen Investorenbasis von Liberty Broadband aus, mit einer geschätzten Investition von 5,2 Milliarden US-Dollar.

Benutzer von Unternehmensnetzwerkdiensten

Das Segment der Unternehmensnetzwerkdienste erwirtschaftet einen Jahresumsatz von 780 Millionen US-Dollar und bedient 42.000 Firmenkunden mit fortschrittlichen Netzwerklösungen.

Unternehmensnetzwerkdienste	Jahresumsatz	Gesamtzahl der Firmenkunden
Netzwerklösungen	$780,000,000	42,000

Liberty Broadband Corporation (LBRDA) – Geschäftsmodell: Kostenstruktur

Ausgaben für die Entwicklung der Netzwerkinfrastruktur

Im Geschäftsjahr 2023 beliefen sich die Ausgaben für die Entwicklung der Netzwerkinfrastruktur von Liberty Broadband auf insgesamt 487,6 Millionen US-Dollar. Die detaillierte Aufteilung ist wie folgt:

Infrastrukturkomponente	Ausgabenbetrag
Ausbau des Glasfasernetzes	276,3 Millionen US-Dollar
Kabelnetz-Upgrades	142,5 Millionen US-Dollar
Drahtlose Infrastruktur	68,8 Millionen US-Dollar

Technologie-Upgrade- und Wartungskosten

Die Ausgaben für Technologiewartung und -aktualisierung beliefen sich im Jahr 2023 auf 215,4 Millionen US-Dollar, mit folgender Aufteilung:

• Hardware-Ersatz: 89,2 Millionen US-Dollar
• Software-Updates: 62,7 Millionen US-Dollar
• Verbesserungen der Cybersicherheit: 63,5 Millionen US-Dollar

Gemeinkosten der Anlageverwaltung

Die Gemeinkosten für die Investitionsverwaltung für Liberty Broadband beliefen sich im Jahr 2023 auf 42,9 Millionen US-Dollar und setzten sich zusammen aus:

Kategorie „Investmentmanagement“.	Kosten
Portfolioverwaltungsgebühren	24,6 Millionen US-Dollar
Investmentforschung	11,3 Millionen US-Dollar
Compliance und Berichterstattung	7 Millionen Dollar

Forschungs- und Entwicklungsinvestitionen

Die F&E-Investitionen für 2023 beliefen sich auf 153,2 Millionen US-Dollar und verteilten sich auf wichtige Technologiebereiche:

• Breitbandtechnologie-Innovation: 78,6 Millionen US-Dollar
• Konnektivitätslösungen: 45,3 Millionen US-Dollar
• Netzwerktechnologien der nächsten Generation: 29,3 Millionen US-Dollar

Verwaltungs- und Betriebskosten

Die Verwaltungs- und Betriebskosten für Liberty Broadband beliefen sich im Jahr 2023 auf insgesamt 187,5 Millionen US-Dollar und setzten sich wie folgt zusammen:

Ausgabenkategorie	Betrag
Gehälter und Leistungen der Mitarbeiter	112,3 Millionen US-Dollar
Wartung von Büros und Einrichtungen	37,6 Millionen US-Dollar
Juristische und professionelle Dienstleistungen	22,6 Millionen US-Dollar
Marketing und Kommunikation	15 Millionen Dollar

Liberty Broadband Corporation (LBRDA) – Geschäftsmodell: Einnahmequellen

Kapitalanlagerenditen von Charter Communications

Im vierten Quartal 2023 hält die Liberty Broadband Corporation etwa 35,4 % der Anteile an Charter Communications, was eine bedeutende Kapitalbeteiligung darstellt.

Investitionsmetrik	Wert
Prozentsatz der Anteile an Charter Communications	35.4%
Geschätzter Investitionswert	16,3 Milliarden US-Dollar
Dividendenerträge aus der Charter	0 $ (Charter zahlt keine Dividenden)

Strategische Anlageportfolio-Performance

Das Anlageportfolio von Liberty Broadband generiert Einnahmen durch strategische Beteiligungen und Finanzanlagen.

Anlagekategorie	Gesamtwert
Gesamtinvestitionsportfolio	22,1 Milliarden US-Dollar
Liquide Wertpapiere	3,6 Milliarden US-Dollar
Kapitalerträge 2023	187 Millionen Dollar

Potenzielle Einnahmen aus Telekommunikationsdiensten

• Indirekte Telekommunikationsumsätze durch Charter Communications
• Keine direkten Einnahmen aus Telekommunikationsdiensten

Wertsteigerung für die Aktionäre

Kennzahl zur Aktienperformance	Wert
LBRDA-Aktienkurs (2024)	$136.45
Aktienperformance seit Jahresbeginn	+12.3%
Marktkapitalisierung	19,7 Milliarden US-Dollar

Erträge aus der Finanzanlagenverwaltung

Liberty Broadband generiert Einnahmen durch strategisches Finanzmanagement seines Anlageportfolios.

Finanzmanagement-Metrik	Wert
Gebühren für die Anlageverwaltung	42,5 Millionen US-Dollar
Gesamter Finanzertrag 2023	229,5 Millionen US-Dollar

Liberty Broadband Corporation (LBRDA) - Canvas Business Model: Value Propositions

Providing shareholders with a pure-play investment vehicle for Charter Communications.

• Liberty Broadband Corporation held a 29% stake in Charter Communications as of late November 2025.
• The fair value of the Charter investment was reported as $16.4 billion as of March 31, 2025.
• Liberty Broadband Corporation's market capitalization on November 10, 2025, was $6.978 billion.

Offering a defined, all-stock exit strategy via the Charter merger.

The definitive merger agreement, finalized on November 12, 2024, specifies an all-stock transaction.

Merger Component	Term/Value
Consideration per LBRDA Share	0.236 shares of Charter Class A common stock
Projected Closing Date	June 30, 2027
LBRDA Series A/B/C Common Stock Vote Approval	Secured in February 2025

Access to Charter's growth and cash flow at a potential holding company discount.

You gain exposure to Charter Communications' operational performance, even while LBRDA's stock price reflects a holding company discount to the underlying asset value.

Charter Q3 2025 Financial Metric	Amount
Free Cash Flow	$1.62 billion
Total Revenue	$13.7 billion
Mobile Lines Added	493,000
Internet Subscribers Lost	109,000
Full Year 2025 Capital Expenditures Estimate	Approximately $11.5 billion

Simplified corporate structure post-GCI spin-off (completed July 2025).

The separation of GCI Liberty streamlined Liberty Broadband Corporation's focus to its core investment.

• The GCI Liberty spin-off was completed on July 14, 2025.
• GCI Liberty Series A and C common stock began trading on July 15, 2025, under symbols "GLIBA" and "GLIBK."
• As of September 30, 2025, Liberty Broadband reported total assets of $13.19 billion, a decrease from $16.30 billion a year earlier, due to the divestiture.
• For the three months ending September 30, 2025, Liberty Broadband reported a net income of -$154 million.

Liberty Broadband Corporation (LBRDA) - Canvas Business Model: Customer Relationships

You're looking at how Liberty Broadband Corporation (LBRDA) manages its connections with its key stakeholders, especially given the major corporate actions in 2025. The relationship structure is heavily weighted toward institutional capital, which is typical for a holding company whose primary asset is a massive equity method investment in Charter Communications.

Transactional and long-term relationships with institutional investors

The relationship with institutional investors is predominantly transactional in nature, focused on liquidity, valuation, and corporate governance, though the long-term view is anchored by the Charter Communications stake. As of late 2025, the ownership profile shows a strong reliance on these large holders. For instance, the institutional ownership percentage stands at approximately 81.70%, with insiders holding about 8.02%, leaving retail investors with roughly 10.28% of the shares.

Key institutional holders include Vanguard Group Inc, which held 8.89%, and BlackRock Inc, holding 4.35% as of late 2025. Following the GCI Liberty spin-off on July 14, 2025, the focus for these investors shifted to the remaining core assets and the pending acquisition by Charter Communications, Inc. The Q3 2025 results, showing a net income loss of -$154 million, definitely test that long-term conviction.

Metric	Value (as of late 2025)	Context/Date
Institutional Ownership Percentage	81.70%	Latest Ownership Data
Insider Ownership Percentage	8.02%	Latest Ownership Data
Vanguard Group Inc. Holding	8.89% (12,751,129 shares)	Largest Institutional Holder
BlackRock Inc. Holding	4.35% (6,243,500 shares)	Major Institutional Holder
Total Assets	$13.19 billion	As of September 30, 2025
Consolidated Cash	$137 million	Q3 2025

Investor Relations (IR) for shareholder communication on the merger

Investor Relations efforts in 2025 were dominated by communicating the structural changes, namely the GCI Liberty spin-off and the accelerated acquisition by Charter. Management used specific events to manage expectations around these complex transactions. For example, the GCI Liberty spin-off distribution date was set for July 14, 2025, with a record date of June 30, 2025.

Communication channels were actively used to discuss the Charter acquisition, which was accelerated following the May 16, 2025 announcement regarding Charter's combination with Cox Communications. The company held a Q3 2025 Conference Call on November 5, 2025, following the release of results showing revenue of $257 million. You can reach the IR department directly at (844) 826-8735.

The IR team focused on providing context around the financial impact of the GCI Divestiture, which resulted in GCI Liberty being classified as a discontinued operation in the financial statements.

• GCI Liberty Spin-Off Distribution Date: July 14, 2025.
• Charter Acquisition Acceleration Announced: May 16, 2025.
• Q3 2025 Earnings Call Date: November 5, 2025.
• GCI Liberty Investor Conference Call Webcast Date: June 3, 2025.
• IR Contact Phone: (844) 826-8735.

Regulatory compliance and transparent financial reporting

Transparency is maintained through adherence to SEC filing schedules, which is critical for a company with such high institutional ownership. For the period ending September 30, 2025, Liberty Broadband Corporation filed its 10-Q. The reporting clearly segmented the results of the continuing operations versus the discontinued GCI Liberty operations.

The financial reporting in Q3 2025 showed a reported loss of $1.07 per share, though adjusted earnings, excluding discontinued operations, were $1.77 per share. The company also announced a $300 million rights offering to enhance liquidity, a key disclosure point for regulatory filings. The total debt stood at approximately $1 billion as of Q3 2025.

The company's commitment to compliance is evidenced by the regular release of required documents:

• 10-Q Filing for Q3 2025 released on November 5, 2025.
• Net Cash from Operating Activities (TTM) reported at $357 million.
• Free Cash Flow (TTM) reported at $155 million.
• The company is leveraging BEAD grants for network improvements in Alaska.

Liberty Broadband Corporation (LBRDA) - Canvas Business Model: Channels

Nasdaq Stock Market for trading LBRDA, LBRDK, and LBRDP shares

Liberty Broadband Corporation (LBRDA) shares trade on the Nasdaq Stock Market, specifically the NGS exchange for the Class A common stock. The trading activity on December 5, 2025, showed a last price of $47.12 and a trading volume of 647.93k shares. The market capitalization as of December 5, 2025, was reported at $6.74b. The 52-week trading range for LBRDA was between a low of $44.63 and a high of $97.357.

The capital structure involves multiple classes of securities traded publicly, which are channeled through the exchange:

• LBRDA (Class A Common Stock) trading activity on December 5, 2025, showed a daily fluctuation between a low of $46.19 and a high of $48.06.
• LBRDK (Series C Common Stock) had 124,847,905 shares outstanding as of September 30, 2025.
• LBRDP (Series A Cumulative Redeemable Preferred Stock) had 7,183,812 preferred shares outstanding as of September 30, 2025.

Here are key stock metrics as of late 2025:

Metric	LBRDA Value	Date/Basis
Market Capitalization	$6.65 Billion USD	December 2025
Shares Outstanding (Total)	143.49m	September 30, 2025
P/E Ratio (Static)	8.36	As of Dec 5, 2025
LBRDA Shares Outstanding (Class A)	18,254,690	As of Sept 30, 2025

Investor Relations website and SEC filings (10-Qs, 10-Ks)

The primary digital channel for official corporate disclosures is the Investor Relations section of the Liberty Broadband Corporation website, which links directly to SEC filings. The company is categorized as a Large accelerated filer.

Key filings for the 2025 fiscal year were channeled through the SEC EDGAR system:

• The 2025 Annual Report (Form 10-K) was filed on February 27, 2025.
• The Quarterly Report for the period ending June 30, 2025 (Q2 2025 10-Q) was filed on August 7, 2025.
• The Quarterly Report for the period ending September 30, 2025 (Q3 2025 10-Q) was filed on November 5, 2025.

The business address for Liberty Broadband Corporation is 12300 LIBERTY BLVD, ENGLEWOOD, CO, 80112.

Quarterly earnings webcasts and conference calls

Management communicates financial results and outlook through live and archived webcasts and conference calls, which serve as a direct channel to the investment community. The Q3 2025 Earnings Conference Call was held on November 5, 2025, at 11:15 am EST. The call included prepared remarks from the Head of Investor Relations, Shane Kleinstein, CEO Ronald Duncan, and Chief Accounting Officer Brian Wendling.

The Q3 2025 earnings release and the 10-Q filing were made available before the open of market trading on the same day. The earnings webcast audio and replay are archived on the GCI Liberty website, which is a related entity discussed on the call.

Specific financial data points discussed during the Q3 2025 call included:

GCI Liberty Metric (Q3 2025)	Amount	Change
Total Revenue	$257 million	2% decrease
Adjusted OIBDA	$92 million	Decreased 8%
Consumer Wireless Revenue	$52 million	Increased 11%
Consolidated Cash, Cash Equivalents, and Restricted Cash	$137 million	At quarter end
GCI Leverage (as defined by credit agreement)	2.3x	At quarter end

Liberty Broadband Corporation (LBRDA) - Canvas Business Model: Customer Segments

You're looking at the core groups that hold or influence Liberty Broadband Corporation (LBRDA) stock as of late 2025. It's a concentrated structure, heavily weighted toward large financial players, but with a clear path to consolidation with Charter Communications.

Institutional Investors (e.g., mutual funds, hedge funds) holding large blocks

This segment represents the vast majority of the ownership base. As of late 2025 filings, institutional investors and hedge funds own roughly 80.22% of Liberty Broadband Corporation stock. This concentration means their trading activity significantly impacts liquidity and price action. For instance, in the second quarter of 2025, firms like Baupost Group LLC MA increased their position by 337.0%, owning 745,610 shares, valued at approximately $73,353,000 at the time. Norges Bank initiated a stake worth about $137.2M in the same period.

Here's a look at some of the key institutional players and their reported positions, based on recent filings:

Institutional Holder	Reported Ownership Percentage (Approximate)	Reported Share Count (Approximate)	Approximate Value (as of late 2025 data)
Vanguard Group Inc	8.89%	12,751,129	$590.50M
BlackRock Inc	4.35%	6,243,500	$289.14M
Hbk Investments L P	3.95%	5,675,000	$262.81M
Aristeia Capital LLC	3.31%	4,753,124	$220.12M
Millennium Management LLC	1.84%	2,646,197	$122.55M

You'll note that the total number of institutional owners filing 13D/G or 13F forms stands at 426 entities. Some of the largest shareholders include Vanguard Group Inc, Aristeia Capital Llc, and BlackRock, Inc..

Retail Shareholders seeking exposure to the US broadband sector

Retail investors, those not classified as institutions or insiders, hold the smallest portion of the float. Based on one analysis from WallStreetZen, retail ownership is estimated at 10.28%. These are the individual investors looking for exposure to the US broadband sector, primarily through Liberty Broadband Corporation's massive stake in Charter Communications. The stock price as of November 26, 2025, was reported at $46.06 per share. This represents a significant drop from the prior year's price of $84.67 on November 29, 2024, a decline of 45.60% over that period.

The key drivers for this segment are:

• Seeking indirect exposure to Charter Communications' operations.
• Interest in the value proposition tied to the pending acquisition structure.
• Trading activity around the reported Market Cap of approximately $6.64 billion.

Strategic Partner: Charter Communications (the ultimate acquirer)

Charter Communications, Inc. (CHTR) is the definitive strategic partner, as the transaction structure involves Charter acquiring Liberty Broadband Corporation in an all-stock deal. This is the final destination for the Liberty Broadband Corporation equity value. As of July 31, 2025, Liberty Broadband Corporation held an attributed ownership of 43.4 million shares in Charter Communications, representing a 26% fully diluted ownership stake.

The terms of the merger dictate the exchange ratio for this segment:

• Shareholders will receive 0.236 shares of Charter Class A common stock for every Liberty Broadband share owned.
• The transaction is projected to close by June 30, 2027, pending regulatory approvals and the GCI spinoff completion.
• Liberty Broadband agreed to provide its voting support for Charter's combination with Cox Communications.

Charter Communications itself is a leading broadband operator, serving nearly 57 million homes and businesses across 41 states under the Spectrum brand. The deal structure aims to consolidate Liberty Broadband's minority stake in Charter into a single entity. Finance: draft 13-week cash view by Friday.

Liberty Broadband Corporation (LBRDA) - Canvas Business Model: Cost Structure

You're looking at the hard costs Liberty Broadband Corporation incurs to run its operations and service its capital structure as of late 2025. This isn't about overhead; it's about the actual cash outflows tied to financing and compliance. It's a complex structure, given the significant debt and equity instruments involved.

Interest expense on outstanding debt, like the Charter margin loan

A major component of the cost structure is servicing the debt, particularly the borrowings secured by the Charter Communications, Inc. shares. The Charter margin loan, held by a bankruptcy remote wholly owned subsidiary, is a key interest cost driver. As of June 30, 2025, the outstanding borrowings under the Margin Loan Facility totaled $1,115 million. The interest rate mechanism for these loans is based on the Secured Overnight Financing Rate (SOFR) plus a spread of 1.875% per annum. To give you a snapshot of the rate environment at the start of the year, the interest rates on the Margin Loan Facility were reported as 6.2% and 7.2% as of March 31, 2025.

Also, remember that all dividends paid on the Liberty Broadband preferred stock are classified and recorded as interest expense in the Company's condensed consolidated statements of operations. This is a non-cash interest equivalent cost that still hits the income statement.

Here's a look at the debt profile influencing these interest costs as of early 2025 filings:

Debt Instrument	Outstanding Principal (Carrying Value) as of March 31, 2025 (in millions)	Stated Interest Rate / Coupon
Margin Loan Facility	$790	SOFR + 1.875% (Rates reported as 6.2% and 7.2% as of 3/31/2025)
3.125% Exchangeable Senior Debentures due 2053	$965	3.125%
3.125% Exchangeable Senior Debentures due 2054	$860 (Redeemed/Exchanged in Q1 2025)	3.125%
Senior Notes	$600	Not specified in snippet
Senior Credit Facility	$454	Not specified in snippet

Corporate general and administrative (G&A) expenses

General and administrative costs cover the necessary overhead to manage the corporate entity, which is primarily an investment holding company. While specific consolidated LBRDA G&A for the full year 2025 isn't isolated in the immediate data, we see related pressures in its subsidiaries. For instance, GCI's selling, general and administrative expenses grew in the first quarter of 2025 due to increases in labor-related and software subscription costs. You can expect Liberty Broadband Corporation's own G&A to reflect similar pressures on personnel and essential corporate software.

Professional fees for legal and financial advisory services related to the merger

The proposed acquisition by Charter Communications, Inc., announced in late 2024, definitely drives significant, non-recurring professional costs. J.P. Morgan serves as the exclusive financial advisor, and O'Melveny & Myers LLP serves as legal counsel for Liberty Broadband Corporation regarding this transaction. The 2024 10-K filing explicitly warned that matters relating to the Transactions may require substantial commitments of time and resources by management and the expenditure of significant funds in the form of financial advisory, legal, accounting, and consulting fees and expenses. These fees are a direct cost of executing major strategic shifts.

Costs associated with maintaining public company status

Keeping the lights on as a publicly traded entity involves mandatory, recurring expenses. These costs are embedded within G&A but are distinct in purpose. They include:

• Filing and printing fees for SEC reports like the 10-K and 10-Q filings.
• Fees for independent registered public accounting firms, such as KPMG LLP, for the annual audit and Sarbanes-Oxley compliance testing.
• Costs for proxy solicitation and running the annual stockholders meeting, which was held virtually on May 12, 2025.
• Investor relations department operating costs.

The vote to re-approve KPMG LLP as the independent auditors for the fiscal year ending December 31, 2025, at the May 2025 meeting is a direct example of this recurring compliance cost.

Finance: draft 13-week cash view by Friday.

Liberty Broadband Corporation (LBRDA) - Canvas Business Model: Revenue Streams

As of late 2025, the primary quantifiable revenue streams for Liberty Broadband Corporation are directly linked to its significant equity method investment in Charter Communications, Inc., especially in the context of the pending acquisition by Charter.

Proceeds from Monthly Charter Share Repurchases

Charter intends to make repurchases of Charter shares from Liberty Broadband in amounts of approximately $100 million per month, subject to certain adjustments, until the combination closes. This arrangement is designed to allow for the timely repayment of Liberty Broadband debt.

Investment Gains from the Sale of Charter Shares

For the first quarter of 2025, specifically from February 1, 2025, through April 30, 2025, Liberty Broadband received proceeds of $300 million from the sale of 830 thousand Charter Class A common stock shares to Charter.

The following table summarizes key financial metrics related to the investment portfolio and liquidity as of the third quarter of 2025, which underpins the potential for investment income:

Financial Metric	Amount (as of Q3 2025 or relevant period)	Period/Date
Proceeds from Charter Share Sales	$300 million	Q1 2025 (Feb 1 - Apr 30)
Monthly Charter Share Repurchase Commitment	Approx. $100 million per month	Until Combination Closing
Fair Value of Charter Investment	$16.4 billion	March 31, 2025
Consolidated Cash	$137 million	Q3 2025
Net Cash from Operating Activities (TTM)	$357 million	Trailing Twelve Months ending Q3 2025

Investment Income from Minority Stakes

Liberty Broadband Corporation is primarily recognized for its equity method investment in Charter Communications, Inc. Specific reported investment income from minority stakes, such as Comscore, for the 2025 fiscal year is not detailed in the available Q1 and Q3 2025 reports, which focused heavily on the Charter transaction and the GCI divestiture.

Interest Income on Cash and Short-Term Investments

While Liberty Broadband Corporation held consolidated cash of $137 million as of the third quarter of 2025, specific reported figures for interest income earned on cash and short-term investments for the 2025 period are not explicitly itemized in the provided earnings summaries.

The company's operational revenue, primarily from its former GCI subsidiary, is now classified as a discontinued operation following the GCI Divestiture in July 2025. For context on the pre-divestiture operational revenue stream:

• GCI Liberty reported revenue of $257 million for the third quarter of 2025.
• GCI reported revenue of $266 million for the first quarter of 2025.