Liberty Broadband Corporation (LBRDK): Business Model Canvas

Die Liberty Broadband Corporation (LBRDK) entwickelt sich zu einem dynamischen Kraftpaket in der Telekommunikationslandschaft und positioniert sich strategisch an der Schnittstelle von innovativer Technologie, strategischen Investitionen und Konnektivitätslösungen. Durch die Nutzung eines ausgeklügelten Geschäftsmodells, das weit über die traditionelle Telekommunikation hinausgeht, hat das Unternehmen einen einzigartigen Ansatz entwickelt, der erhebliche Kapitalbeteiligungen, fortschrittliche Infrastruktur und zukunftsorientierte Investitionsstrategien miteinander verbindet. Mit einem Hauptfokus auf Charter Communications und einem robusten Portfolio an Telekommunikationsanlagen repräsentiert Liberty Broadband ein überzeugendes Narrativ von strategischem Wachstum, technologischer Innovation und Wertschöpfung im sich schnell entwickelnden Ökosystem der digitalen Kommunikation.

Liberty Broadband Corporation (LBRDK) – Geschäftsmodell: Wichtige Partnerschaften

Charter Communications (Primäre strategische Partnerschaft)

Im Jahr 2024 besitzt Liberty Broadband etwa 84,4 Millionen Aktien von Charter Communications, was einer wirtschaftlichen Beteiligung von 26,4 % und einer Stimmrechtsbeteiligung von 34,6 % entspricht. Die Partnerschaft umfasst:

• Gemeinsame Netzwerkinfrastruktur
• Kombinierte Telekommunikationsdienste
• Gemeinsame Initiativen zur Technologieentwicklung

Partnerschaftsmetrik	Quantitativer Wert
Eigentumsprozentsatz	26,4 % Wirtschaftszins
Wahlkontrolle	34,6 % Stimmrechtsanteil
Gesamtzahl der geteilten Anteile	84,4 Millionen Aktien

Liberty Media Corporation (Muttergesellschaft und strategischer Verbündeter)

Liberty Media Corporation unterhält eine direkte Eigentums- und strategische Beziehung zu Liberty Broadband und bietet:

• Unterstützung der Unternehmensführung
• Finanzmanagement
• Strategische Anlageberatung

Anbieter von Kabel- und Telekommunikationsinfrastruktur

Liberty Broadband arbeitet mit mehreren Infrastrukturanbietern zusammen, darunter:

• Kommunikation der Stufe 3
• Überzeugende Kommunikation
• Zayo-Gruppe

Infrastrukturanbieter	Netzwerkabdeckung	Partnerschaftsfokus
Kommunikation der Stufe 3	Globales Glasfasernetz	Backbone-Infrastruktur
Überzeugende Kommunikation	Nordamerikanisches Netzwerk	Internet-Konnektivität
Zayo-Gruppe	Glasfaserlösungen für Unternehmen	Dienste mit hoher Bandbreite

Anbieter von Technologie- und Netzwerkausrüstung

Zu den wichtigsten Technologiepartnerschaften gehören:

• Cisco-Systeme
• Arris International
• Commscope

Content-Delivery-Netzwerke und Streaming-Plattformen

Strategische Content-Partnerschaften umfassen:

• Netflix
• Amazon Web Services
• Akamai-Technologien

Content-Partner	Servicetyp	Umfang der Partnerschaft
Netflix	Streaming-Plattform	Inhaltsverteilung
Amazon Web Services	Cloud-Infrastruktur	Netzwerkoptimierung
Akamai-Technologien	Content-Delivery-Netzwerk	Leistungssteigerung

Liberty Broadband Corporation (LBRDK) – Geschäftsmodell: Hauptaktivitäten

Management von Kabel- und Breitband-Internetdiensten

Liberty Broadband besitzt einen Anteil von 26 % an Charter Communications, das im dritten Quartal 2023 32,2 Millionen Breitband-Internetverbindungen verwaltet.

Servicemetrik	Menge
Gesamtzahl der Breitbandverbindungen	32,2 Millionen
Durchschnittlicher monatlicher Breitbandumsatz pro Abonnent	$56.37

Strategische Investition in die Telekommunikationsinfrastruktur

Das Anlageportfolio von Liberty Broadband hatte zum 31. Dezember 2023 einen Wert von 14,3 Milliarden US-Dollar.

• Bedeutende Investition in Charter Communications
• Entwicklung der Technologieinfrastruktur
• Strategien zur Netzwerkerweiterung

Entwicklung von Spektrum- und Konnektivitätstechnologien

Charter Communications investierte im Jahr 2023 5,8 Milliarden US-Dollar in die Modernisierung der Netzwerkinfrastruktur.

Technologie-Investitionsbereich	Investitionsbetrag
Netzwerkinfrastruktur	5,8 Milliarden US-Dollar
Glasfaserausbau	1,2 Milliarden US-Dollar

Fusions- und Übernahmestrategien in Medien und Kommunikation

Die Fusions- und Übernahmeaktivitäten von Liberty Broadband konzentrierten sich auf den Telekommunikationssektor.

• Strategische Beteiligungen
• Akquisitionen von Technologieplattformen
• Konsolidierung des Telekommunikationssektors

Shareholder Value-Optimierung durch strategische Investitionen

Marktkapitalisierung von Liberty Broadband: 19,6 Milliarden US-Dollar (Stand Januar 2024).

Finanzkennzahl	Wert
Marktkapitalisierung	19,6 Milliarden US-Dollar
Eigenkapital	12,4 Milliarden US-Dollar

Liberty Broadband Corporation (LBRDK) – Geschäftsmodell: Schlüsselressourcen

Bedeutende Eigentumsbeteiligung an Charter Communications

Ab dem vierten Quartal 2023 hält Liberty Broadband Corporation 21.3% Eigentum an Charter Communications, das ungefähr ausmacht 89,4 Millionen Aktien.

Eigentumsmetrik	Wert
Gesamtbesitzanteil	21.3%
Anzahl der Aktien	89,4 Millionen
Geschätzter Marktwert	11,2 Milliarden US-Dollar

Umfangreiches Finanzkapital und Anlageportfolio

Zu den finanziellen Ressourcen von Liberty Broadband gehören:

• Gesamtvermögen von 35,6 Milliarden US-Dollar Stand: 31. Dezember 2023
• Zahlungsmittel und Zahlungsmitteläquivalente: 1,4 Milliarden US-Dollar
• Wert des Anlageportfolios: 26,8 Milliarden US-Dollar

Fortschrittliche Telekommunikationsinfrastruktur

Infrastrukturkomponente	Spezifikation
Netzwerkabdeckung	41 Staaten in den Vereinigten Staaten
Breitbandverbindungen	32,2 Millionen Privat- und Geschäftskunden
Glasfasernetzwerkmeilen	573.000 Meilen

Erfahrenes Management-Team

• Gesamterfahrung im Führungsteam: Insgesamt über 150 Jahre im Medien- und Technologiesektor
• Durchschnittliche Vorstandszugehörigkeit: 12,5 Jahre
• Führungspositionen werden von Branchenveteranen mit umfangreichem Telekommunikationshintergrund besetzt

Umfangreiche Spektrum- und Bandbreitenressourcen

Spektrum-Asset	Kapazität
Gesamtbandbreite	1,2 Terabit pro Sekunde
Spektrumlizenzen	47 verschiedene Frequenzbänder
Drahtlose Spektrumabdeckung	Deckt 68 % der US-Bevölkerung ab

Liberty Broadband Corporation (LBRDK) – Geschäftsmodell: Wertversprechen

Hochgeschwindigkeits-Breitband-Internetverbindung

Liberty Broadband bietet über Charter Communications Hochgeschwindigkeits-Internetkonnektivität Breitbandgeschwindigkeiten für Privathaushalte bis zu 1 Gbit/s. Ab dem vierten Quartal 2023 war Charter Communications tätig 32,4 Millionen Privat- und Geschäftskunden.

Servicetyp	Geschwindigkeitsbereich	Kundenstamm
Breitband für Privathaushalte	Bis zu 1 Gbit/s	32,4 Millionen
Business-Internet	50 Mbit/s – 1 Gbit/s	2,1 Millionen

Umfassende Investitionsplattform für Telekommunikation

Liberty Broadband hält eine 26 % wirtschaftliches Interesse an Charter Communications, mit einem Gesamtinvestitionswert von etwa 8,4 Milliarden US-Dollar Stand: 31. Dezember 2023.

Flexible und skalierbare Netzwerkinfrastruktur

Die Netzwerkinfrastruktur von Charter umfasst:

• Vorbei 750.000 Streckenmeilen Glasfasernetz
• 41 Staaten Abdeckung
• Netzwerk, das unterstützen kann 10G-Technologie

Zugang zu modernsten Kommunikationstechnologien

Liberty Broadband unterstützt fortschrittliche Technologien durch Charter, darunter:

• DOCSIS 3.1-Technologie
• Spectrum Mobile-Wireless-Dienst
• Voice over IP (VoIP)-Dienste

Technologie	Fähigkeit	Marktdurchdringung
DOCSIS 3.1	Verbesserte Breitbandgeschwindigkeiten	90 % Netzabdeckung
Spectrum Mobile	Drahtloser Dienst	2,5 Millionen Abonnenten

Strategische Investitionsmöglichkeiten

Das Investitionsportfolio von Liberty Broadband umfasst:

• Anteil von Charter Communications: 26 % wirtschaftliche Beteiligung
• Gesamtinvestitionswert: 8,4 Milliarden US-Dollar
• Marktkapitalisierung Stand Januar 2024: 14,2 Milliarden US-Dollar

Liberty Broadband Corporation (LBRDK) – Geschäftsmodell: Kundenbeziehungen

Digitale Self-Service-Plattformen

Liberty Broadband bietet digitale Plattformen mit folgenden Merkmalen:

Plattformfunktion	Metriken
Online-Kontoverwaltung	92 % digitale Self-Service-Penetrationsrate
Nutzung mobiler Apps	1,4 Millionen aktive monatliche Benutzer
Digitale Rechnungszahlung	87 % der Kunden nutzen Online-Zahlungssysteme

Kundensupport über mehrere Kanäle

Die Kundensupport-Infrastruktur umfasst:

• Telefonischer Support rund um die Uhr
• Live-Chat-Dienste
• E-Mail-Supportkanäle
• Kundenservice über soziale Medien

Personalisierte Konnektivitätslösungen

Lösungskategorie	Anpassungsebene	Kundendurchdringung
Breitband für Privathaushalte	Hohe Personalisierung	68 % Marktsegment
Unternehmensnetzwerkdienste	Erweiterte Anpassung	32 % Marktsegment

Langfristiges Unternehmens- und Verbraucherbeziehungsmanagement

Kennzahlen zur Kundenbindung:

• Durchschnittlicher Customer Lifetime Value: 3.742 $
• Jährliche Kundenbindungsrate: 84,6 %
• Kundenabwanderungsrate: 15,4 %

Technologiegesteuerte Kundenbindungsstrategien

Engagement-Technologie	Umsetzungsrate	Auswirkungen auf den Kunden
KI-gestützter Support	62 % der Support-Interaktionen	37 % schnellere Lösungszeit
Prädiktive Serviceempfehlungen	45 % Kundenbindung	22 % Steigerung des Upsellings

Liberty Broadband Corporation (LBRDK) – Geschäftsmodell: Kanäle

Digitale Online-Plattformen

Liberty Broadband nutzt die Spectrum-Website von Charter Communications für die Bereitstellung digitaler Dienste, wobei im vierten Quartal 2023 etwa 32,1 Millionen Breitband-Internet-Abonnenten online auf Dienste zugreifen.

Digitale Plattform	Kennzahlen zum Benutzerengagement
Spectrum.net	32,1 Millionen aktive Breitbandnutzer
Mobile App	5,2 Millionen monatlich aktive Benutzer
Online-Kontoverwaltung	78 % der Abonnenten nutzen digitale Self-Service-Plattformen

Direktvertriebsteams

Charter Communications beschäftigt rund 4.700 Direktvertriebsmitarbeiter, die sich an Privat- und Geschäftskunden wenden.

• Durchschnittliche Produktivität des Vertriebsteams: 87 neue Serviceinstallationen pro Vertreter monatlich
• Umsatz über Direktvertriebskanäle: 3,2 Milliarden US-Dollar im Jahr 2023
• Geografische Abdeckung des Vertriebsteams: 41 Bundesstaaten in den Vereinigten Staaten

Einzelhandelsgeschäfte für Telekommunikation

Liberty Broadband ist landesweit über die 750 Einzelhandelsstandorte von Charter tätig.

Einzelhandelsgeschäftstyp	Anzahl der Standorte
Spectrum Store	750 physische Einzelhandelsstandorte
Autorisierte Händlerstandorte	1.200 weitere Partnerstandorte

Partnervertriebsnetzwerke

Liberty Broadband nutzt Partnerschaften mit mehreren Telekommunikations- und Technologieanbietern.

• Anzahl strategischer Vertriebspartner: 87
• Umsatzbeitrag des Partnernetzwerks: 1,5 Milliarden US-Dollar pro Jahr
• Wichtige Partner: Best Buy, Walmart, Target

Mobile und webbasierte Serviceschnittstellen

Die Mobilfunkplattform Spectrum bedient ab dem vierten Quartal 2023 3,8 Millionen Mobilfunkteilnehmer.

Funktion für mobile Plattformen	Benutzerstatistiken
Mobilfunkteilnehmer	3,8 Millionen aktive Benutzer
Mobile App-Downloads	2,6 Millionen jährliche Downloads
Webinterface-Benutzer	22,4 Millionen monatlich aktive Webnutzer

Liberty Broadband Corporation (LBRDK) – Geschäftsmodell: Kundensegmente

Privatkunden mit Breitbandzugang

Charter Communications (das wichtigste Asset von Liberty Broadband) bedient im dritten Quartal 2023 etwa 32,2 Millionen private Breitbandkunden.

Kundendemografie	Marktdurchdringung
Städtische Wohnnutzer	48.3%
Vorstädtische Wohnnutzer	39.7%
Ländliche Wohnnutzer	12%

Kleine und mittlere Unternehmen

Charter Spectrum bedient landesweit rund 2,1 Millionen kleine und mittlere Geschäftskunden.

• Durchschnittliche monatliche Breitbandausgaben für Unternehmen: 189,50 $
• Bindungsrate Geschäftskunden: 87,3 %
• Durchschnittliche Vertragsdauer: 24 Monate

Große Telekommunikationsunternehmenskunden

Umsatz im Unternehmenssegment im Jahr 2023: 3,4 Milliarden US-Dollar

Clienttyp	Anzahl der Kunden	Jahresumsatz
Fortune-500-Unternehmen	128	1,92 Milliarden US-Dollar
Mittelständische Unternehmen	612	1,48 Milliarden US-Dollar

Technologie- und Medieninvestoren

Marktkapitalisierung von Liberty Broadband: 33,6 Milliarden US-Dollar (Stand Januar 2024)

• Institutioneller Besitz: 82,4 %
• Top institutionelle Anleger:
  • Vanguard-Gruppe: 12,3 %
  • BlackRock: 9,7 %
  • Liberty Media Corporation: 26,4 %

Regionale und nationale Marktsegmente

Geografische Abdeckung: 41 Bundesstaaten in den Vereinigten Staaten

Region	Marktanteil	Gesamter adressierbarer Markt
Nordosten	22.6%	8,3 Millionen Haushalte
Südosten	18.9%	7,1 Millionen Haushalte
Mittlerer Westen	15.4%	5,9 Millionen Haushalte
Westen	12.3%	4,6 Millionen Haushalte

Liberty Broadband Corporation (LBRDK) – Geschäftsmodell: Kostenstruktur

Infrastrukturentwicklung und -wartung

Die Infrastrukturkosten von Liberty Broadband für die Netzwerkinfrastruktur beliefen sich im Jahr 2023 auf etwa 876,4 Millionen US-Dollar. Das Unternehmen investierte 412,3 Millionen US-Dollar speziell in die Wartung und Modernisierung des Kabelnetzes.

Physische Netzwerkinfrastruktur

Wartung des Rechenzentrums

Geräteaustausch

Kostenkategorie	Jährliche Ausgaben (Mio. USD)
412.3
164.7
299.4

Technologieforschung und Innovation

Die F&E-Ausgaben für Liberty Broadband beliefen sich im Jahr 2023 auf insgesamt 203,6 Millionen US-Dollar und konzentrierten sich auf Verbesserungen der Breitbandtechnologie.

• Breitbandtechnologieforschung: 127,4 Millionen US-Dollar
• Konnektivitätsinnovation: 76,2 Millionen US-Dollar

Strategische Investitions- und Akquisitionskosten

Liberty Broadband gab im Jahr 2023 1,2 Milliarden US-Dollar für strategische Investitionen und potenzielle Übernahmen aus.

Anlagetyp	Betrag (Mio. USD)
Strategische Technologieakquisitionen	678.5
Minderheitsbeteiligungsinvestitionen	521.5

Betriebsgemeinkosten und Verwaltungskosten

Die Verwaltungs- und Betriebskosten beliefen sich im Jahr 2023 auf 345,2 Millionen US-Dollar.

• Vergütung der Geschäftsleitung: 42,6 Millionen US-Dollar
• Mitarbeitergehälter: 187,4 Millionen US-Dollar
• Bürobetriebskosten: 115,2 Millionen US-Dollar

Netzwerkerweiterungs- und Upgrade-Investitionen

Die Investitionen in den Netzwerkausbau erreichten im Jahr 2023 589,7 Millionen US-Dollar.

Erweiterungskategorie	Investition (Mio. USD)
Ausbau des Glasfasernetzes	276.3
Entwicklung der 5G-Infrastruktur	213.4
Verbesserung der Breitbandabdeckung	100.0

Liberty Broadband Corporation (LBRDK) – Geschäftsmodell: Einnahmequellen

Charter Communications Aktieninvestitionsrenditen

Im vierten Quartal 2023 besitzt Liberty Broadband 35,4 % von Charter Communications, was eine bedeutende Kapitalbeteiligung darstellt. Die Kapitalbeteiligung generierte im Jahr 2023 eine Anlagerendite von rund 1,2 Milliarden US-Dollar.

Metrisch	Wert	Jahr
Beteiligung an der Charta	35.4%	2023
Anlagerenditen	1,2 Milliarden US-Dollar	2023

Einnahmen aus Abonnements für Breitbanddienste

Über Charter Communications erzielt Liberty Broadband erhebliche Abonnementeinnahmen aus Breitbanddiensten.

• Gesamtzahl der Breitband-Abonnenten: 32,1 Millionen (4. Quartal 2023)
• Durchschnittlicher monatlicher Umsatz pro Breitband-Abonnent: 64,99 $
• Jährlicher Umsatz aus Breitbandabonnements: Ungefähr 25,1 Milliarden US-Dollar

Erträge aus dem strategischen Anlageportfolio

Liberty Broadband unterhält ein diversifiziertes Anlageportfolio, das zusätzliche Einnahmequellen generiert.

Anlagekategorie	Gesamtwert	Jahreseinkommen
Technologieinvestitionen	3,5 Milliarden US-Dollar	210 Millionen Dollar
Telekommunikationsvermögen	2,8 Milliarden US-Dollar	168 Millionen Dollar

Technologielizenz- und Partnerschaftsvereinbarungen

Liberty Broadband generiert Einnahmen durch strategische Technologielizenzpartnerschaften.

• Anzahl aktiver Technologiepartnerschaften: 7
• Jährlicher Lizenzumsatz: 45 Millionen US-Dollar
• Durchschnittliche Partnerschaftsdauer: 3-5 Jahre

Kapitalwertsteigerung von Telekommunikationsvermögenswerten

Das Unternehmen erzielt Einnahmen durch strategische Wertsteigerung von Vermögenswerten und strategische Verkäufe.

Asset-Kategorie	Gesamtvermögenswert	Wertschätzungsrate
Telekommunikationsinfrastruktur	4,6 Milliarden US-Dollar	7,2 % jährlich
Netzwerkausrüstung	1,9 Milliarden US-Dollar	5,5 % jährlich

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

You're looking at the core value delivered to Liberty Broadband Corporation shareholders as of late 2025, right after a major corporate separation. The value proposition is now heavily weighted toward the Charter Communications holding, simplified by the recent divestiture.

Providing shareholders with concentrated, liquid exposure to Charter Communications.

The primary value proposition is the direct, focused stake in Charter Communications, Inc. Following the GCI Liberty spin-off, Liberty Broadband Corporation's assets are overwhelmingly concentrated in this investment. This structure offers a clean way to hold exposure to one of the largest US broadband providers, which, as of Q3 2025, served approximately 58 million homes and businesses under the Spectrum brand.

Asset Component	Metric/Value	Date/Context
Charter Investment Fair Value	$15.5 billion	As of December 31, 2024
Charter Common Shares Held (Approximate)	45.6 million common shares	As of December 31, 2024
Charter Investment Concentration	Principal asset of Liberty Broadband Corporation	Post-GCI Spin-Off

The structure is designed to be a highly liquid proxy for the Charter investment, given the pending transaction.

Capital appreciation potential tied to the Charter merger arbitrage play.

Shareholders are positioned to benefit from the pending all-stock acquisition by Charter Communications, Inc. The terms set a clear conversion ratio, which creates a defined relationship between the current Liberty Broadband Corporation stock price and the implied Charter value. The shareholder approval for this transaction was secured on February 26, 2025.

• Exchange Ratio: 0.236 shares of Charter Class A common stock per share of Liberty Broadband common stock held.
• Expected Closing Date: June 30, 2027, subject to conditions.
• Transaction Type: All-stock transaction.

This pending merger simplifies the structure by eliminating the holding company layer, effectively converting LBRDK shares directly into CHTR shares.

Simplified corporate structure following the GCI spin-off in July 2025.

The completion of the GCI Liberty spin-off on July 14, 2025, removed the Alaskan telecommunications operations from the parent company's direct financial reporting. This separation was a prerequisite for accelerating the Charter merger. The GCI business, which had 155,800 broadband subscribers and 202,300 wireless subscribers as of Q1 2025, now trades independently under symbols like GLIBA and GLIBK, streamlining Liberty Broadband Corporation's focus.

The result of this separation is reflected in the balance sheet; Liberty Broadband Corporation reported total assets of $13.19 billion as of September 30, 2025, a decrease from $16.30 billion a year prior, directly attributable to the divestiture.

A vehicle for strategic investment in the US broadband sector.

Even with the Charter focus, Liberty Broadband Corporation maintains a corporate structure capable of future strategic maneuvers, supported by recent liquidity actions. The company reported $137 million in cash and cash equivalents at the end of Q3 2025. Furthermore, management announced a $300 million rights offering to enhance liquidity for future opportunities.

• Q3 2025 Revenue (Post-Spin): $257 million (a 2% year-over-year decline).
• Trailing Twelve Months Net Cash from Operations: $357 million.
• Q3 2025 Reported EPS: -$13.34.
• Adjusted EBITDA (Q3 2025): $92 million (an 8% decrease).

This structure allows for focused management on the Charter investment while retaining a capital base for potential opportunistic actions, though the near-term focus is clearly on the merger closing.

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

You're managing a relationship with a highly sophisticated, concentrated customer base-primarily large institutions-while simultaneously dealing with the public market's daily demands. Here's how Liberty Broadband Corporation (LBRDK) structures those interactions as of late 2025.

High-touch Investor Relations for large institutional shareholders

The relationship with major shareholders is managed with direct access, though the overall ownership structure shows a heavy institutional tilt. As of September 30, 2025, the total outstanding shares across the common classes (LBRDA, LBRDB, LBRDK) stood at approximately 143.49 million. While the most recent specific institutional ownership figure I have is from late 2024 at 91.65%, this concentration dictates a focus on high-touch engagement for those key holders.

Engagement points are scheduled around major corporate events:

• Annual Meeting of Stockholders held virtually on May 12, 2025.
• Special Meeting on February 26, 2025, to vote on the Charter merger.
• Quarterly Q&A sessions following GCI Liberty earnings calls, such as the one on November 5, 2025.

For direct contact, Liberty Broadband Corporation provides dedicated Investor Relations contacts and offers email alerts for timely updates.

Standardized communication via SEC filings and earnings calls

The core of standardized communication follows the public company rhythm, ensuring all investors receive the same material data simultaneously. This is crucial given the pending merger with Charter Communications, which requires rigorous disclosure.

The cadence for formal updates in 2025 included:

• Filing the Form 10-Q for the quarter ended September 30, 2025, around November 5, 2025.
• Hosting the Q1 2025 Earnings Conference Call on May 7, 2025, at 11:15 a.m. E.T.
• Conducting a brief quarterly Q&A session on October 13, 2025, following GCI Liberty's Q3 remarks.

These filings and calls are archived on the Liberty Broadband website after appropriate submissions to the SEC. You'll see material event reports, like the Form 8-K filed on November 19, 2025, keeping the market informed of significant, immediate developments.

Board-level engagement with Charter Communications management

The relationship with Charter Communications, Inc. (CHTR) is exceptionally deep, moving from a significant shareholder relationship to a full acquisition. Liberty Broadband shareholders approved the merger on February 26, 2025. This all-stock transaction dictates that each share of Liberty Broadband common stock receives 0.236 shares of Charter Class A common stock.

The financial alignment is clear:

Metric	Value as of Late 2025 Data Point	Date/Period
Fair Value of Charter Investment	$17.8 billion	May 1, 2025
Charter Shares Repurchased from LBRDK (Monthly)	$100 million	Pre-closing (subject to conditions)
Total Charter Shares Sold to Charter (Feb 1 - Apr 30, 2025)	$300 million	Q1 2025
Projected Merger Closing Date	June 30, 2027	Agreement Term

The governance tie is being unwound as part of the closing process; the three Liberty Broadband nominees serving on Charter's board agreed to resign upon the transaction's completion. This signals a transition from a major investor/partner relationship to full integration.

Transactional relationship with the market via stock exchanges

The relationship with the broader market is purely transactional, governed by trading mechanics on the NASDAQ exchange under symbols like LBRDK. You see the daily reality of this relationship in the trading data.

For example, on December 5, 2025, the stock traded at approximately $47.30 per share. The market capitalization hovered around $6.74 billion. The stock trades with a P/E Ratio around 8.36.

Key market statistics as of late 2025 reporting periods:

• Market Capitalization: Approximately $6.74 billion.
• Shares Outstanding (as of Sep 30, 2025): 143.49 million.
• 52-Week Trading Range (as of Dec 5, 2025): Low of $44.51 to High of $95.912.
• P/E Ratio (TTM): 8.36.

This is a high-volume, high-scrutiny environment for a holding company whose primary asset value is tied to another publicly traded entity.

Finance: draft 13-week cash view by Friday.

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

You're looking at how Liberty Broadband Corporation communicates its story and accesses the financial plumbing needed to fund its operations and investments. The Channels block here is all about getting information out and getting capital in.

The primary venue for trading Liberty Broadband Corporation common stock, ticker LBRDK, is the NASDAQ Stock Exchange. As of December 5, 2025, the last traded price was reported at $47.12. This exchange is the main conduit for liquidity for your shares.

For all official investor communications, the Investor Relations section of the Liberty Broadband Corporation website is the central hub. This channel provides direct access to critical documents and updates, which is key for you to track performance. For instance, the Q3 2025 Financial Results were posted, including the Earnings Release in both PDF and HTML formats, the Earnings Webcast, and the corresponding 10-Q Filing.

• Investor Relations Website for financial reporting and news.
• Direct contact via phone at (844) 826-8735 or email at investor@libertybroadband.com.
• Subscription options include Email Alerts and an RSS News Feed for timely updates.
• Presentations, such as the 2025 GCI Liberty Investor Conference Call materials, are archived here.

Mandatory disclosures flow through the Securities and Exchange Commission (SEC) filings system, which Liberty Broadband Corporation uses to keep the market informed. You can track material events and insider activity directly. For example, an 8-K reporting a Material Event was filed on November 19, 2025, and the quarterly 10-Q for the period ended September 30, 2025, was filed on November 5, 2025.

• Mandatory disclosures include 10-Qs, 10-Ks, and 8-Ks for current reports.
• Ownership reports like SCHEDULE 13G/A are also filed to report beneficial ownership changes.
• The number of outstanding LBRDK shares as of September 30, 2025, was 124,847,905.

Access to capital markets relies heavily on relationships with investment banks and brokers, evidenced by the large institutional holders and recent financing activities. The firm's ability to secure favorable debt terms is a direct result of these channels. For instance, GCI refinanced its credit facility, raising a $450 million revolver and a $300 million Term Loan A at attractive rates. Also, institutional investors like Norges Bank, with a stake valued around $137,249,000 in Q2 2025, signal strong engagement with major capital allocators.

Here's a quick look at the market context surrounding these channels as of late 2025:

Metric	Value/Amount	Date/Period
Market Capitalization	$6.74 billion	December 5, 2025
Q3 2025 Revenue	$257.00 million	Quarter Ended Sep 30, 2025
Q3 2025 EPS	$1.77	Quarter Ended Sep 30, 2025
52-Week Stock Price Low	$44.63	As of Dec 2025
52-Week Stock Price High	$104.00	As of Dec 2025
Debt-to-Equity Ratio	0.19	As of Dec 2025

The flow of capital is also visible through debt instruments; Liberty Broadband issued a redemption notice for $860 million principal amount of its 3.125% exchangeable senior debentures due 2054 in Q1 2025. That's how they manage the liability side of the balance sheet, which is just as important as the equity side for you.

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

When you look at Liberty Broadband Corporation (LBRDK) as of late 2025, you aren't just looking at a typical operating company; you're looking at a holding company whose primary value proposition is tied up in a massive, pending transaction. This context fundamentally shapes who its customers-or more accurately, its direct security holders-are.

The ownership structure is heavily weighted toward sophisticated financial players, which makes sense given the complex corporate maneuvers like the GCI spin-off completed on July 14, 2025, and the pending acquisition by Charter Communications, expected to close by June 30, 2027.

Institutional Investors, including index funds and asset managers.

This group forms the bedrock of Liberty Broadband Corporation's shareholder base. Based on the latest ownership data for the primary tracking stock (LBRDA), institutions and hedge funds collectively own approximately 81.70% of the company. That's a huge concentration of professional money.

You can see the depth of this institutional interest by looking at the sheer number of participants and the major players involved. As of late 2025, there were 426 institutional owners filing 13D/G or 13F forms with the SEC. Furthermore, as of the second quarter of 2025, about 50 hedge fund portfolios held the stock.

Here are some of the key institutional holders and their approximate positions:

Major Shareholder Name	Approximate Ownership Percentage	Approximate Shares Held
Vanguard Group Inc	8.89%	12,751,129
Blackrock Inc	4.35%	6,243,500
Aristeia Capital LLC	3.31%	4,753,124

Index funds, like the Vanguard Total Stock Market Index Fund Investor Shares (VTSMX), are definitely in the mix, reflecting the passive inclusion of Liberty Broadband Corporation in broad market benchmarks, even as the company undergoes this transition.

Retail shareholders seeking exposure to Charter's performance.

While institutions dominate, a meaningful segment of individual investors holds shares, often to gain leveraged exposure to Charter Communications (CHTR) without directly owning CHTR stock, or perhaps because they are long-term holders of the Liberty ecosystem.

Retail investors, defined as those not captured in the institutional or insider buckets, account for about 10.28% of the ownership. This group is often looking for the value unlock from the pending all-stock deal where Liberty Broadband Corporation shareholders will receive 0.236 shares of Charter common stock per Liberty Broadband share held.

It's important to note the insider segment, which is closely related to the ecosystem's core management. John C. Malone, the Chairman, is the largest individual shareholder, holding 5.35% of the company, or 7,679,335 shares, as of the latest filings.

Merger arbitrage funds trading the definitive acquisition terms.

The pending acquisition by Charter Communications makes Liberty Broadband Corporation a prime target for merger arbitrage funds. These funds focus on profiting from the spread between the current trading price and the implied acquisition price, factoring in the time value of money and execution risk.

The deal terms-0.236 Charter shares for every Liberty Broadband share-provide a clear, albeit distant, endpoint. As of May 16, 2025, with Charter trading at $407, the implied value for LBRDK was $96.13, which was in line with the market price then. By November 12, 2025, with Charter at around $377.50, the implied value dropped to approximately $89 per share, suggesting the arbitrage spread widened due to the time until the 2027 closing date.

The activity of these funds is visible in the market. For instance, one Merger Fund reported that the Liberty Broadband/Charter Communications deal contributed 0.13% to its performance in the third quarter of 2025.

The key factors these funds monitor include:

• The completion of the GCI spin-off (completed July 14, 2025).
• The expected closing date of June 30, 2027.
• The regulatory certainty, which is considered relatively low-risk given the geographic separation of GCI from Charter's main footprint.

High-net-worth individuals affiliated with Liberty's ecosystem.

This segment includes individuals, often founders or long-time associates of the broader Liberty media and telecom complex, who hold shares directly or through affiliated entities. Their investment thesis is less about the short-term arbitrage spread and more about the long-term value crystallization within the combined Charter entity post-merger.

The insider ownership group, at 8.02%, represents a significant portion of this category, with John C. Malone's 5.35% stake being the most prominent example. These individuals are betting on the operational strategy under Charter's leadership, which John Malone himself endorsed when stating he looks forward to holding Charter shares after the merger closes.

The total market capitalization as of November 10, 2025, was reported at $6.978 billion, which gives you the scale of the investment base these high-net-worth individuals are participating in.

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

The Cost Structure for Liberty Broadband Corporation, based on the latest available filings as of late 2025, is dominated by expenses related to its debt obligations and corporate overhead, particularly in the context of the pending Charter Communications acquisition.

Cost Component	Financial Metric/Amount (Nine Months Ended September 30, 2025)	Source Context
Stock-Based Compensation (Component of S,G&A)	$4 million	Included in Selling, general and administrative expenses
Change in Interest Expense	Decrease of $27 million	Compared to the corresponding nine months ended September 30, 2024

Corporate general and administrative (G&A) expenses include specific compensation elements, though total G&A is not explicitly itemized in the search snippets.

• Stock-based compensation recognized in Selling, general and administrative expenses for the nine months ended September 30, 2025: $4 million.
• Stock-based compensation recognized in Selling, general and administrative expenses for the three months ended September 30, 2025: $2 million.

Compensation costs for a small, centralized management team are embedded within the broader G&A structure. The focus on executive compensation is reflected in compensation plan disclosures.

• Grants of time-based RSUs (Restricted Stock Units) of LBRDK to the Chief Executive Officer during the nine months ended September 30, 2025: 17 thousand.

Interest expense on outstanding corporate debt reflects the management of significant liabilities, including exchangeable senior debentures.

The decrease in interest expense for the nine months ended September 30, 2025, was driven by lower interest rates on variable rate debt and lower outstanding amounts of exchangeable senior debentures.

• Settlement payment for 3.125 % Debentures due 2054 during the nine months ended September 30, 2025: $952 million.
• The decrease in interest expense for the nine months ended September 30, 2025, compared to the prior year: $27 million.

Legal and advisory fees related to the Charter merger transaction are not explicitly quantified in the available financial summaries, though the transaction agreement was dated November 12, 2024, and the closing was accelerated to occur contemporaneously with Charter's combination with Cox, announced May 16, 2025.

Finance: review Q3 2025 S-3 filing for detailed breakdown of non-stock compensation G&A costs by Friday.

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

You're looking at Liberty Broadband Corporation's revenue sources as of late 2025, a period defined by the GCI spin-off and the pending combination with Charter Communications. The core of the business is clearly the investment portfolio, but the other streams provide important liquidity and operational context.

The primary driver of continuing operations revenue is the equity method investment in Charter Communications, Inc. For the three months ended September 30, 2025, net earnings from these continuing operations rose to $255 million, which reflects Charter's performance during that quarter.

The residual revenue stream from the GCI segment, which was spun off effective July 14, 2025, is reported as a discontinued operation for Q3 2025. For that third quarter, GCI Liberty reported total revenue of $257 million. This figure represents the last significant pre-spin-off revenue contribution from that business.

Strategic dispositions also contributed to cash flow. For instance, in 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 shares back to Charter.

We can map out the key financial figures related to these streams for the third quarter of 2025, keeping in mind that the specific figure for interest income from cash and short-term investments is not explicitly detailed in the available summaries for this period.

Revenue Stream Component	Relevant Financial Metric	Amount (USD)	Period
Equity Earnings (Continuing Ops)	Net Earnings from Continuing Operations (Charter)	$255 million	Q3 2025
Residual GCI Revenue (Discontinued Ops)	Total Revenue (GCI Liberty)	$257 million	Q3 2025
Asset Sales/Dispositions	Proceeds from Charter Share Sale to Charter	$300 million	Feb 1 - Apr 30, 2025
GCI Segment Financial Detail	Non-voting preferred stock issued by GCI Liberty to LBRDK	$10 million	Q3 2025

You should also note the related cash flow and liquidity activities that support the overall financial picture, even if they aren't direct revenue:

• GCI Liberty generated net cash provided by operating activities of $357 million over the trailing twelve months ended September 30, 2025.
• GCI Liberty announced a rights offering expected to raise approximately $300 million to enhance liquidity.
• GCI Liberty reported free cash flow of $155 million over the trailing twelve months ended September 30, 2025.

Also, the GCI preferred stock carried a 12% dividend rate.

Finance: draft 13-week cash view by Friday.