Liberty Broadband Corporation (LBRDA): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Liberty Broadband Corporation (LBRDA) surge como una potencia estratégica en el panorama de las telecomunicaciones, combinando magistralmente la destreza de inversión con infraestructura de banda ancha de vanguardia. Al aprovechar una participación de capital significativa en las comunicaciones de chárter y una cartera de inversiones sofisticada, la compañía se posiciona como un jugador dinámico que viene la tecnología, los medios y la conectividad. Este lienzo de modelo de negocio revela un complejo ecosistema de asociaciones estratégicas, propuestas de valor innovadoras y flujos de ingresos multifacéticos que prometen remodelar cómo los inversores y los consumidores perciben estrategias de inversión de telecomunicaciones.

Liberty Broadband Corporation (LBRDA) - Modelo de negocios: asociaciones clave

Comunicaciones de la Carta

A partir del cuarto trimestre de 2023, Liberty Broadband Corporation posee aproximadamente el 31.6% de las acciones en circulación de Charter Communications. La inversión estratégica representa un valor de mercado total de $ 26.4 mil millones.

Métrico de asociación	Valor
Porcentaje de propiedad	31.6%
Valor de mercado de la inversión	$ 26.4 mil millones
Tipo de compartir	Acciones comunes de Clase A

Liberty Media Corporation

Liberty Media Corporation es la empresa matriz e inversor estratégico principal En Liberty Broadband Corporation.

Detalle de propiedad	Porcentaje
Propiedad de Liberty Media Corporation	100%
Estaca de control	Derechos de voto de la mayoría

Proveedores de infraestructura de cable y telecomunicaciones

• Infraestructura de la red de comunicaciones de chárter
• Red de fibra CenturyLink
• Conectividad de la troncal de Comcast

Proveedores de tecnología y equipos de red

Proveedor	Tipo de equipo	Valor de adquisición anual
Sistemas de Cisco	Equipo de redes	$ 187 millones
Arris International	Módems de cable	$ 92 millones
Nokia	Infraestructura de telecomunicaciones	$ 64 millones

Liberty Broadband Corporation (LBRDA) - Modelo de negocios: actividades clave

Desarrollo de infraestructura de Internet de banda ancha

Liberty Broadband posee una participación del 26% en Charter Communications, que opera una red de banda ancha significativa. A partir del tercer trimestre de 2023, las comunicaciones de chárter tenían:

• 32.4 millones de pases totales
• Clientes de banda ancha residencial: 15.4 millones
• Tasa de penetración de Internet: 48.7%

Gestión de inversiones estratégicas

Inversión	Valor	Porcentaje de propiedad
Comunicaciones de la Carta	$ 14.3 mil millones	26%
Liberty Equidad de banda ancha	$ 10.2 mil millones	N / A

Adquisición de activos de telecomunicaciones

El principal activo de telecomunicaciones de Liberty Broadband es su participación significativa en las comunicaciones de chárter, con una capitalización de mercado de aproximadamente $ 15.6 mil millones a partir de enero de 2024.

Actualizaciones de expansión y tecnología de la red

Charter Communications, a través de la inversión de Liberty Broadband, ha estado implementando:

• DOCSIS 3.1 Implementación de tecnología
• Expansión de la red de fibra óptica
• Desmero de Gigabit Internet Service

Optimización del valor del accionista

Métrica financiera	Valor 2023
Ingresos totales (Comunicaciones de la Carta)	$ 53.4 mil millones
Lngresos netos	$ 2.1 mil millones
Ganancias por acción	$7.42

Liberty Broadband Corporation (LBRDA) - Modelo de negocios: recursos clave

Estaca de capital significativa en las comunicaciones de chárter

Liberty Broadband Corporation posee el 25.8% de interés votante y el 26.4% de interés económico en las comunicaciones charter a partir del cuarto trimestre de 2023.

Propiedad de capital	Porcentaje
Interés votante	25.8%
Interés económico	26.4%

Infraestructura de telecomunicaciones robusta

A través de Charter Communications, Liberty Broadband tiene acceso a:

• 52 millones de millas de banda ancha de red
• Más de 32 millones de relaciones con los clientes residenciales y comerciales
• Aproximadamente 41 millones de unidades de servicio totales

Capital financiero e cartera de inversiones

Métrica financiera	Cantidad
Activos totales (cuarto trimestre 2023)	$ 34.2 mil millones
Equivalentes de efectivo y efectivo	$ 1.6 mil millones
Inversión en comunicaciones charter	$ 23.5 mil millones

Experiencia técnica en tecnologías de banda ancha

Capacidades técnicas clave:

• DOCSIS 3.1 Implementación de tecnología
• Infraestructura de red de fibra óptica
• Capacidades avanzadas de transmisión de banda ancha

Equipo de gestión con experiencia en medios y telecomunicaciones

Equipo de liderazgo con experiencia acumulada de más de 100 años en telecomunicaciones y sectores de medios.

Ejecutivo	Role	Años de experiencia
Gregory B. Maffei	Presidente y CEO	Más de 25 años
John C. Malone	Presidente	Más de 40 años

Liberty Broadband Corporation (LBRDA) - Modelo de negocios: propuestas de valor

Conectividad a Internet de banda ancha de alta velocidad

A partir del cuarto trimestre de 2023, la subsidiaria de comunicaciones de la carta de Liberty Broadband proporciona servicios de Internet de banda ancha con las siguientes especificaciones:

Nivel de velocidad de Internet	Velocidad de descarga	Precio mensual
Espectro internet	200 Mbps	$79.99
Spectrum Internet Ultra	400 Mbps	$99.99
Concierto en Internet del espectro	1000 Mbps	$119.99

Infraestructura de telecomunicaciones confiable

La infraestructura de red de Liberty Broadband incluye:

• Cobertura de red en 41 estados
• Más de 32 millones de suscriptores de banda ancha
• Infraestructura de red de fibra óptica que cubre aproximadamente el 24% de las ubicaciones útiles

Inversión estratégica en sectores de medios y comunicaciones en crecimiento

Cartera de inversiones al 31 de diciembre de 2023:

Compañía	Porcentaje de propiedad	Valor estimado
Comunicaciones de la Carta	23.7%	$ 14.3 mil millones
Libertad Siriusxm	7.4%	$ 1.2 mil millones

Potencial para devoluciones de accionistas a largo plazo

Métricas de rendimiento financiero para 2023:

• Capitalización de mercado: $ 12.8 mil millones
• Ingresos: $ 51.9 mil millones (comunicaciones de chárter)
• Ingresos netos: $ 3.2 mil millones (comunicaciones de chárter)
• Precio de las acciones (LBRDA): $ 93.45 (al 31 de diciembre de 2023)

Soluciones de tecnología de red avanzadas

Capacidades de infraestructura tecnológica:

Tecnología	Alcance de despliegue	Capacidad
Docsis 3.1	90% de la red	Hasta 1 GBPS velocidades
Fibra óptica	24% de las ubicaciones	Hasta 2 GBPS velocidades

Liberty Broadband Corporation (LBRDA) - Modelo de negocios: relaciones con los clientes

Servicios de telecomunicaciones de empresa a empresa

La relación principal del cliente B2B de Liberty Broadband es a través de Charter Communications, donde posee una participación de propiedad del 26.4% a partir del cuarto trimestre de 2023.

Métrico	Valor
Propiedad de comunicaciones de chárter	26.4%
Valor de inversión total	$ 9.06 mil millones
Charter Enterprise Business Services Ingresos	$ 1.1 mil millones (cuarto trimestre 2023)

Compromiso indirecto del cliente a través de la charter Communications

Charter Communications sirve como la interfaz principal del cliente para los servicios de telecomunicaciones.

• Total Charter Spectrum Clientes: 32.2 millones
• Suscriptores de banda ancha residencial: 29.4 millones
• Clientes de servicios comerciales: 2.8 millones

Atención al cliente impulsada por la tecnología

Canales de atención al cliente administrados a través de la infraestructura de comunicaciones de chárter.

Canal de soporte	Disponibilidad
Soporte en línea	24/7
Soporte telefónico	24/7
Soporte de aplicaciones móviles	Integrado

Relación de inversión con los accionistas

Liberty Broadband mantiene la participación directa de los accionistas a través de informes financieros y relaciones con los inversores.

• Total de acciones en circulación: 113.4 millones
• Propiedad institucional: 82.3%
• Comunicaciones trimestrales de inversores: 4 veces anualmente

Gestión de la Asociación Estratégica

Liberty Broadband gestiona las telecomunicaciones estratégicas y las asociaciones de inversión.

Pareja	Tipo de relación	Valor de inversión
Comunicaciones de la Carta	Estaca de capital mayor	$ 9.06 mil millones
Liberty Media Corporation	Relación de empresa matriz	Estructura de propiedad integrada

Liberty Broadband Corporation (LBRDA) - Modelo de negocios: canales

Redes minoristas y mayoristas de Communications Charter

Liberty Broadband posee una participación de capital del 26% en Charter Communications a partir del cuarto trimestre de 2023. Charter opera 32.2 millones de suscriptores de banda ancha y 15.6 millones de suscriptores de video en 41 estados.

Suscriptores de banda ancha	32.2 millones
Suscriptores de videos chárter	15.6 millones
Cobertura geográfica	41 estados

Plataformas directas de relaciones con los inversores

Liberty Broadband mantiene canales dedicados de relaciones con los inversores a través de:

• Sección de relaciones con los inversores del sitio web corporativo
• Plataformas de presentación de la SEC
• Llamadas de conferencia trimestrales de ganancias

Canales de comunicación de inversión en línea

Tráfico del sitio web de inversores	Aproximadamente 75,000 visitas mensuales
Seguidores de los inversores en redes sociales	LinkedIn: 12,500 seguidores

Conferencias de la industria de telecomunicaciones

Liberty Broadband participa en eventos clave de la industria como:

• Conferencia de la Comunidad Goldman Sachs
• Tecnología Morgan Stanley, medios & Conferencia de telecomunicaciones
• Conferencia de comunicaciones de Credit Suisse

Marketing digital y alcance de los inversores

Los canales digitales incluyen:

• Presentaciones de inversores webcastadas
• Correo electrónico de la distribución del boletín de inversores
• Transmisión web de ganancias trimestrales

Asistencia de transmisión por web de ganancias trimestrales	Aproximadamente 2.500 participantes únicos
Lista de correo electrónico de los inversores	Más de 15,000 suscriptores

Liberty Broadband Corporation (LBRDA) - Modelo de negocios: segmentos de clientes

Consumidores de Internet de banda ancha residencial

Liberty Broadband atiende a aproximadamente 5.9 millones de clientes de Internet de banda ancha residencial a partir del cuarto trimestre de 2023. La tasa promedio de suscripción de banda ancha residencial mensual es de $ 64.99.

Segmento de clientes	Suscriptores totales	Tarifa mensual promedio
Banda ancha residencial	5,900,000	$64.99

Clientes de telecomunicaciones comerciales

Los clientes de telecomunicaciones empresariales y de pequeñas empresas representan el 18% de la base total de clientes de Liberty Broadband, con aproximadamente 1,1 millones de cuentas comerciales.

• Servicios de redes empresariales
• Soluciones de conectividad de pequeñas empresas
• Paquetes de Internet de negocios dedicados

Inversores institucionales

Liberty Broadband tiene una propiedad institucional del 81.4%, que representa aproximadamente $ 12.3 mil millones en inversión institucional a partir de enero de 2024.

Tipo de inversor	Porcentaje de propiedad	Valor de inversión total
Inversores institucionales	81.4%	$12,300,000,000

Inversores de tecnología y sector de medios

Los inversores de tecnología y sector de medios comprenden el 42% de la base de inversores institucionales totales de Liberty Broadband, con una inversión estimada de $ 5.2 mil millones.

Usuarios de servicio de redes empresariales

El segmento de servicio de redes empresariales genera $ 780 millones en ingresos anuales, atendiendo a 42,000 clientes corporativos con soluciones de redes avanzadas.

Servicios de redes empresariales	Ingresos anuales	Total de clientes corporativos
Soluciones de red	$780,000,000	42,000

Liberty Broadband Corporation (LBRDA) - Modelo de negocio: Estructura de costos

Gastos de desarrollo de infraestructura de red

Para el año fiscal 2023, los gastos de desarrollo de infraestructura de la red de Liberty Broadband totalizaron $ 487.6 millones. El desglose detallado es el siguiente:

Componente de infraestructura	Monto del gasto
Expansión de la red de fibra óptica	$ 276.3 millones
Actualizaciones de la red de cable	$ 142.5 millones
Infraestructura inalámbrica	$ 68.8 millones

Costos de actualización y mantenimiento de la tecnología

El mantenimiento de la tecnología y los gastos de actualización para 2023 fueron de $ 215.4 millones, con la siguiente asignación:

• Reemplazo de hardware: $ 89.2 millones
• Actualizaciones de software: $ 62.7 millones
• Mejoras de ciberseguridad: $ 63.5 millones

Sobrecarga de gestión de inversiones

Gestión de inversiones sobrepasos para Liberty Broadband en 2023 ascendió a $ 42.9 millones, que comprende:

Categoría de gestión de inversiones	Costo
Tarifas de gestión de cartera	$ 24.6 millones
Investigación de inversiones	$ 11.3 millones
Cumplimiento e informes	$ 7 millones

Inversiones de investigación y desarrollo

Las inversiones de I + D para 2023 fueron de $ 153.2 millones, distribuidas en dominios tecnológicos clave:

• Innovación tecnológica de banda ancha: $ 78.6 millones
• Soluciones de conectividad: $ 45.3 millones
• Tecnologías de red de próxima generación: $ 29.3 millones

Gastos administrativos y operativos

Los gastos administrativos y operativos para Liberty Broadband en 2023 totalizaron $ 187.5 millones, desglosados ​​de la siguiente manera:

Categoría de gastos	Cantidad
Salarios y beneficios de los empleados	$ 112.3 millones
Mantenimiento de la oficina y las instalaciones	$ 37.6 millones
Servicios legales y profesionales	$ 22.6 millones
Marketing y comunicación	$ 15 millones

Liberty Broadband Corporation (LBRDA) - Modelo de negocios: flujos de ingresos

Retornos de inversión de capital de las comunicaciones de chárter

A partir del cuarto trimestre de 2023, Liberty Broadband Corporation posee aproximadamente el 35.4% de propiedad en las comunicaciones de la carta, lo que representa una inversión de capital significativa.

Métrico de inversión	Valor
Porcentaje de propiedad de comunicaciones de la Carta	35.4%
Valor de inversión estimado	$ 16.3 mil millones
Ingresos de dividendos de la Carta	$ 0 (la carta no paga dividendos)

Rendimiento de la cartera de inversiones estratégicas

La cartera de inversiones de Liberty Broadband genera ingresos a través de tenencias estratégicas y activos financieros.

Categoría de inversión	Valor total
Cartera de inversiones totales	$ 22.1 mil millones
Valores líquidos	$ 3.6 mil millones
Ingresos de inversión 2023	$ 187 millones

Ingresos potenciales del servicio de telecomunicaciones

• Ingresos de telecomunicaciones indirectos a través de la charter Communications
• No hay ingresos del servicio de telecomunicaciones directas

Apreciación del valor del accionista

Métrica de rendimiento de stock	Valor
Precio de acciones de LBRDA (2024)	$136.45
Rendimiento de las acciones hasta la fecha	+12.3%
Capitalización de mercado	$ 19.7 mil millones

Ingresos de gestión de activos financieros

Liberty Broadband genera ingresos a través de la gestión financiera estratégica de su cartera de inversiones.

Métrica de gestión financiera	Valor
Tarifas de gestión de inversiones	$ 42.5 millones
Ingresos financieros totales 2023	$ 229.5 millones

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.