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

Liberty Broadband Corporation (LBRDK) surge como una potencia dinámica en el panorama de las telecomunicaciones, posicionándose estratégicamente en la intersección de tecnología innovadora, inversiones estratégicas y soluciones de conectividad. Al aprovechar un modelo de negocio sofisticado que se extiende mucho más allá de las telecomunicaciones tradicionales, la compañía ha creado un enfoque único que entrelazan las apuestas de capital sustanciales, la infraestructura avanzada y las estrategias de inversión a futuro. Con un enfoque principal en las comunicaciones de la carta y una sólida cartera de activos de telecomunicaciones, Liberty Broadband representa una narración convincente del crecimiento estratégico, la innovación tecnológica y la creación de valor en el ecosistema de comunicación digital en rápida evolución.

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

Comunicaciones de chárter (asociación estratégica primaria)

A partir de 2024, Liberty Broadband posee aproximadamente 84.4 millones de acciones de Charter Communications, lo que representa un interés económico del 26.4% y el 34.6% de interés votado. La asociación implica:

• Infraestructura de red compartida
• Servicios de telecomunicaciones combinados
• Iniciativas de desarrollo de tecnología conjunta

Métrico de asociación	Valor cuantitativo
Porcentaje de propiedad	26.4% de interés económico
Control de votación	34.6% de interés votante
Total de acciones compartidas	84.4 millones de acciones

Liberty Media Corporation (empresa matriz y aliada estratégica)

Liberty Media Corporation mantiene una propiedad directa y una relación estratégica con Liberty Broadband, proporcionando:

• Apoyo de gobierno corporativo
• Gestión financiera
• Guía de inversión estratégica

Proveedores de infraestructura de cable y telecomunicaciones

Liberty Broadband colabora con múltiples proveedores de infraestructura, que incluyen:

• Nivel 3 Comunicaciones
• Comunicaciones convincentes
• Grupo de zayo

Proveedor de infraestructura	Cobertura de red	Enfoque de asociación
Nivel 3 Comunicaciones	Red de fibra global	Infraestructura de columna vertebral
Comunicaciones convincentes	Red de América del Norte	Conectividad a Internet
Grupo de zayo	Soluciones de fibra empresarial	Servicios de alto nivel de ancho

Proveedores de tecnología y equipos de red

Las asociaciones de tecnología clave incluyen:

• Sistemas de Cisco
• Arris International
• Comunicación

Redes de entrega de contenido y plataformas de transmisión

Las asociaciones de contenido estratégico implican:

• Netflix
• Servicios web de Amazon
• Tecnologías de Akamai

Socio de contenido	Tipo de servicio	Alcance de la asociación
Netflix	Plataforma de transmisión	Distribución de contenido
Servicios web de Amazon	Infraestructura en la nube	Optimización de red
Tecnologías de Akamai	Red de entrega de contenido	Mejora del rendimiento

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

Gestión de servicios de Internet de cable y banda ancha

Liberty Broadband posee una participación del 26% en Charter Communications, que administra 32.2 millones de conexiones a Internet de banda ancha a partir del tercer trimestre de 2023.

Métrico de servicio	Cantidad
Conexiones totales de banda ancha	32.2 millones
Ingresos de banda ancha mensuales promedio por suscriptor	$56.37

Inversión estratégica en infraestructura de telecomunicaciones

La cartera de inversiones de Liberty Broadband valorada en $ 14.3 mil millones al 31 de diciembre de 2023.

• Inversión significativa en comunicaciones charter
• Desarrollo de infraestructura tecnológica
• Estrategias de expansión de la red

Desarrollo de tecnología de espectro y conectividad

Charter Communications invirtió $ 5.8 mil millones en actualizaciones de infraestructura de red en 2023.

Área de inversión tecnológica	Monto de la inversión
Infraestructura de red	$ 5.8 mil millones
Expansión de fibra óptica	$ 1.2 mil millones

Estrategias de fusión y adquisición en medios y comunicaciones

Las actividades de fusión y adquisición de Liberty Broadband se centraron en el sector de telecomunicaciones.

• Inversiones de renta variable estratégica
• Adquisiciones de plataforma de tecnología
• Consolidación del sector de telecomunicaciones

Optimización del valor de los accionistas a través de inversiones estratégicas

Liberty Broadband Capitalización de mercado: $ 19.6 mil millones a partir de enero de 2024.

Métrica financiera	Valor
Capitalización de mercado	$ 19.6 mil millones
Patrimonio de los accionistas	$ 12.4 mil millones

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

Una participación de propiedad significativa en las comunicaciones de chárter

A partir del cuarto trimestre de 2023, Liberty Broadband Corporation posee 21.3% Propiedad en comunicaciones de la carta, que representa aproximadamente 89.4 millones de acciones.

Métrico de propiedad	Valor
Porcentaje de propiedad total	21.3%
Número de acciones	89.4 millones
Valor de mercado estimado	$ 11.2 mil millones

Capital financiero y cartera de inversión sustancial

Los recursos financieros de Liberty Broadband incluyen:

• Activos totales de $ 35.6 mil millones Al 31 de diciembre de 2023
• Equivalentes de efectivo y efectivo: $ 1.4 mil millones
• Valor de la cartera de inversiones: $ 26.8 mil millones

Infraestructura de telecomunicaciones avanzada

Componente de infraestructura	Especificación
Cobertura de red	41 estados en los Estados Unidos
Conexiones de banda ancha	32.2 millones de clientes residenciales y comerciales
Millas de red de fibra	573,000 millas

Equipo de gestión experimentado

• Experiencia total del equipo ejecutivo: Más de 150 años combinados en sectores de medios y tecnología
• Promedio de tenencia ejecutiva: 12.5 años
• Puestos de liderazgo cubiertos por veteranos de la industria con significados formularios de telecomunicaciones

Extensos activos de espectro y ancho de banda

Activo de espectro	Capacidad
Ancho de banda total	1.2 terabits por segundo
Licencias de espectro	47 bandas de frecuencia distintas
Cobertura del espectro inalámbrico	Cubre el 68% de la población estadounidense

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

Conectividad a Internet de banda ancha de alta velocidad

Liberty Broadband proporciona conectividad a Internet de alta velocidad a través de las comunicaciones de chárter, con velocidades de banda ancha residencial de hasta 1 Gbps. A partir del cuarto trimestre de 2023, las comunicaciones de chárter sirvieron 32.4 millones de clientes residenciales y comerciales.

Tipo de servicio	Rango de velocidad	Base de clientes
Banda ancha residencial	Hasta 1 Gbps	32.4 millones
Internet de negocios	50 Mbps - 1 Gbps	2.1 millones

Plataforma de inversión de telecomunicaciones integral

Liberty Broadband tiene un 26% de interés económico en las comunicaciones charter, con un valor de inversión total de aproximadamente $ 8.4 mil millones Al 31 de diciembre de 2023.

Infraestructura de red flexible y escalable

La infraestructura de red de Charter incluye:

• Encima 750,000 millas de ruta de red de fibra
• 41 estados cobertura
• Red capaz de soportar Tecnología 10G

Acceso a tecnologías de comunicación de vanguardia

Liberty Broadband admite tecnologías avanzadas a través de Charter, que incluyen:

• DOCSIS 3.1 Tecnología
• Servicio inalámbrico de espectro móvil
• Servicios de Voice Over IP (VOIP)

Tecnología	Capacidad	Penetración del mercado
Docsis 3.1	Velocidades de banda ancha mejoradas	Cobertura de red del 90%
Espectro móvil	Servicio inalámbrico	2.5 millones de suscriptores

Oportunidades de inversión estratégica

La cartera de inversiones de Liberty Broadband incluye:

• Estaca de comunicaciones charter: 26% de interés económico
• Valor de inversión total: $ 8.4 mil millones
• Capitalización de mercado a partir de enero de 2024: $ 14.2 mil millones

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

Plataformas digitales de autoservicio

Liberty Broadband ofrece plataformas digitales con las siguientes características:

Característica de la plataforma	Métrica
Administración de cuentas en línea	92% de tasa de penetración de autoservicio digital
Uso de la aplicación móvil	1.4 millones de usuarios mensuales activos
Pago de facturas digitales	El 87% de los clientes usan sistemas de pago en línea

Atención al cliente a través de múltiples canales

La infraestructura de atención al cliente incluye:

• Soporte telefónico 24/7
• Servicios de chat en vivo
• Canales de soporte por correo electrónico
• Servicio al cliente de las redes sociales

Soluciones de conectividad personalizadas

Categoría de soluciones	Nivel de personalización	Penetración del cliente
Banda ancha residencial	Alta personalización	68% segmento de mercado
Servicios de redes empresariales	Personalización avanzada	32% segmento de mercado

Gestión de relaciones empresariales y de consumo a largo plazo

Métricas de retención de clientes:

• Valor promedio de por vida del cliente: $ 3,742
• Tasa anual de retención de clientes: 84.6%
• Tasa de rotación del cliente: 15.4%

Estrategias de participación del cliente impulsadas por la tecnología

Tecnología de compromiso	Tasa de implementación	Impacto del cliente
Soporte con IA	62% de las interacciones de apoyo	37% Tiempo de resolución más rápido
Recomendaciones de servicio predictivo	45% de compromiso del cliente	Aumento del 22% en la venta adicional

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

Plataformas digitales en línea

Liberty Broadband utiliza el sitio web Spectrum de Charter Communications para la prestación de servicios digitales, con aproximadamente 32.1 millones de suscriptores de Internet de banda ancha que acceden a los servicios en línea a partir del cuarto trimestre de 2023.

Plataforma digital	Métricas de participación del usuario
Spectrum.net	32.1 millones de usuarios activos de banda ancha
Aplicación móvil	5.2 millones de usuarios activos mensuales
Administración de cuentas en línea	El 78% de los suscriptores usan plataformas de autoservicio digital

Equipos de ventas directos

Charter Communications emplea aproximadamente 4,700 representantes de ventas directas dirigidas a clientes residenciales y comerciales.

• Productividad promedio del equipo de ventas: 87 nuevas instalaciones de servicio por representante mensual
• Ingresos directos del canal de ventas: $ 3.2 mil millones en 2023
• Cobertura geográfica del equipo de ventas: 41 estados en todo Estados Unidos

Outlets de telecomunicaciones minoristas

Liberty Broadband opera a través de las ubicaciones de las tiendas minoristas 750 de Charter en todo el país.

Tipo de tienda minorista	Número de ubicaciones
Tienda de espectro	750 ubicaciones minoristas físicas
Ubicaciones minoristas autorizadas	1.200 ubicaciones de socios adicionales

Redes de distribución de socios

Liberty Broadband aprovecha las asociaciones con múltiples proveedores de telecomunicaciones y tecnología.

• Número de socios de distribución estratégica: 87
• Contribución de ingresos de la red de socios: $ 1.5 mil millones anuales
• Socios clave: Best Buy, Walmart, Target

Interfaces de servicio basadas en móviles y web

Spectrum Mobile Platform atiende a 3,8 millones de suscriptores móviles a partir del cuarto trimestre de 2023.

Función de plataforma móvil	Estadísticas de usuario
Suscriptores móviles	3.8 millones de usuarios activos
Descargas de aplicaciones móviles	2.6 millones de descargas anuales
Usuarios de interfaz web	22.4 millones de usuarios web activos mensuales

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

Consumidores de banda ancha residencial

Charter Communications (activo principal de Liberty Broadband) atiende a aproximadamente 32.2 millones de clientes de banda ancha residencial a partir del tercer trimestre de 2023.

Demográfico del cliente	Penetración del mercado
Usuarios residenciales urbanos	48.3%
Usuarios residenciales suburbanos	39.7%
Usuarios residenciales rurales	12%

Empresas pequeñas y medianas empresas

Charter Spectrum atiende a aproximadamente 2.1 millones de clientes pequeños y medianos en todo el país.

• Gasto promedio de banda ancha comercial mensual: $ 189.50
• Tasa de retención de clientes comerciales: 87.3%
• Duración promedio del contrato: 24 meses

Grandes clientes de telecomunicaciones corporativas

Ingresos de segmento empresarial en 2023: $ 3.4 mil millones

Tipo de cliente	Número de clientes	Ingresos anuales
Fortune 500 Companies	128	$ 1.92 mil millones
Empresas del mercado medio	612	$ 1.48 mil millones

Inversores de tecnología y medios

Capitalización de mercado de Liberty Broadband: $ 33.6 mil millones (a partir de enero de 2024)

• Propiedad institucional: 82.4%
• Los principales inversores institucionales:
  • Vanguard Group: 12.3%
  • BlackRock: 9.7%
  • Liberty Media Corporation: 26.4%

Segmentos del mercado regional y nacional

Cobertura geográfica: 41 estados en los Estados Unidos

Región	Cuota de mercado	Mercado total direccionable
Nordeste	22.6%	8.3 millones de hogares
Sudeste	18.9%	7.1 millones de hogares
Medio oeste	15.4%	5.9 millones de hogares
Oeste	12.3%	4.6 millones de hogares

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

Desarrollo y mantenimiento de la infraestructura

Los costos de infraestructura de Liberty Broadband para la infraestructura de red en 2023 fueron de aproximadamente $ 876.4 millones. La compañía invirtió $ 412.3 millones específicamente en mantenimiento y actualizaciones de la red de cables.

Infraestructura de red física

Mantenimiento del centro de datos

Reemplazo de equipos

Categoría de costos	Gasto anual ($ M)
412.3
164.7
299.4

Investigación e innovación tecnológica

Los gastos de I + D para Liberty Broadband en 2023 totalizaron $ 203.6 millones, centrándose en mejoras en la tecnología de banda ancha.

• Investigación de tecnología de banda ancha: $ 127.4 millones
• Innovación de conectividad: $ 76.2 millones

Gastos de inversión y adquisición estratégica

Liberty Broadband gastó $ 1.2 mil millones en inversiones estratégicas y posibles adquisiciones en 2023.

Tipo de inversión	Cantidad ($ m)
Adquisiciones de tecnología estratégica	678.5
Inversiones de estaca minoritaria	521.5

Gastos generales operativos y costos administrativos

Los gastos administrativos y operativos para 2023 fueron de $ 345.2 millones.

• Compensación ejecutiva: $ 42.6 millones
• Salarios de los empleados: $ 187.4 millones
• Gastos operativos de la oficina: $ 115.2 millones

Inversiones de expansión y actualización de la red

Las inversiones de expansión de la red en 2023 alcanzaron $ 589.7 millones.

Categoría de expansión	Inversión ($ m)
Expansión de la red de fibra óptica	276.3
Desarrollo de infraestructura 5G	213.4
Mejora de la cobertura de banda ancha	100.0

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

Charter Communications Equity Investment Returns

A partir del cuarto trimestre de 2023, Liberty Broadband posee el 35.4% de las comunicaciones de la carta, que representa una inversión de capital significativa. La participación de capital generó aproximadamente $ 1.2 mil millones en rendimientos de inversión en 2023.

Métrico	Valor	Año
Propiedad de capital en la carta	35.4%	2023
Retornos de inversión	$ 1.2 mil millones	2023

Ingresos de suscripción al servicio de banda ancha

A través de Charter Communications, Liberty Broadband obtiene ingresos sustanciales de suscripción de los servicios de banda ancha.

• Suscriptores de banda ancha totales: 32.1 millones (cuarto trimestre 2023)
• Ingresos mensuales promedio por suscriptor de banda ancha: $ 64.99
• Ingresos anuales de suscripción de banda ancha: aproximadamente $ 25.1 mil millones

Ingresos de la cartera de inversiones estratégicas

Liberty Broadband mantiene una cartera de inversiones diversificada que genera flujos de ingresos adicionales.

Categoría de inversión	Valor total	Renta anual
Inversiones tecnológicas	$ 3.5 mil millones	$ 210 millones
Activos de telecomunicaciones	$ 2.8 mil millones	$ 168 millones

Acuerdos de licencia de tecnología y asociación

Liberty Broadband genera ingresos a través de asociaciones de licencias de tecnología estratégica.

• Número de asociaciones de tecnología activa: 7
• Ingresos anuales de licencia: $ 45 millones
• Duración promedio de la asociación: 3-5 años

Apreciación de capital de los activos de telecomunicaciones

La compañía obtiene ingresos a través de la apreciación estratégica de los activos y las ventas estratégicas.

Categoría de activos	Valor total del activo	Tasa de apreciación
Infraestructura de telecomunicaciones	$ 4.6 mil millones	7.2% anual
Equipo de red	$ 1.9 mil millones	5.5% anual

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.