Liberty Broadband Corporation (LBRDA): Business Model Canvas [Jan-2025 Mis à jour]

Liberty Broadband Corporation (LBRDA) apparaît comme une puissance stratégique dans le paysage des télécommunications, mélangeant magistralement les prouesses d'investissement avec des infrastructures à large bande de pointe. En tirant parti d'une participation importante dans Charter Communications et d'un portefeuille d'investissement sophistiqué, la société se positionne comme une technologie de pontage de joueurs dynamique, des médias et une connectivité. Cette toile de modèle commercial révèle un écosystème complexe de partenariats stratégiques, de propositions de valeur innovantes et de sources de revenus multiformes qui promettent de remodeler la façon dont les investisseurs et les consommateurs perçoivent les stratégies d'investissement des télécommunications.

Liberty Broadband Corporation (LBRDA) - Modèle commercial: partenariats clés

COMMUNICATIONS CHARTER

Au quatrième trimestre 2023, Liberty Broadband Corporation détient environ 31,6% des actions en circulation de Charter Communications. L'investissement stratégique représente une valeur marchande totale de 26,4 milliards de dollars.

Métrique de partenariat	Valeur
Pourcentage de propriété	31.6%
Valeur marchande de l'investissement	26,4 milliards de dollars
Type de partage	Classe A Stock

Liberty Media Corporation

Liberty Media Corporation est le Société mère et investisseur stratégique primaire dans Liberty Broadband Corporation.

Détail de propriété	Pourcentage
Propriété de Liberty Media Corporation	100%
Contrôle	Droits de vote majoritaire

Fournisseurs d'infrastructures de câble et de télécommunications

• Charter Communications Network Infrastructure
• CenturyLink Fibre Network
• Connectivité de la dorsale Comcast

Fournisseurs de technologies de technologie et de réseau

Fournisseur	Type d'équipement	Valeur d'achat annuelle
Systèmes Cisco	Équipement de réseautage	187 millions de dollars
Arris International	Modems câbles	92 millions de dollars
Nokia	Infrastructure de télécommunications	64 millions de dollars

Liberty Broadband Corporation (LBRDA) - Modèle d'entreprise: activités clés

Développement d'infrastructures Internet à large bande

Liberty Broadband détient une participation de 26% dans Charter Communications, qui exploite un réseau à large bande important. Au troisième trimestre 2023, Charter Communications avait:

• 32,4 millions de passages totaux
• Clients à large bande résidentiels: 15,4 millions
• Taux de pénétration sur Internet: 48,7%

Gestion des investissements stratégiques

Investissement	Valeur	Pourcentage de propriété
COMMUNICATIONS CHARTER	14,3 milliards de dollars	26%
Liberty Broadband Equity	10,2 milliards de dollars	N / A

Acquisition d'actifs de télécommunications

L'actif de télécommunications principal de Liberty Broadband est sa participation importante dans Charter Communications, avec une capitalisation boursière d'environ 15,6 milliards de dollars en janvier 2024.

Extension du réseau et mises à niveau technologique

Charter Communications, grâce à l'investissement de Liberty Broadband, a mis en œuvre:

• DOCSIS 3.1 Déploiement de la technologie
• Expansion du réseau fibre optique
• Déploiement du service Internet gigabit

Optimisation de la valeur des actionnaires

Métrique financière	Valeur 2023
Revenu total (Communications Charter)	53,4 milliards de dollars
Revenu net	2,1 milliards de dollars
Bénéfice par action	$7.42

Liberty Broadband Corporation (LBRDA) - Modèle d'entreprise: Ressources clés

Position de capitaux propres importante dans Charter Communications

Liberty Broadband Corporation détient 25,8% d'intérêts votants et 26,4% d'intérêt économique dans les communications à charte au quatrième trimestre 2023.

Propriété de capitaux propres	Pourcentage
Intérêt au vote	25.8%
Intérêt économique	26.4%

Infrastructure de télécommunications robuste

Grâce à Charter Communications, Liberty Broadband a accès à:

• 52 millions de miles à large bande de réseau
• Plus de 32 millions de relations avec les clients résidentiels et commerciaux
• Environ 41 millions d'unités de service au total

Portefeuille de capital financier et d'investissement

Métrique financière	Montant
Total des actifs (Q4 2023)	34,2 milliards de dollars
Equivalents en espèces et en espèces	1,6 milliard de dollars
Investissement dans les communications charter	23,5 milliards de dollars

Expertise technique dans les technologies à large bande

Capacités techniques clés:

• DOCSIS 3.1 Déploiement de la technologie
• Infrastructure de réseau à fibre optique
• Capacités avancées de transmission à large bande

Équipe de gestion avec une expérience des médias et des télécommunications

Équipe de leadership avec une expérience cumulative de plus de 100 ans dans les secteurs des télécommunications et des médias.

Exécutif	Rôle	Années d'expérience
Gregory B. Maffei	Président et chef de la direction	25 ans et plus
John C. Malone	Président	Plus de 40 ans

Liberty Broadband Corporation (LBRDA) - Modèle d'entreprise: propositions de valeur

Connectivité Internet haut débit à haut débit

Depuis le quatrième trimestre 2023, la filiale Charter Communications de Liberty Broadband fournit des services Internet à large bande les spécifications suivantes:

Niveau de vitesse Internet	Télécharger la vitesse	Prix ​​mensuels
Internet du spectre	200 Mbps	$79.99
Spectrum Internet ultra	400 Mbps	$99.99
Gig Internet Spectrum	1000 Mbps	$119.99

Infrastructure de télécommunications fiable

L'infrastructure réseau de Liberty Broadband comprend:

• Couverture réseau dans 41 États
• Plus de 32 millions d'abonnés à large bande
• Infrastructure de réseau à fibre optique couvrant environ 24% des emplacements utiles

Investissement stratégique dans les secteurs croissants des médias et des communications

Portefeuille d'investissement au 31 décembre 2023:

Entreprise	Pourcentage de propriété	Valeur estimée
COMMUNICATIONS CHARTER	23.7%	14,3 milliards de dollars
Liberty Siriusxm	7.4%	1,2 milliard de dollars

Potentiel de rendements des actionnaires à long terme

Mesures de performance financière pour 2023:

• Capitalisation boursière: 12,8 milliards de dollars
• Revenus: 51,9 milliards de dollars (Communications à charte)
• Revenu net: 3,2 milliards de dollars (Communications à charte)
• Prix ​​de l'action (LBRDA): 93,45 $ (au 31 décembre 2023)

Solutions de technologie de réseau avancées

Capacités d'infrastructure technologique:

Technologie	Reach de déploiement	Capacité
Docsis 3.1	90% du réseau	Vitesses jusqu'à 1 Gbps
Fibre optique	24% des emplacements	Vitesses jusqu'à 2 Gbps

Liberty Broadband Corporation (LBRDA) - Modèle d'entreprise: Relations clients

Services de télécommunications d'entreprise à entreprise

La principale relation client B2B de Liberty Broadband se fait par Charter Communications, où elle détient une participation de 26,4% au quatrième trimestre 2023.

Métrique	Valeur
Propriété des communications à charte	26.4%
Valeur d'investissement totale	9,06 milliards de dollars
Charter Enterprise Business Services Revenue	1,1 milliard de dollars (Q4 2023)

Engagement des clients indirects grâce à des communications à charte

Charter Communications est la principale interface client pour les services de télécommunications.

• Clients totaux de spectre charter: 32,2 millions
• Abonnés à large bande résidentiel: 29,4 millions
• Clients des services aux entreprises: 2,8 millions

Support client axé sur la technologie

Canaux de support client gérés par l'infrastructure Charter Communications.

Canal de support	Disponibilité
Assistance en ligne	24/7
Support téléphonique	24/7
Prise en charge de l'application mobile	Intégré

Relation d'investissement avec les actionnaires

Liberty Broadband maintient l'engagement direct des actionnaires grâce à des rapports financiers et aux relations avec les investisseurs.

• Total des actions en circulation: 113,4 millions
• Propriété institutionnelle: 82,3%
• Communications des investisseurs trimestriels: 4 fois par an

Gestion de partenariat stratégique

Liberty Broadband gère les télécommunications stratégiques et les partenariats d'investissement.

Partenaire	Type de relation	Valeur d'investissement
COMMUNICATIONS CHARTER	Plateau de capitaux propres	9,06 milliards de dollars
Liberty Media Corporation	Relation de la société mère	Structure de propriété intégrée

Liberty Broadband Corporation (LBRDA) - Modèle d'entreprise: canaux

Charter Communications Retail et Réseaux de gros

Liberty Broadband détient une participation de 26% dans Charter Communications au quatrième trimestre 2023. Charter exploite 32,2 millions d'abonnés à large bande et 15,6 millions d'abonnés vidéo dans 41 États.

Abonnés à haut débit à charte	32,2 millions
Abonnés vidéo à charte	15,6 millions
Couverture géographique	41 États

Plateformes de relations avec les investisseurs directs

Liberty Broadband maintient les canaux de relations avec les investisseurs dédiés à travers:

• Section des relations avec les investisseurs sur le site Web de l'entreprise
• Plateformes de classement SEC
• Conférences de résultats trimestriels

Canaux de communication d'investissement en ligne

Trafic de site Web des investisseurs	Environ 75 000 visites mensuelles
Investisseurs des médias sociaux adeptes	LinkedIn: 12 500 abonnés

Conférences de l'industrie des télécommunications

Liberty Broadband participe à des événements clés de l'industrie tels que:

• Conférence Goldman Sachs Communitacia
• Technologie Morgan Stanley, médias & Conférence de télécommunications
• Conférence Credit Suisse Communications

Marketing numérique et sensibilisation des investisseurs

Les canaux numériques comprennent:

• Présentations des investisseurs en webdited
• Distribution de newsletter par e-mail aux investisseurs
• Webdication trimestriel

Administration de la diffusion sur les bénéfices trimestriels	Environ 2 500 participants uniques
Liste des e-mails des investisseurs	Plus de 15 000 abonnés

Liberty Broadband Corporation (LBRDA) - Modèle d'entreprise: segments de clients

Consommateurs Internet à large bande résidentiels

Liberty Broadband dessert environ 5,9 millions de clients Internet à large bande résidentiel au T2 2023. Le taux d'abonnement mensuel moyen résidentiel à large bande est de 64,99 $.

Segment de clientèle	Abonnés totaux	Taux mensuel moyen
Haut débit résidentiel	5,900,000	$64.99

Clients de télécommunications d'entreprise

Les clients de télécommunications d'entreprise et de petites entreprises représentent 18% de la clientèle totale de Liberty Broadband, avec environ 1,1 million de comptes commerciaux.

• Services de réseau d'entreprise
• Solutions de connectivité des petites entreprises
• Packages Internet commerciaux dédiés

Investisseurs institutionnels

Liberty Broadband a une propriété institutionnelle de 81,4%, ce qui représente environ 12,3 milliards de dollars d'investissement institutionnel en janvier 2024.

Type d'investisseur	Pourcentage de propriété	Valeur d'investissement totale
Investisseurs institutionnels	81.4%	$12,300,000,000

Investisseurs du secteur de la technologie et des médias

Les investisseurs du secteur de la technologie et des médias représentent 42% de la base totale des investisseurs institutionnels de Liberty Broadband, avec un investissement estimé à 5,2 milliards de dollars.

Utilisateurs de services réseau d'entreprise

Le segment des services de réseau d'entreprise génère 780 millions de dollars de revenus annuels, desservant 42 000 clients d'entreprise avec des solutions de réseautage avancées.

Services de réseau d'entreprise	Revenus annuels	Total des clients d'entreprise
Solutions réseau	$780,000,000	42,000

Liberty Broadband Corporation (LBRDA) - Modèle d'entreprise: Structure des coûts

Dépenses de développement des infrastructures réseau

Pour l'exercice 2023, les dépenses de développement des infrastructures de réseau de Liberty Broadband ont totalisé 487,6 millions de dollars. La répartition détaillée est la suivante:

Composant d'infrastructure	Montant des dépenses
Extension du réseau de fibre optique	276,3 millions de dollars
Mises à niveau du réseau câblé	142,5 millions de dollars
Infrastructure sans fil	68,8 millions de dollars

Coût de mise à niveau et de maintenance technologique

Les dépenses de maintenance et de mise à niveau de la technologie pour 2023 étaient de 215,4 millions de dollars, avec l'allocation suivante:

• Remplacement du matériel: 89,2 millions de dollars
• Mises à jour logicielles: 62,7 millions de dollars
• Améliorations de la cybersécurité: 63,5 millions de dollars

Surcharge de gestion des investissements

Les frais généraux de gestion des investissements pour Liberty Broadband en 2023 s'élevaient à 42,9 millions de dollars, comprenant:

Catégorie de gestion des investissements	Coût
Frais de gestion du portefeuille	24,6 millions de dollars
Recherche en investissement	11,3 millions de dollars
Conformité et rapport	7 millions de dollars

Investissements de recherche et développement

Les investissements en R&D pour 2023 se sont élevés à 153,2 millions de dollars, distribués dans les principaux domaines technologiques:

• Innovation technologique à large bande: 78,6 millions de dollars
• Solutions de connectivité: 45,3 millions de dollars
• Technologies de réseau de nouvelle génération: 29,3 millions de dollars

Dépenses administratives et opérationnelles

Les dépenses administratives et opérationnelles pour Liberty Broadband en 2023 ont totalisé 187,5 millions de dollars, ventilées comme suit:

Catégorie de dépenses	Montant
Salaires et avantages sociaux des employés	112,3 millions de dollars
Entretien de bureau et d'installations	37,6 millions de dollars
Services juridiques et professionnels	22,6 millions de dollars
Marketing et communication	15 millions de dollars

Liberty Broadband Corporation (LBRDA) - Modèle d'entreprise: Strots de revenus

Les rendements de l'investissement en actions des communications charter

Depuis le quatrième trimestre 2023, Liberty Broadband Corporation détient environ 35,4% de propriété dans Charter Communications, représentant un investissement en actions important.

Métrique d'investissement	Valeur
Pourcentage de propriété des communications à charte	35.4%
Valeur d'investissement estimée	16,3 milliards de dollars
Revenu de dividendes de la charte	0 $ (Charter ne paie pas de dividendes)

Performance de portefeuille d'investissement stratégique

Le portefeuille d'investissement de Liberty Broadband génère des revenus grâce à des avoirs stratégiques et des actifs financiers.

Catégorie d'investissement	Valeur totale
Portefeuille d'investissement total	22,1 milliards de dollars
Titres liquides	3,6 milliards de dollars
Revenu de placement 2023	187 millions de dollars

Revenus de service de télécommunications potentiels

• Revenus de télécommunications indirectes grâce à des communications à charte
• Pas de revenus directs de service de télécommunications

Appréciation de la valeur des actionnaires

Métrique de performance du stock	Valeur
Prix ​​de l'action LBRDA (2024)	$136.45
Performance des actions	+12.3%
Capitalisation boursière	19,7 milliards de dollars

Revenu de gestion des actifs financiers

Liberty Broadband génère des revenus grâce à la gestion financière stratégique de son portefeuille d'investissement.

Métrique de gestion financière	Valeur
Frais de gestion des investissements	42,5 millions de dollars
Revenu financier total 2023	229,5 millions de dollars

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.