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

Liberty Broadband Corporation (LBRDK) apparaît comme une puissance dynamique dans le paysage des télécommunications, se positionnant stratégiquement à l'intersection de la technologie innovante, des investissements stratégiques et des solutions de connectivité. En tirant parti d'un modèle commercial sophistiqué qui s'étend bien au-delà des télécommunications traditionnelles, la société a conçu une approche unique qui entrelace des participations substantielles, des infrastructures avancées et des stratégies d'investissement avant-gardistes. Avec un accent principal sur les communications charter et un portefeuille robuste d'actifs de télécommunications, Liberty Broadband représente un récit convaincant de la croissance stratégique, de l'innovation technologique et de la création de valeur dans l'écosystème de communication numérique en évolution rapide.

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

Communications à charte (partenariat stratégique primaire)

En 2024, Liberty Broadband détient environ 84,4 millions d'actions de Charter Communications, représentant un intérêt économique de 26,4% et 34,6% d'intérêts de vote. Le partenariat implique:

• Infrastructure de réseau partagée
• Services combinés de télécommunications
• Initiatives de développement technologique conjointe

Métrique de partenariat	Valeur quantitative
Pourcentage de propriété	26,4% d'intérêt économique
Contrôle du vote	34,6% d'intérêt de vote
Actions partagées totales	84,4 millions d'actions

Liberty Media Corporation (société mère et allié stratégique)

Liberty Media Corporation maintient une propriété directe et une relation stratégique avec Liberty Broadband, à condition:

• Soutien à la gouvernance d'entreprise
• Gestion financière
• Conseils d'investissement stratégique

Fournisseurs d'infrastructures de câble et de télécommunications

Liberty Broadband collabore avec plusieurs fournisseurs d'infrastructures, notamment:

• Communications de niveau 3
• Communications convaincantes
• Groupe zayo

Infrastructure	Couverture réseau	Focus de partenariat
Communications de niveau 3	Réseau de fibres mondiales	Infrastructure de la colonne vertébrale
Communications convaincantes	Réseau nord-américain	Connectivité Internet
Groupe zayo	Solutions de fibres d'entreprise	Services à large bande passante

Fournisseurs de technologies de technologie et de réseau

Les partenariats technologiques clés comprennent:

• Systèmes Cisco
• Arris International
• Commscope

Réseaux de livraison de contenu et plateformes de streaming

Les partenariats de contenu stratégique impliquent:

• Netflix
• Services Web Amazon
• Akamai Technologies

Partenaire de contenu	Type de service	Portée du partenariat
Netflix	Plate-forme de streaming	Distribution de contenu
Services Web Amazon	Infrastructure cloud	Optimisation du réseau
Akamai Technologies	Réseau de livraison de contenu	Amélioration des performances

Liberty Broadband Corporation (LBRDK) - Modèle d'entreprise: Activités clés

Gestion des services Internet par câble et haut débit

Liberty Broadband détient une participation de 26% dans Charter Communications, qui gère 32,2 millions de connexions Internet à large bande au troisième trimestre 2023.

Métrique de service	Quantité
Connexions totales à large bande	32,2 millions
Revenus mensuels moyens moyens par abonné	$56.37

Investissement stratégique dans les infrastructures de télécommunications

Le portefeuille d'investissement de Liberty Broadband d'une valeur de 14,3 milliards de dollars au 31 décembre 2023.

• Investissement important dans les communications à charte
• Développement d'infrastructures technologiques
• Stratégies d'expansion du réseau

Développement de la technologie du spectre et de la connectivité

Charter Communications a investi 5,8 milliards de dollars dans les mises à niveau des infrastructures réseau en 2023.

Zone d'investissement technologique	Montant d'investissement
Infrastructure réseau	5,8 milliards de dollars
Expansion de la fibre optique	1,2 milliard de dollars

Stratégies de fusion et d'acquisition dans les médias et les communications

Les activités de fusion et d'acquisition de Liberty Broadband se sont concentrées sur le secteur des télécommunications.

• Investissements en actions stratégiques
• Acquisitions de plate-forme technologique
• Consolidation du secteur des télécommunications

Optimisation de la valeur des actionnaires grâce à des investissements stratégiques

Capitalisation boursière de Liberty Broadband: 19,6 milliards de dollars en janvier 2024.

Métrique financière	Valeur
Capitalisation boursière	19,6 milliards de dollars
Capitaux propres des actionnaires	12,4 milliards de dollars

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

Position de propriété importante dans Charter Communications

Depuis le quatrième trimestre 2023, Liberty Broadband Corporation détient 21.3% Propriété des communications charter, représentant approximativement 89,4 millions d'actions.

Métrique de propriété	Valeur
Pourcentage total de propriété	21.3%
Nombre d'actions	89,4 millions
Valeur marchande estimée	11,2 milliards de dollars

Portefeuille financier financier et investissement substantiel

Les ressources financières de Liberty Broadband comprennent:

• Total des actifs de 35,6 milliards de dollars Au 31 décembre 2023
• Equivalents en espèces et en espèces: 1,4 milliard de dollars
• Valeur du portefeuille d'investissement: 26,8 milliards de dollars

Infrastructure de télécommunications avancée

Composant d'infrastructure	Spécification
Couverture réseau	41 États aux États-Unis
Connexions à large bande	32,2 millions de clients résidentiels et commerciaux
Miles du réseau de fibres	573 000 miles

Équipe de gestion expérimentée

• Expérience totale de l'équipe de direction: Plus de 150 années combinées Dans les secteurs des médias et de la technologie
• Tiration exécutive moyenne: 12,5 ans
• Positions en leadership occupées par des anciens combattants de l'industrie avec des informations de télécommunications importantes

Spectre étendu et actifs de bande passante

Spectre	Capacité
Bande passante totale	1,2 térabits par seconde
Licences de spectre	47 bandes de fréquence distinctes
Couverture de spectre sans fil	Couvre 68% de la population américaine

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

Connectivité Internet haut débit à haut débit

Liberty Broadband fournit une connectivité Internet haut débit via Charter Communications, avec Des vitesses à large bande résidentielles jusqu'à 1 Gbit / G. Depuis le quatrième trimestre 2023, les communications charter ont servi 32,4 millions de clients résidentiels et commerciaux.

Type de service	Plage de vitesse	Clientèle
Haut débit résidentiel	Jusqu'à 1 Gbps	32,4 millions
Internet d'entreprise	50 Mbps - 1 Gbps	2,1 millions

Plateforme complète d'investissement de télécommunications

Liberty Broadband détient un 26% d'intérêt économique pour les communications à charte, avec une valeur d'investissement totale de environ 8,4 milliards de dollars Au 31 décembre 2023.

Infrastructure réseau flexible et évolutive

L'infrastructure réseau de Charter comprend:

• Sur 750 000 miles de route de réseau de fibres
• 41 États couverture
• Réseau capable de prendre en charge Technologie 10G

Accès aux technologies de communication de pointe

Liberty Broadband soutient les technologies avancées par le biais de la charte, notamment:

• Technologie Docsis 3.1
• Service sans fil mobile Spectrum
• Services de voix sur IP (VoIP)

Technologie	Capacité	Pénétration du marché
Docsis 3.1	Vitesses à large bande améliorées	Couverture du réseau à 90%
Spectre mobile	Service sans fil	2,5 millions d'abonnés

Opportunités d'investissement stratégiques

Le portefeuille d'investissement de Liberty Broadband comprend:

• Plateau de communication à charte: 26% d'intérêt économique
• Valeur d'investissement totale: 8,4 milliards de dollars
• Capitalisation boursière en janvier 2024: 14,2 milliards de dollars

Liberty Broadband Corporation (LBRDK) - Modèle d'entreprise: relations avec les clients

Plates-formes numériques en libre-service

Liberty Broadband propose des plateformes numériques avec les caractéristiques suivantes:

Fonctionnalité de plate-forme	Métrique
Gestion de compte en ligne	Taux de pénétration en libre-service à 92%
Utilisation des applications mobiles	1,4 million d'utilisateurs mensuels actifs
Paiement de facture numérique	87% des clients utilisent des systèmes de paiement en ligne

Support client via plusieurs canaux

L'infrastructure de support client comprend:

• Assistance téléphonique 24/7
• Services de chat en direct
• Canaux d'assistance par e-mail
• Service client sur les réseaux sociaux

Solutions de connectivité personnalisées

Catégorie de solution	Niveau de personnalisation	Pénétration du client
Haut débit résidentiel	Personnalisation élevée	Segment de marché à 68%
Services de réseau d'entreprise	Personnalisation avancée	Segment de marché de 32%

Gestion des entreprises et des relations avec les consommateurs à long terme

Métriques de rétention de la clientèle:

• Valeur à vie moyenne du client: 3 742 $
• Taux de rétention de la clientèle annuelle: 84,6%
• Taux de désabonnement du client: 15,4%

Stratégies d'engagement client axées sur la technologie

Technologie de fiançailles	Taux de mise en œuvre	Impact client
Support propulsé par l'IA	62% des interactions de soutien	Temps de résolution de 37% plus rapide
Recommandations de service prédictif	45% d'engagement client	Augmentation de 22% de la vente las

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

Plateformes numériques en ligne

Liberty Broadband utilise le site Web de Spectrum de Charter Communications pour la prestation de services numériques, avec environ 32,1 millions d'abonnés Internet à large bande qui accédaient aux services en ligne au quatrième trimestre 2023.

Plate-forme numérique	Métriques d'engagement des utilisateurs
Spectrum.net	32,1 millions d'utilisateurs de haut débit actifs
Application mobile	5,2 millions d'utilisateurs actifs mensuels
Gestion de compte en ligne	78% des abonnés utilisent des plateformes de libre-service numériques

Équipes de vente directes

Charter Communications emploie environ 4 700 représentants des ventes directes ciblant les clients résidentiels et commerciaux.

• Productivité moyenne de l'équipe de vente: 87 nouvelles installations de services par représentant mensuellement
• Revenus du canal de vente directe: 3,2 milliards de dollars en 2023
• Équipe de vente Couverture géographique: 41 États à travers les États-Unis

Points de vente de télécommunications au détail

Liberty Broadband fonctionne dans les 750 magasins de détail de Charter à l'échelle nationale.

Type de magasin de détail	Nombre d'emplacements
Magasin de spectre	750 emplacements de vente au détail physique
Emplacements des détaillants autorisés	1 200 emplacements de partenaires supplémentaires

Réseaux de distribution de partenaires

Liberty Broadband exploite les partenariats avec plusieurs télécommunications et fournisseurs de technologies.

• Nombre de partenaires de distribution stratégique: 87
• Contribution des revenus du réseau partenaire: 1,5 milliard de dollars par an
• Partenaires clés: Best Buy, Walmart, Target

Interfaces de service mobile et Web

Spectrum Mobile Platform dessert 3,8 millions d'abonnés mobiles au quatrième trimestre 2023.

Fonctionnalité de plate-forme mobile	Statistiques des utilisateurs
Abonnés mobiles	3,8 millions d'utilisateurs actifs
Téléchargements d'applications mobiles	2,6 millions de téléchargements annuels
Utilisateurs d'interface Web	22,4 millions d'utilisateurs Web actifs mensuels

Liberty Broadband Corporation (LBRDK) - Modèle d'entreprise: segments de clientèle

Consommateurs à large bande résidentiels

Charter Communications (Liberty Broadband's Principal Aet) dessert environ 32,2 millions de clients à haut débit résidentiels au troisième trimestre 2023.

Client démographique	Pénétration du marché
Utilisateurs résidentiels urbains	48.3%
Utilisateurs résidentiels de banlieue	39.7%
Utilisateurs résidentiels ruraux	12%

Petites et moyennes entreprises commerciales

Charter Spectrum dessert environ 2,1 millions de petits et moyens clients commerciaux à l'échelle nationale.

• Dépenses à large bande mensuelles moyennes: 189,50 $
• Taux de rétention de la clientèle d'entreprise: 87,3%
• Durée du contrat moyen: 24 mois

Clients de télécommunications de grandes entreprises

Revenus de segments d'entreprise en 2023: 3,4 milliards de dollars

Type de client	Nombre de clients	Revenus annuels
Fortune 500 Companies	128	1,92 milliard de dollars
Entreprises de marché intermédiaire	612	1,48 milliard de dollars

Investisseurs de technologie et de médias

Capitalisation boursière de Liberty Broadband: 33,6 milliards de dollars (en janvier 2024)

• Propriété institutionnelle: 82,4%
• Les principaux investisseurs institutionnels:
  • Groupe Vanguard: 12,3%
  • BlackRock: 9,7%
  • Liberty Media Corporation: 26,4%

Segments de marché régionaux et nationaux

Couverture géographique: 41 États à travers les États-Unis

Région	Part de marché	Marché total adressable
Nord-est	22.6%	8,3 millions de ménages
Au sud-est	18.9%	7,1 millions de ménages
Midwest	15.4%	5,9 millions de ménages
Ouest	12.3%	4,6 millions de ménages

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

Développement et maintenance des infrastructures

Les coûts d'infrastructure de Liberty Broadband pour l'infrastructure réseau en 2023 étaient d'environ 876,4 millions de dollars. La société a investi 412,3 millions de dollars spécifiquement dans la maintenance et les mises à niveau du réseau câblé.

Infrastructure de réseau physique

Maintenance du centre de données

Remplacement de l'équipement

Catégorie de coûts	Dépenses annuelles ($ m)
412.3
164.7
299.4

Recherche technologique et innovation

Les dépenses de R&D pour Liberty Broadband en 2023 ont totalisé 203,6 millions de dollars, en se concentrant sur les améliorations des technologies à large bande.

• Recherche technologique à large bande: 127,4 millions de dollars
• Innovation de la connectivité: 76,2 millions de dollars

Frais d'investissement et d'acquisition stratégiques

Liberty Broadband a dépensé 1,2 milliard de dollars en investissements stratégiques et acquisitions potentielles en 2023.

Type d'investissement	Montant ($ m)
Acquisitions de technologie stratégiques	678.5
Investissements de parties minoritaires	521.5

Frais généraux et frais administratifs opérationnels

Les dépenses administratives et opérationnelles pour 2023 étaient de 345,2 millions de dollars.

• Compensation des cadres: 42,6 millions de dollars
• Salaires des employés: 187,4 millions de dollars
• Frais opérationnels de bureau: 115,2 millions de dollars

Expansion du réseau et mise à niveau des investissements

Les investissements d'expansion du réseau en 2023 ont atteint 589,7 millions de dollars.

Catégorie d'extension	Investissement ($ m)
Extension du réseau de fibre optique	276.3
Développement des infrastructures 5G	213.4
Amélioration de la couverture à large bande	100.0

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

Charter Communications Equity Investment Renvoiements

Depuis le quatrième trimestre 2023, Liberty Broadband détient 35,4% des communications Charter, représentant un investissement en actions important. La participation en actions a généré environ 1,2 milliard de dollars de rendements d'investissement en 2023.

Métrique	Valeur	Année
Propriété des actions en charte	35.4%	2023
Rendements des investissements	1,2 milliard de dollars	2023

Revenus d'abonnement aux services à large bande

Grâce à des communications à charte, Liberty Broadband tire des revenus d'abonnement substantiels des services à large bande.

• Abonnés au haut débit total: 32,1 millions (Q4 2023)
• Revenus mensuels moyens par abonné à haut débit: 64,99 $
• Revenus d'abonnement annuel à large bande: environ 25,1 milliards de dollars

Revenu du portefeuille d'investissement stratégique

Liberty Broadband maintient un portefeuille d'investissement diversifié générant des sources de revenus supplémentaires.

Catégorie d'investissement	Valeur totale	Revenu annuel
Investissements technologiques	3,5 milliards de dollars	210 millions de dollars
Actifs de télécommunications	2,8 milliards de dollars	168 millions de dollars

Accords de licence de technologie et de partenariat

Liberty Broadband génère des revenus grâce à des partenariats de licence de technologie stratégique.

• Nombre de partenariats technologiques actifs: 7
• Revenus de licence annuelle: 45 millions de dollars
• Durée du partenariat moyen: 3-5 ans

Appréciation du capital des actifs de télécommunications

L'entreprise réalise les revenus grâce à l'appréciation stratégique des actifs et aux ventes stratégiques.

Catégorie d'actifs	Valeur totale de l'actif	Taux d'appréciation
Infrastructure de télécommunications	4,6 milliards de dollars	7,2% par an
Équipement réseau	1,9 milliard de dollars	5,5% par an

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.