Liberty Broadband Corporation (LBRDA): Modelo de Negócios Canvas [Jan-2025 Atualizado]

A Liberty Broadband Corporation (LBRDA) surge como uma potência estratégica no cenário de telecomunicações, com a proezas de investimento com maestria com a infraestrutura de banda larga de ponta. Ao alavancar uma participação acionária significativa na Charter Communications e um sofisticado portfólio de investimentos, a empresa se posiciona como uma tecnologia dinâmica de ponte, mídia e conectividade. Este modelo de negócios Canvas revela um complexo ecossistema de parcerias estratégicas, proposições inovadoras de valor e fluxos de receita multifacetados que prometem remodelar como investidores e consumidores percebem estratégias de investimento em telecomunicações.

Liberty Broadband Corporation (LBRDA) - Modelo de negócios: Parcerias -chave

Comunicações Charter

No quarto trimestre 2023, a Liberty Broadband Corporation possui aproximadamente 31,6% das ações em circulação da Charter Communications. O investimento estratégico representa um valor total de mercado de US $ 26,4 bilhões.

Métrica de Parceria	Valor
Porcentagem de propriedade	31.6%
Valor de mercado do investimento	US $ 26,4 bilhões
Tipo de compartilhamento	Classe A comum estoque

Liberty Media Corporation

Liberty Media Corporation é o empresa -mãe e investidor estratégico primário na Liberty Broadband Corporation.

Detalhes de propriedade	Percentagem
Propriedade da Liberty Media Corporation	100%
Controle a participação	Direitos de voto da maioria

Provedores de infraestrutura de cabo e telecomunicações

• Infraestrutura de rede de comunicações charter
• Rede de fibras CenturyLink
• Conectividade de Backbone Comcast

Fornecedores de tecnologia e equipamentos de rede

Fornecedor	Tipo de equipamento	Valor anual de compras
Sistemas Cisco	Equipamento de rede	US $ 187 milhões
Arris International	Modems de cabo	US $ 92 milhões
Nokia	Infraestrutura de telecomunicações	US $ 64 milhões

Liberty Broadband Corporation (LBRDA) - Modelo de negócios: Atividades -chave

Desenvolvimento de infraestrutura da Internet de banda larga

A Liberty Broadband possui uma participação de 26% na Charter Communications, que opera uma rede de banda larga significativa. A partir do terceiro trimestre de 2023, a Charter Communications tinha:

• 32,4 milhões de passagens totais
• Clientes de banda larga residencial: 15,4 milhões
• Taxa de penetração na Internet: 48,7%

Gerenciamento estratégico de investimentos

Investimento	Valor	Porcentagem de propriedade
Comunicações Charter	US $ 14,3 bilhões	26%
Liberty Broadband Equity	US $ 10,2 bilhões	N / D

Aquisição de ativos de telecomunicações

O ativo de telecomunicações primárias da Liberty Broadband é sua participação significativa na Charter Communications, com uma capitalização de mercado de aproximadamente US $ 15,6 bilhões em janeiro de 2024.

Expansão de rede e atualizações de tecnologia

A Charter Communications, através do investimento da Liberty Broadband, tem implementado:

• Docsis 3.1 implantação tecnológica
• Expansão da rede de fibra óptica
• Lançamento de serviço de internet gigabit

Otimização do valor do acionista

Métrica financeira	2023 valor
Receita total (comunicações charter)	US $ 53,4 bilhões
Resultado líquido	US $ 2,1 bilhões
Ganhos por ação	$7.42

Liberty Broadband Corporation (LBRDA) - Modelo de negócios: Recursos -chave

Participação acionária significativa nas comunicações charter

A Liberty Broadband Corporation possui 25,8% de juros de votação e 26,4% de juros econômicos na Charter Communications a partir do quarto trimestre 2023.

Propriedade de ações	Percentagem
Juros de votação	25.8%
Interesse econômico	26.4%

Infraestrutura de telecomunicações robustas

Através de comunicações charter, a Liberty Broadband tem acesso a:

• 52 milhões de milhas de banda larga de rede
• Mais de 32 milhões de relacionamentos com clientes residenciais e comerciais
• Aproximadamente 41 milhões de unidades de serviço totais

Capital financeiro e portfólio de investimentos

Métrica financeira	Quantia
Total de ativos (Q4 2023)	US $ 34,2 bilhões
Caixa e equivalentes de dinheiro	US $ 1,6 bilhão
Investimento em comunicações charter	US $ 23,5 bilhões

Experiência técnica em tecnologias de banda larga

Capacidades técnicas importantes:

• Docsis 3.1 implantação tecnológica
• Infraestrutura de rede de fibra óptica
• Capacidades avançadas de transmissão de banda larga

Equipe de gerenciamento com experiência em mídia e telecomunicações

Equipe de liderança com experiência cumulativa de mais de 100 anos em setores de telecomunicações e mídias.

Executivo	Papel	Anos de experiência
Gregory B. Maffei	Presidente e CEO	Mais de 25 anos
John C. Malone	Presidente	Mais de 40 anos

Liberty Broadband Corporation (LBRDA) - Modelo de negócios: proposições de valor

Conectividade de Internet de banda larga de alta velocidade

A partir do quarto trimestre 2023, a subsidiária da Liberty Broadband Communications fornece serviços de Internet de banda larga com as seguintes especificações:

Nível de velocidade da Internet	Baixar velocidade	Preços mensais
Internet de espectro	200 Mbps	$79.99
Spectrum Internet Ultra	400 Mbps	$99.99
Spectrum Internet Gig	1000 Mbps	$119.99

Infraestrutura de telecomunicações confiáveis

A infraestrutura de rede da Liberty Broadband inclui:

• Cobertura de rede em 41 estados
• Mais de 32 milhões de assinantes de banda larga
• Infraestrutura de rede de fibra óptica, cobrindo aproximadamente 24% dos locais de serviço

Investimento estratégico em setores de mídia e comunicação em crescimento

Portfólio de investimentos em 31 de dezembro de 2023:

Empresa	Porcentagem de propriedade	Valor estimado
Comunicações Charter	23.7%	US $ 14,3 bilhões
Liberty SiriusXM	7.4%	US $ 1,2 bilhão

Potencial para devoluções de acionistas de longo prazo

Métricas de desempenho financeiro para 2023:

• Capitalização de mercado: US $ 12,8 bilhões
• Receita: US $ 51,9 bilhões (comunicações charter)
• Lucro líquido: US $ 3,2 bilhões (comunicações charter)
• Preço das ações (LBRDA): US $ 93,45 (em 31 de dezembro de 2023)

Soluções avançadas de tecnologia de rede

Recursos de infraestrutura de tecnologia:

Tecnologia	Alcance de implantação	Capacidade
DOCSIS 3.1	90% da rede	Velas de até 1 Gbps
Fibra óptica	24% dos locais	Velocidades de até 2 Gbps

Liberty Broadband Corporation (LBRDA) - Modelo de Negócios: Relacionamentos do Cliente

Serviços de telecomunicações de negócios para business

O relacionamento principal do cliente B2B da Liberty Broadband é através da Charter Communications, onde detém uma participação de 26,4% no quarto trimestre 2023.

Métrica	Valor
Propriedade da Comunicação Charter	26.4%
Valor total de investimento	US $ 9,06 bilhões
Receita de Serviços de Negócios da Charter Enterprise	US $ 1,1 bilhão (Q4 2023)

Engajamento indireto do cliente por meio de comunicações charter

A Charter Communications serve como interface principal do cliente para serviços de telecomunicações.

• Total Charter Spectrum Client: 32,2 milhões
• Assinantes de banda larga residencial: 29,4 milhões
• Clientes de Serviços de Negócios: 2,8 milhões

Suporte ao cliente orientado a tecnologia

Canais de suporte ao cliente gerenciados através da infraestrutura de comunicações charter.

Canal de suporte	Disponibilidade
Suporte online	24/7
Suporte telefônico	24/7
Suporte ao aplicativo móvel	Integrado

Relação de investimento com acionistas

A Liberty Broadband mantém o envolvimento direto dos acionistas por meio de relatórios financeiros e relações com investidores.

• Total de ações em circulação: 113,4 milhões
• Propriedade institucional: 82,3%
• Comunicação trimestral de investidores: 4 vezes anualmente

Gerenciamento de Parceria Estratégica

Liberty Broadband gerencia parcerias estratégicas de telecomunicações e investimentos.

Parceiro	Tipo de relacionamento	Valor de investimento
Comunicações Charter	Principal de participação equitária	US $ 9,06 bilhões
Liberty Media Corporation	Relacionamento da empresa -mãe	Estrutura de propriedade integrada

Liberty Broadband Corporation (LBRDA) - Modelo de Negócios: Canais

Redes de varejo e atacado de comunicações charter

A Liberty Broadband possui 26% de participação acionária na Charter Communications a partir do quarto trimestre 2023. A Carta opera 32,2 milhões de assinantes de banda larga e 15,6 milhões de assinantes de vídeo em 41 estados.

Assinantes de banda larga fretada	32,2 milhões
Assinantes de vídeo charter	15,6 milhões
Cobertura geográfica	41 estados

Plataformas de relações com investidores diretos

Liberty Broadband mantém canais dedicados de relações com investidores por meio de:

• Seção de Relações com Sites Corporativos
• Plataformas de arquivamento da SEC
• Chamadas de conferência de ganhos trimestrais

Canais de comunicação de investimento online

Tráfego do site do investidor	Aproximadamente 75.000 visitas mensais
Seguidores de investidores de mídia social	LinkedIn: 12.500 seguidores

Conferências da indústria de telecomunicações

Liberty Broadband participa de eventos importantes do setor, como:

• Conferência de Communacópia de Goldman Sachs
• Morgan Stanley Technology, mídia & Conferência de Telecomunicações
• Conferência de Comunicações de Crédito Suisse

Marketing digital e divulgação de investidores

Os canais digitais incluem:

• Apresentações de investidores com castel web
• Distribuição de boletim informativo para investidores por e -mail
• Webcast trimestral de ganhos

Atendimento trimestral de ganhos do webcast	Aproximadamente 2.500 participantes únicos
Lista de e -mail do investidor	Mais de 15.000 assinantes

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

Consumidores de Internet de banda larga residencial

A Liberty Broadband atende a aproximadamente 5,9 milhões de clientes da Internet de banda larga residencial a partir do quarto trimestre 2023. A taxa média mensal de assinatura de banda larga residencial é de US $ 64,99.

Segmento de clientes	Total de assinantes	Taxa média mensal
Banda larga residencial	5,900,000	$64.99

Clientes de telecomunicações de negócios

Os clientes de telecomunicações corporativos e de pequenas empresas representam 18% da base total de clientes da Liberty Broadband, com aproximadamente 1,1 milhão de contas comerciais.

• Serviços de rede corporativa
• Soluções de conectividade para pequenas empresas
• Pacotes de internet comerciais dedicados

Investidores institucionais

A Liberty Broadband possui propriedade institucional de 81,4%, representando aproximadamente US $ 12,3 bilhões em investimento institucional em janeiro de 2024.

Tipo de investidor	Porcentagem de propriedade	Valor total de investimento
Investidores institucionais	81.4%	$12,300,000,000

Investidores de tecnologia e setor de mídia

Os investidores de tecnologia e setor de mídia representam 42% da base total de investidores institucionais da Liberty Broadband, com um investimento estimado de US $ 5,2 bilhões.

Usuários de serviços de rede corporativa

O segmento de serviços de rede corporativo gera US $ 780 milhões em receita anual, atendendo a 42.000 clientes corporativos com soluções de rede avançadas.

Serviços de rede corporativa	Receita anual	Total de clientes corporativos
Soluções de rede	$780,000,000	42,000

Liberty Broadband Corporation (LBRDA) - Modelo de negócios: estrutura de custos

Despesas de desenvolvimento de infraestrutura de rede

Para o ano fiscal de 2023, as despesas de desenvolvimento de infraestrutura de rede da Liberty Broadband totalizaram US $ 487,6 milhões. O detalhamento detalhado é o seguinte:

Componente de infraestrutura	Quantidade de despesa
Expansão da rede de fibra óptica	US $ 276,3 milhões
Atualizações de rede a cabo	US $ 142,5 milhões
Infraestrutura sem fio	US $ 68,8 milhões

Atualização de tecnologia e custos de manutenção

As despesas de manutenção e atualização de tecnologia para 2023 foram de US $ 215,4 milhões, com a seguinte alocação:

• Substituição de hardware: US $ 89,2 milhões
• Atualizações de software: US $ 62,7 milhões
• Aprimoramentos de segurança cibernética: US $ 63,5 milhões

Gerenciamento de investimentos sobrecarga

A sobrecarga de gestão de investimentos para a Liberty Broadband em 2023 totalizou US $ 42,9 milhões, compreendendo:

Categoria de gerenciamento de investimentos	Custo
Taxas de gerenciamento de portfólio	US $ 24,6 milhões
Pesquisa de investimento	US $ 11,3 milhões
Conformidade e relatórios	US $ 7 milhões

Investimentos de pesquisa e desenvolvimento

Os investimentos em P&D para 2023 foram de US $ 153,2 milhões, distribuídos entre os principais domínios tecnológicos:

• Inovação em tecnologia de banda larga: US $ 78,6 milhões
• Soluções de conectividade: US $ 45,3 milhões
• Tecnologias de rede de próxima geração: US $ 29,3 milhões

Despesas administrativas e operacionais

As despesas administrativas e operacionais da Liberty Broadband em 2023 totalizaram US $ 187,5 milhões, divididas da seguinte forma:

Categoria de despesa	Quantia
Salários e benefícios dos funcionários	US $ 112,3 milhões
Manutenção de escritórios e instalações	US $ 37,6 milhões
Serviços legais e profissionais	US $ 22,6 milhões
Marketing e comunicação	US $ 15 milhões

Liberty Broadband Corporation (LBRDA) - Modelo de negócios: fluxos de receita

Retornos de investimento em ações da Charter Communications

A partir do quarto trimestre 2023, a Liberty Broadband Corporation detém aproximadamente 35,4% de propriedade nas comunicações charter, representando um investimento significativo em ações.

Métrica de investimento	Valor
Porcentagem de propriedade da Charter Communications	35.4%
Valor estimado de investimento	US $ 16,3 bilhões
Receita de dividendos da Carta	$ 0 (Carta não paga dividendos)

Desempenho de portfólio de investimentos estratégicos

O portfólio de investimentos da Liberty Broadband gera receita por meio de participações estratégicas e ativos financeiros.

Categoria de investimento	Valor total
Portfólio total de investimentos	US $ 22,1 bilhões
Títulos líquidos	US $ 3,6 bilhões
Renda de investimento 2023	US $ 187 milhões

Receitas potenciais de serviço de telecomunicações

• Receita indireta de telecomunicações por meio de comunicações charter
• Sem receita direta do serviço de telecomunicações

Apreciação do valor do acionista

Métrica de desempenho de ações	Valor
Preço das ações da LBRDA (2024)	$136.45
Desempenho de ações no ano	+12.3%
Capitalização de mercado	US $ 19,7 bilhões

Receita de gerenciamento de ativos financeiros

A Liberty Broadband gera renda através da gestão financeira estratégica de seu portfólio de investimentos.

Métrica de gestão financeira	Valor
Taxas de gerenciamento de investimentos	US $ 42,5 milhões
Renda financeira total 2023	US $ 229,5 milhões

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.