Liberty Broadband Corporation (LBRDK): Modelo de negócios Canvas [Jan-2025 Atualizado]

A Liberty Broadband Corporation (LBRDK) surge como uma potência dinâmica no cenário de telecomunicações, posicionando -se estrategicamente na interseção de tecnologia inovadora, investimentos estratégicos e soluções de conectividade. Ao aproveitar um modelo de negócios sofisticado que se estende muito além das telecomunicações tradicionais, a empresa criou uma abordagem única que entrelaça participações substanciais de ações, infraestrutura avançada e estratégias de investimento em visão de futuro. Com foco primário nas comunicações charter e um portfólio robusto de ativos de telecomunicações, a Liberty Broadband representa uma narrativa convincente de crescimento estratégico, inovação tecnológica e criação de valor no ecossistema de comunicação digital em rápida evolução.

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

Comunicações Charter (Parceria Estratégica Primária)

A partir de 2024, a Liberty Broadband possui aproximadamente 84,4 milhões de ações da Charter Communications, representando uma participação econômica de 26,4% e 34,6% de juros de votação. A parceria envolve:

• Infraestrutura de rede compartilhada
• Serviços de telecomunicações combinados
• Iniciativas de desenvolvimento de tecnologia conjunta

Métrica de Parceria	Valor quantitativo
Porcentagem de propriedade	26,4% de interesse econômico
Controle de votação	34,6% de juros de votação
Total de ações compartilhadas	84,4 milhões de ações

Liberty Media Corporation (empresa controladora e aliada estratégica)

A Liberty Media Corporation mantém uma propriedade direta e um relacionamento estratégico com a Liberty Broadband, fornecendo:

• Suporte de governança corporativa
• Gestão financeira
• Orientação de investimento estratégico

Provedores de infraestrutura de cabo e telecomunicações

A Liberty Broadband colabora com vários provedores de infraestrutura, incluindo:

• Comunicações de Nível 3
• Comunicações convincentes
• Grupo Zayo

Provedor de infraestrutura	Cobertura de rede	Foco em parceria
Comunicações de Nível 3	Rede global de fibras	Infraestrutura da espinha dorsal
Comunicações convincentes	Rede norte -americana	Conectividade da Internet
Grupo Zayo	Enterprise Fiber Solutions	Serviços de alta largura de banda

Fornecedores de tecnologia e equipamentos de rede

As principais parcerias tecnológicas incluem:

• Sistemas Cisco
• Arris International
• CommScope

Redes de entrega de conteúdo e plataformas de streaming

Parcerias de conteúdo estratégico envolvem:

• Netflix
• Amazon Web Services
• Akamai Technologies

Parceiro de conteúdo	Tipo de serviço	Escopo da parceria
Netflix	Plataforma de streaming	Distribuição de conteúdo
Amazon Web Services	Infraestrutura em nuvem	Otimização de rede
Akamai Technologies	Rede de entrega de conteúdo	Aprimoramento do desempenho

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

Gerenciamento de serviços de internet a cabo e de banda larga

A Liberty Broadband possui uma participação de 26% na Charter Communications, que gerencia 32,2 milhões de conexões na Internet de banda larga a partir do terceiro trimestre de 2023.

Métrica de serviço	Quantidade
Conexões totais de banda larga	32,2 milhões
Receita média de banda larga mensal por assinante	$56.37

Investimento estratégico em infraestrutura de telecomunicações

O portfólio de investimentos da Liberty Broadband avaliado em US $ 14,3 bilhões em 31 de dezembro de 2023.

• Investimento significativo em comunicações charter
• Desenvolvimento de infraestrutura tecnológica
• Estratégias de expansão de rede

Desenvolvimento de tecnologia de espectro e conectividade

A Charter Communications investiu US $ 5,8 bilhões em atualizações de infraestrutura de rede em 2023.

Área de investimento em tecnologia	Valor do investimento
Infraestrutura de rede	US $ 5,8 bilhões
Expansão de fibra óptica	US $ 1,2 bilhão

Estratégias de fusão e aquisição em mídia e comunicações

As atividades de fusão e aquisição da Liberty Broadband focadas no setor de telecomunicações.

• Investimentos estratégicos de capital
• Aquisições de plataforma de tecnologia
• Consolidação do setor de telecomunicações

Otimização de valor dos acionistas por meio de investimentos estratégicos

Capitalização de mercado da Liberty Broadband: US $ 19,6 bilhões em janeiro de 2024.

Métrica financeira	Valor
Capitalização de mercado	US $ 19,6 bilhões
Equidade dos acionistas	US $ 12,4 bilhões

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

Participação de propriedade significativa nas comunicações charter

A partir do quarto trimestre 2023, a Liberty Broadband Corporation detém 21.3% propriedade de comunicações charter, representando aproximadamente 89,4 milhões de ações.

Métrica de propriedade	Valor
Porcentagem total de propriedade	21.3%
Número de ações	89,4 milhões
Valor de mercado estimado	US $ 11,2 bilhões

Capital financeiro substancial e portfólio de investimentos

Os recursos financeiros da Liberty Broadband incluem:

• Total de ativos de US $ 35,6 bilhões em 31 de dezembro de 2023
• Caixa e equivalentes em dinheiro: US $ 1,4 bilhão
• Valor da portfólio de investimentos: US $ 26,8 bilhões

Infraestrutura avançada de telecomunicações

Componente de infraestrutura	Especificação
Cobertura de rede	41 estados nos Estados Unidos
Conexões de banda larga	32,2 milhões de clientes residenciais e comerciais
Miles de rede de fibras	573.000 milhas

Equipe de gerenciamento experiente

• Experiência total da equipe executiva: Mais de 150 anos combinados nos setores de mídia e tecnologia
• Possuir Média de Poubo: 12,5 anos
• Posições de liderança preenchidas por veteranos do setor com fundo de telecomunicações significativas

Extenso espectro e ativos de largura de banda

Ativo de espectro	Capacidade
Largura de banda total	1,2 Terabits por segundo
Licenças de espectro	47 bandas de frequência distintas
Cobertura de espectro sem fio	Cobre 68% da população dos EUA

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

Conectividade de Internet de banda larga de alta velocidade

Liberty Broadband fornece conectividade à Internet de alta velocidade através de comunicações charter, com Velas de banda larga residencial até 1 Gbps. A partir do quarto trimestre 2023, as comunicações charter serviram 32,4 milhões de clientes residenciais e comerciais.

Tipo de serviço	Faixa de velocidade	Base de clientes
Banda larga residencial	Até 1 Gbps	32,4 milhões
Internet comercial	50 Mbps - 1 Gbps	2,1 milhões

Plataforma abrangente de investimento de telecomunicações

Liberty Broadband detém um 26% de interesse econômico em comunicações charter, com um valor total de investimento de Aproximadamente US $ 8,4 bilhões em 31 de dezembro de 2023.

Infraestrutura de rede flexível e escalável

A infraestrutura de rede da Carta inclui:

• Sobre 750.000 milhas de rota de rede de fibra
• 41 estados cobertura
• Rede capaz de apoiar 10g de tecnologia

Acesso a tecnologias de comunicação de ponta

Liberty Broadband suporta tecnologias avançadas através da Charter, incluindo:

• Tecnologia DOCSIS 3.1
• Serviço sem fio móvel de espectro
• Voice Over IP (VoIP) Serviços

Tecnologia	Capacidade	Penetração de mercado
DOCSIS 3.1	Velocidades de banda larga aprimoradas	90% de cobertura da rede
Spectrum Mobile	Serviço sem fio	2,5 milhões de assinantes

Oportunidades de investimento estratégico

O portfólio de investimentos da Liberty Broadband inclui:

• Estaca de comunicação charter: 26% de interesse econômico
• Valor total de investimento: US $ 8,4 bilhões
• Capitalização de mercado em janeiro de 2024: US $ 14,2 bilhões

Liberty Broadband Corporation (LBRDK) - Modelo de negócios: Relacionamentos do cliente

Plataformas digitais de autoatendimento

Liberty Broadband oferece plataformas digitais com as seguintes características:

Recurso da plataforma	Métricas
Gerenciamento de contas on -line	92% Taxa de penetração de autoatendimento digital
Uso do aplicativo móvel	1,4 milhão de usuários mensais ativos
Pagamento da fatura digital	87% dos clientes usam sistemas de pagamento on -line

Suporte ao cliente através de vários canais

A infraestrutura de suporte ao cliente inclui:

• Suporte por telefone 24/7
• Serviços de bate -papo ao vivo
• Canais de suporte de email
• Atendimento ao cliente de mídia social

Soluções de conectividade personalizadas

Categoria de solução	Nível de personalização	Penetração do cliente
Banda larga residencial	Alta personalização	68% segmento de mercado
Serviços de rede corporativa	Personalização avançada	32% de segmento de mercado

Empresa de longo prazo e gerenciamento de relacionamento consumidor

Métricas de retenção de clientes:

• Valor da vida média do cliente: $ 3.742
• Taxa anual de retenção de clientes: 84,6%
• Taxa de rotatividade de clientes: 15,4%

Estratégias de envolvimento do cliente orientadas por tecnologia

Tecnologia de engajamento	Taxa de implementação	Impacto do cliente
Suporte movido a IA	62% das interações de suporte	37% tempo de resolução mais rápido
Recomendações de serviço preditivo	45% de envolvimento do cliente	Aumento de 22% no upselling

Liberty Broadband Corporation (LBRDK) - Modelo de negócios: canais

Plataformas digitais online

A Liberty Broadband utiliza o site do Spectrum da Charter Communications para entrega de serviços digitais, com aproximadamente 32,1 milhões de assinantes de Internet de banda larga acessando serviços on -line no quarto trimestre 2023.

Plataforma digital	Métricas de engajamento do usuário
Spectrum.net	32,1 milhões de usuários ativos de banda larga
Aplicativo móvel	5,2 milhões de usuários ativos mensais
Gerenciamento de contas on -line	78% dos assinantes usam plataformas de autoatendimento digital

Equipes de vendas diretas

A Charter Communications emprega aproximadamente 4.700 representantes de vendas diretas direcionadas aos clientes residenciais e comerciais.

• Produtividade média da equipe de vendas: 87 novas instalações de serviço por representante mensal
• Receita do canal de vendas direto: US $ 3,2 bilhões em 2023
• Cobertura geográfica da equipe de vendas: 41 estados nos Estados Unidos

Pontos de telecomunicações de varejo

A Liberty Broadband opera nos 750 locais de lojas de varejo da Charter em todo o país.

Tipo de loja de varejo	Número de locais
Loja de espectro	750 locais de varejo físico
Locais autorizados de varejistas	1.200 locais de parceiros adicionais

Redes de distribuição de parceiros

A Liberty Broadband aproveita as parcerias com vários provedores de telecomunicações e tecnologia.

• Número de parceiros de distribuição estratégica: 87
• Contribuição da receita da rede de parceiros: US $ 1,5 bilhão anualmente
• Parceiros -chave: Best Buy, Walmart, Target

Interfaces de serviço móvel e baseadas na Web

A Spectrum Mobile Platform atende 3,8 milhões de assinantes móveis a partir do quarto trimestre 2023.

Recurso da plataforma móvel	Estatísticas do usuário
Assinantes móveis	3,8 milhões de usuários ativos
Downloads de aplicativos móveis	2,6 milhões de downloads anuais
Usuários da interface da web	22,4 milhões de usuários ativos mensais da Web

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

Consumidores de banda larga residencial

A Charter Communications (Liberty Broadband da banda larga) atende a aproximadamente 32,2 milhões de clientes de banda larga residencial a partir do terceiro trimestre de 2023.

Demografia demográfica do cliente	Penetração de mercado
Usuários residenciais urbanos	48.3%
Usuários residenciais suburbanos	39.7%
Usuários residenciais rurais	12%

Pequenas e médias empresas

O Charter Spectrum atende a aproximadamente 2,1 milhões de clientes pequenos e médios em todo o país.

• Gastes médios mensais de banda larga de negócios: US $ 189,50
• Taxa de retenção de clientes de negócios: 87,3%
• Duração média do contrato: 24 meses

Grandes clientes de telecomunicações corporativas

Receita do segmento corporativo em 2023: US $ 3,4 bilhões

Tipo de cliente	Número de clientes	Receita anual
Fortune 500 empresas	128	US $ 1,92 bilhão
Empresas do mercado intermediário	612	US $ 1,48 bilhão

Investidores de tecnologia e mídia

Capitalização de mercado da Liberty Broadband: US $ 33,6 bilhões (em janeiro de 2024)

• Propriedade institucional: 82,4%
• Os principais investidores institucionais:
  • Grupo Vanguard: 12,3%
  • BlackRock: 9,7%
  • Liberty Media Corporation: 26,4%

Segmentos de mercado regional e nacional

Cobertura geográfica: 41 estados nos Estados Unidos

Região	Quota de mercado	Mercado endereçável total
Nordeste	22.6%	8,3 milhões de famílias
Sudeste	18.9%	7,1 milhões de famílias
Centro -Oeste	15.4%	5,9 milhões de famílias
Oeste	12.3%	4,6 milhões de famílias

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

Desenvolvimento e manutenção de infraestrutura

Os custos de infraestrutura da Liberty Broadband para infraestrutura de rede em 2023 foram de aproximadamente US $ 876,4 milhões. A empresa investiu US $ 412,3 milhões especificamente na manutenção e atualizações da rede a cabo.

Infraestrutura de rede física

Manutenção do data center

Substituição do equipamento

Categoria de custo	Despesa anual ($ m)
412.3
164.7
299.4

Pesquisa de tecnologia e inovação

As despesas de P&D para banda larga da Liberty em 2023 totalizaram US $ 203,6 milhões, concentrando -se em melhorias na tecnologia de banda larga.

• Pesquisa de tecnologia de banda larga: US $ 127,4 milhões
• Inovação de conectividade: US $ 76,2 milhões

Despesas estratégicas de investimento e aquisição

A Liberty Broadband gastou US $ 1,2 bilhão em investimentos estratégicos e aquisições potenciais em 2023.

Tipo de investimento	Valor ($ m)
Aquisições de tecnologia estratégica	678.5
Investimentos de participação minoritária	521.5

Custos gerais operacionais e administrativos

As despesas administrativas e operacionais para 2023 foram de US $ 345,2 milhões.

• Compensação de executivos: US $ 42,6 milhões
• Salários dos funcionários: US $ 187,4 milhões
• Despesas operacionais do escritório: US $ 115,2 milhões

Expansão de rede e atualização de investimentos

Os investimentos em expansão de rede em 2023 atingiram US $ 589,7 milhões.

Categoria de expansão	Investimento ($ m)
Expansão da rede de fibra óptica	276.3
Desenvolvimento de infraestrutura 5G	213.4
Aprimoramento da cobertura de banda larga	100.0

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

Charter Communications Equity Investment Returns

A partir do quarto trimestre 2023, a Liberty Broadband possui 35,4% das comunicações charter, representando um investimento significativo em ações. A participação acionária gerou aproximadamente US $ 1,2 bilhão em retornos de investimento em 2023.

Métrica	Valor	Ano
Propriedade de patrimônio líquido na Carta	35.4%	2023
Retornos de investimento	US $ 1,2 bilhão	2023

Receitas de assinatura de serviço de banda larga

Através da Charter Communications, a Liberty Broadband deriva receitas substanciais de assinatura dos serviços de banda larga.

• Total de assinantes de banda larga: 32,1 milhões (quarto trimestre 2023)
• Receita mensal média por assinante de banda larga: US $ 64,99
• Receita anual de assinatura de banda larga: aproximadamente US $ 25,1 bilhões

Renda de portfólio de investimento estratégico

A Liberty Broadband mantém um portfólio de investimentos diversificado, gerando fluxos de receita adicionais.

Categoria de investimento	Valor total	Renda anual
Investimentos em tecnologia	US $ 3,5 bilhões	US $ 210 milhões
Ativos de telecomunicações	US $ 2,8 bilhões	US $ 168 milhões

Acordos de licenciamento e parceria de tecnologia

A Liberty Broadband gera receita por meio de parcerias de licenciamento de tecnologia estratégica.

• Número de parcerias de tecnologia ativa: 7
• Receita anual de licenciamento: US $ 45 milhões
• Duração média da parceria: 3-5 anos

Apreciação de capital de ativos de telecomunicações

A empresa realiza receita por meio de valorização estratégica de ativos e vendas estratégicas.

Categoria de ativos	Valor total do ativo	Taxa de valorização
Infraestrutura de telecomunicações	US $ 4,6 bilhões	7,2% anualmente
Equipamento de rede	US $ 1,9 bilhão	5,5% anualmente

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.