Liberty Broadband is like a dedicated **Berkshire Hathaway** for **Charter Communications** (Spectrum internet and TV).

• Broadband Internet Services: Provides high-speed internet access for residential and business customers.
• Video Services: Offers cable television programming packages, including on-demand and streaming options, to residential and business subscribers.
• Voice Services: Delivers digital telephone services, including unlimited local and long-distance calling, to residential and business customers.
• Mobile Services: Provides wireless mobile services to residential customers, typically bundled with internet plans, through an MVNO agreement.
• Business Services: Offers a range of communication and network solutions, including internet, video, and voice, tailored for small, medium, and large enterprises.

Liberty Broadband (LBRDA) is a holding company with a controlling interest in Charter Communications (symbol: CHTR). As such, Liberty Broadband itself does not directly sell products or services to end customers. Its financial performance is primarily tied to the operational performance and customer base of Charter Communications.

Therefore, we will describe the customer categories of its principal asset, Charter Communications, which sells primarily to individuals and businesses.

The major categories of customers served by Charter Communications (operating under the Spectrum brand) are:

• Residential Consumers: This category includes individuals and households who subscribe to broadband internet, video (cable television), voice (landline telephone), and mobile services for personal and household use.
• Small and Medium Businesses (SMBs): This category encompasses various small to mid-sized enterprises that utilize Charter's services, including business internet, voice solutions, video services, and specialized data networking options for their operational needs.
• Large Enterprises and Government Entities: Charter Communications also serves larger organizations, including corporations, educational institutions, healthcare providers, and government agencies, providing complex, customized communication solutions, fiber connectivity, managed services, and data networking.

• Liberty Media Corporation (LMCA, LMCK)

Marty E. Patterson, President & CEO

Marty E. Patterson was named President & CEO of Liberty Broadband in July 2025. He also serves as Senior Vice President of Liberty Media Corporation and Co-Head of Corporate Development. Previously, he was Senior Vice President of Atlanta Braves Holdings, Inc. until August 2024, QVC Group, Inc. until March 2025, and Liberty TripAdvisor Holdings, Inc. until April 2025. Mr. Patterson has been with Liberty Media Corporation and its predecessors since 2010. He has served on the board of directors of Charter Communications, Inc. since 2025 and ComScore, Inc.

Brian J. Wendling, Chief Accounting Officer & Principal Financial Officer

Brian J. Wendling serves as Chief Accounting Officer and Principal Financial Officer of Liberty Media Corporation and Liberty Broadband Corporation. He has held various positions with these companies and their predecessors since 1999. Mr. Wendling also previously served as Principal Financial Officer and Chief Accounting Officer at QVC Group, Inc. until March 2025, and Senior Vice President and Chief Financial Officer of Liberty TripAdvisor Holdings, Inc. Prior to joining these companies, he worked in the assurance practice of KPMG. He serves on the board of Comscore, Inc. and has previously served on the boards of Fun Technologies Inc. and CommerceHub, Inc.

Gregory B. Maffei, Chairman of the Board

Gregory B. Maffei serves as Chairman of the Board of Liberty Broadband Corporation. He is also President and CEO of Liberty Media Corporation, Liberty TripAdvisor Holdings, Inc., and Executive Chairman of Qurate Retail, Inc. Maffei previously served as President and CEO of Liberty Broadband Corporation from June 2014 until December 2024. Prior to joining Liberty in 2005, he held significant leadership roles including President and CFO of Oracle, Chairman, President and CEO of 360networks, CFO of Microsoft, and Chairman of the Board of Expedia.

Renee L. Wilm, Chief Legal Officer & Chief Administrative Officer

Renee L. Wilm serves as Chief Legal Officer and Chief Administrative Officer of Liberty Media Corporation and Liberty Broadband Corporation. Ms. Wilm is responsible for managing legal matters, providing strategic support, and supervising day-to-day operations for the parent companies. Previously, she was a Senior Partner with Baker Botts L.L.P., where she represented Liberty and its predecessors for over twenty years, specializing in mergers and acquisitions, complex capital structures, shareholder arrangements, securities offerings, corporate governance, and securities law compliance.

Ben Oren, Executive Vice President & Treasurer

Ben Oren serves as Executive Vice President and Treasurer of Liberty Media Corporation and Liberty Broadband Corporation. Before joining Liberty, Mr. Oren spent twenty years in various investment banking roles. Most recently, he was a Managing Director with Credit Suisse, where he advised companies across multiple sectors including Technology, Media, and Telecom on a broad range of capital markets transactions.

The key risks to Liberty Broadband (LBRDA) are primarily driven by its significant stake in Charter Communications and broader industry and financial factors:

1. Dependence on Charter Communications and the Cable Industry's Competitive Landscape: Liberty Broadband's financial performance is intrinsically tied to its substantial ownership interest in Charter Communications. Consequently, the company is exposed to the operational and financial risks faced by Charter, as well as the overarching trends and competitive pressures within the cable industry. These challenges for Charter include increased capital expenditures required for network upgrades and line extensions, the potential defunding of government programs like the Affordable Connectivity Program (ACP), and intense competition for broadband subscribers from fiber optic network build-outs and fixed wireless access (FWA) providers.
2. High Leverage and Debt: Both Liberty Broadband and its primary asset, Charter Communications, operate with significant levels of debt. While Liberty Broadband has undertaken actions to manage its own debt obligations, the substantial debt burden carried by Charter could negatively impact its financial condition and limit its flexibility to adapt to evolving business conditions. Analysts highlight high leverage and associated cash flow challenges as notable risks for Liberty Broadband.
3. Operating Losses and Impacts from Discontinued Operations: Liberty Broadband has experienced significant operating losses, partly attributable to its discontinued operations, specifically the GCI Divestiture, which concluded in mid-2025. These financial setbacks suggest potential weaknesses in strategic execution and portfolio management. The company reported a substantial operating loss for the three months ending September 30, 2025, with losses from discontinued operations being a key contributing factor.

There are two clear emerging threats for Liberty Broadband:

• Fixed Wireless Access (FWA) from wireless carriers: Wireless carriers like T-Mobile and Verizon are aggressively expanding their 5G-based home internet services. These services offer a wireless alternative to traditional wired broadband, often at competitive prices, directly competing with Liberty Broadband's core broadband offering (via Charter Communications). This "good enough" alternative can capture market share, slow subscriber growth, and put pressure on pricing, as evidenced by consistent FWA subscriber additions reported by wireless carriers.
• Accelerated Fiber-to-the-Home (FTTH) expansion by incumbent telcos and new entrants: Telecommunications companies (e.g., AT&T, Frontier, Lumen) and various new regional or municipal providers are significantly increasing their investment and deployment of Fiber-to-the-Home (FTTH) networks. These networks offer a technologically superior product (symmetrical speeds, lower latency, higher reliability) compared to Liberty Broadband's existing hybrid fiber-coaxial (HFC) network for internet services. As fiber deployment accelerates and overlaps with Charter's service areas, it creates intense competition, potentially leading to subscriber losses, increased churn, and pressure on average revenue per user (ARPU).

Liberty Broadband Corporation (LBRDA) primarily operates through its ownership interests in Charter Communications (branded as Spectrum) and GCI Holdings. Through these subsidiaries, Liberty Broadband offers a range of communication products and services, including high-speed internet, cable television, digital voice, and mobile services.

Addressable Markets for Main Products and Services:

• Broadband Services (U.S. Region):

  The U.S. Broadband Services market was valued at approximately USD 139.8 billion in 2023. This market is projected to reach USD 152.7 billion by 2032, growing at a compound annual growth rate (CAGR) of 10.43% from 2024 to 2032. Globally, the broadband services market is estimated at USD 475.85 billion in 2025 and is expected to grow to USD 745.34 billion by 2030, with North America holding the largest market share.

• Cable Television / Pay TV Services (U.S. Region):

  The U.S. broadcasting and cable TV market generated revenue of approximately USD 125.33 billion in 2024 and is anticipated to reach USD 142.63 billion by 2030. The U.S. pay TV market size was valued at USD 69.37 billion in 2024 and is expected to decline to USD 57.83 billion by 2033, with a negative CAGR of -2.0%. Another report indicates the U.S. Television Services market size was approximately USD 117.68 billion in 2024 and is projected to reach around USD 186.90 billion by 2034.

• Mobile Services (U.S. Region):

  While Charter Communications' Spectrum Mobile has shown significant growth, exceeding 10 million mobile lines by March 31, 2025, a specific addressable market size for mobile services as a distinct market for Liberty Broadband's offerings was not available in the provided search results.

For Liberty Broadband (LBRDA), the expected drivers of future revenue growth over the next 2-3 years are primarily associated with the operational performance of its subsidiary, GCI, which is Alaska's largest communications provider. It is important to note that Liberty Broadband is undergoing significant corporate changes, including the spin-off of GCI in the summer of 2025 and its subsequent acquisition by Charter Communications, anticipated by June 30, 2027. Until these transactions are complete, GCI's performance will be key to Liberty Broadband's consolidated revenue.

The key drivers for revenue growth include:

1. Continued Growth in Data Revenue: GCI has demonstrated sustained strength in its data revenue. This trend is expected to continue as demand for broadband connectivity remains robust, particularly with ongoing network investments.
2. Expansion of Business Revenue from Alaskan Institutions: GCI has experienced an increase in business revenue, driven by a strong upgrade cycle within schools and healthcare corporations in remote Alaskan regions. This segment is likely to contribute to further revenue growth as these institutions continue to invest in improved communication infrastructure.
3. Network Upgrades and Rural Broadband Expansion: GCI is actively engaged in network upgrades and strategic initiatives aimed at bridging the digital divide in rural areas across Alaska. These investments, including leveraging BEAD grants, are expected to extend high-speed broadband services to more communities, attracting new customers and increasing service adoption.
4. Launch and Growth of 5G Wireless Services: GCI plans to introduce 5G service across Alaska within the coming years. The expansion of 5G capabilities, alongside an existing trend of growth in wireless subscribers, represents a significant opportunity for revenue generation as more customers adopt advanced mobile services.

Share Repurchases

• As of June 30, 2025, Liberty Broadband had approximately $1.685 billion remaining under its authorized share repurchase program.
• During the six months ended June 30, 2024, Liberty Broadband repurchased 1.1 million shares of its Series C common stock (LBRDK) for a total purchase price of $89 million.
• In February 2021, Liberty Broadband's Board of Directors increased the repurchase authorization to approximately $2.5 billion, and from December 18, 2020, through January 31, 2021, the company repurchased 1.8 million LBRDK shares for $272 million.

Outbound Investments

• Liberty Broadband completed its acquisition of GCI Liberty via a stock-for-stock merger on December 18, 2020.
• Between February 1, 2025, and April 30, 2025, Liberty Broadband sold 830 thousand shares of Charter Class A common stock to Charter for total proceeds of $300 million, with these proceeds intended for debt service.
• Liberty Broadband spun off its GCI business (GCI Liberty) to its stockholders on July 14, 2025, ahead of its planned merger with Charter Communications.

Capital Expenditures

• GCI's capital expenditures for 2024 amounted to $193 million, with a focus on wireless and data network enhancements in rural Alaska.
• Expected capital expenditures for GCI in 2025 are projected to be approximately $250 million, primarily focused on middle and last-mile connectivity and network expansion in rural Alaska, including the Bethel and AU-Aleutians fiber projects.
• In the third quarter of 2025, GCI exited its video business to avoid future capital expenditures in that segment and concentrate on core connectivity products.