Liberty Broadband Corporation (LBRDA)

Liberty Broadband Corporation was incorporated in 2014 and was spun off from Liberty Media Corporation that year. It was based in Englewood, Colorado, and was controlled in practice by the Liberty group of companies under chairman John Malone and chief executive Greg Maffei. The company's principal asset was its large equity stake in Charter Communications, one of the largest U.S. cable and broadband providers. Its Series A, Series C and a preferred series traded on the Nasdaq, with the Series B on the OTC market.

The company's position in Charter was built through its investment in the 2016 transaction in which Charter acquired Time Warner Cable and Bright House Networks, in which Liberty Broadband invested about $5 billion. It also had agreements with Charter that allowed it to maintain its proportional ownership as Charter repurchased shares, and its voting arrangements were tied to Charter's board.

In December 2020 Liberty Broadband acquired GCI Liberty, which added GCI, an Alaska-based provider of wireless, data, video and voice services to consumers and businesses. For some years the company therefore reported a GCI Holdings segment alongside its equity interest in Charter. In 2025 Liberty Broadband separated GCI into a standalone listed company, which left the Charter stake as its main remaining asset.

Under the merger agreement originally announced in 2024 with Charter, Liberty Broadband was to be combined into Charter after the GCI separation. The transaction was approved by shareholders and completed on August 19, 2026, when Liberty Broadband became a wholly owned subsidiary of Charter.

Each share of Liberty Broadband Series A, Series B and Series C common stock converted into 0.236 shares of Charter Class A common stock, with cash paid for fractional shares. Liberty Broadband's Series A Cumulative Redeemable Preferred Stock converted one for one into a corresponding Charter preferred series. The company repaid about $919 million of margin loan principal owed to BNP Paribas, and a loan of about $359 million owed to Charter was expected to be discharged. The Series A, Series C and preferred stock were delisted from Nasdaq, trading of the Series B on the OTCQB ceased, and the company planned to end its SEC reporting obligations.