Company: LBRDK
Filing Date: 2025-02-19
Form Type: 425
Source: 0001140361-25-005132
Chunk: 6

Company: Liberty Broadband Corp
Filing Date: 2025-02-19
Form: 425
Chunk 6
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 million (items (ii) through (viii) are referred to as the (“ Liberty Broadband NAV Adjustments”)), reflecting the present value (discounted to September 30, 2024 based on a discount rate selected by Citi of 7.0% (reflecting the midpoint of Citi’s estimated range of Charter’s weighted average cost of capital derived using the capital asset pricing model, based on Citi’s professional judgment and experience)) of the estimated potential tax liability of Liberty Broadband arising from the distribution of the GCI shares in connection with the GCI divestiture (as provided and approved for Citi’s use by Charter). Citi then divided these amounts by Liberty Broadband’s fully diluted shares using the treasury stock method (as provided by Liberty Broadband and approved for Citi’s use by Charter). The fourth full paragraph and the following table on page 100 is amended and restated as follows: The selected transactions and corresponding discounts and premiaconsidered by Citi for its analysis of Liberty Broadband were:

| Date      
 Completed |     | Target                            |     | Acquiror                      |     | (Discount) /    
 Premium         
 to NAV          |
| 09/24     |     | Sirius XM Holdings                |     | Liberty SiriusXM Group        |     | 0.0%            |
| 12/20     |     | GCI Liberty, Inc.                 |     | Liberty Broadband Corporation |     | -7.5%           |
| 07/20     |     | Standard Diversified Inc.         |     | Turning Point Brands, Inc.    |     | -3.0%           |
| 07/19     |     | Liberty Expedia Holdings, Inc.    |     | Expedia Group, Inc.           |     | -0.5%) – (2.5%  |
| 07/18     |     | Spectrum Brands Holdings, Inc.    |     | HRG Group, Inc.               |     | 0.0%            |
| 05/11     |     | Retail Ventures, Inc.             |     | DSW Inc.                      |     | -9.3%) – (11.6% |
| 11/09     |     | DIRECTV                           |     | Liberty Entertainment, Inc.   |     | 5.6%            |
| 04/09     |     | Smith Investment Company          |     | A.O. Smith Corporation