Company: LBRDK
Filing Date: 2025-02-19
Form Type: 425
Source: 0001104659-25-015203
Chunk: 5

Company: Liberty Broadband Corp
Filing Date: 2025-02-19
Form: 425
Chunk 5
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 time, and adding or subtracting, as applicable, the value of certain
assets and liabilities of Liberty Broadband available at such time (both including and excluding certain assets and liabilities related
to GCI’s businesses), and dividing the result of the foregoing calculations by the publicly available number of outstanding
shares of Liberty Broadband common stock at such time.

The section of the joint proxy statement/prospectus entitled “The Combination—Opinion of Charter’s Financial Advisor” starting on page 96 is hereby supplemented as follows:

The fifth paragraph on page 99 is amended and restated as follows:

For purposes of its financial analysis and opinion, Citi utilized and
relied upon the number of issued and outstanding shares of Charter and Liberty Broadband (approximately 163 million and 144 million, respectively, fully diluted shares calculated using the treasury stock method) provided by, or approved for its use by, the management
of Charter.

The first full paragraph on page 100 is amended and restated as follows:

To derive an estimate Adjusted NAVs for Liberty Broadband (excluding
its interest in GCI), Citi then: (i) added the values of the Liberty Broadband’s share interest in Charter it calculated based
on both the Unaffected Share Price and the Pre-Announcement Share Price for the Charter Class A common stock, (ii) subtracted
Liberty Broadband’s corporate debt of $2,615 million based on the September 30, 2024 balance sheet for Liberty Broadband, (iii) added
$125 million, reflecting Liberty Broadband’s cash and cash equivalents based on the September 30, 2024 balance sheet for Liberty
Broadband, adjusted for cash proceeds on a tax-effected basis from sales of Charter Class A common stock to Charter occurring after
September 30, 2024, (iv) subtracted $82 million, reflecting the net 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 certain corporate overhead expense for the period from October 1, 2024 to June 30, 2027 (an estimated closing date for the
combination provided by Charter) and tax assets, each as provided by Liberty Broadband (and approved for Citi’s use by Charter