Company: LBRDK
Filing Date: 2025-02-19
Form Type: 425
Source: 0001104659-25-015204
Chunk: 7

Company: Liberty Broadband Corp
Filing Date: 2025-02-19
Form: 425
Chunk 7
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21          |     | InvenTrust Properties Corp.   |     |       46.9 | %  |
| 08/20          |     | DaVita Inc.                   |     |        7.1 | %  |
| 07/19          |     | Bread Financial Holdings Inc. |     |       23.5 | %  |
| 11/16          |     | WebMD Health Corp.            |     |        3.0 | %  |

The first sentence of the fifth paragraph on page 101 is amended and restated as follows:

Citi performed a pro forma equity value per share accretion / dilution
analysis for Charter, which was designed to illustrate the potential impact of the Liberty Broadband NAV Adjustments and the net reduction
resulting from the transaction in Charter’s fully diluted shares, calculated using the treasury stock method (based upon information
provided by Charter), on the equity value per share for Charter. Citi calculated an implied equity value for Charter by multiplying its
share price (the Unaffected Share Price and the Pre-Announcement Share Price) by the number of fully diluted shares of Charter. Citi then
deducted the Liberty Broadband NAV Adjustments, and then divided this difference by Charter’s fully diluted shares, net of the approximate 11.5 million share reduction to be achieved in the combination. This analysis indicated potential increases in the equity value
per share of $5.78 (based on the Unaffected Share Price) and $9.84 (based on the Pre-Announcement Share Price).

The first sentence of the second paragraph on page 102 is amended and restated as follows:

Citi performed a pro forma free cash flow per share accretion / dilution
analysis for Charter, which was designed to illustrate the potential impact of (a) the tax-effected incremental cash interest expense
of Charter resulting from the transaction of approximately $116 million (based on Unaffected Share Price) and $121 million (based on Pre-Announcement
Share Price), in each case based on information provided by Liberty Broadband and Charter and approved for Citi’s use by Charter,
and (b) the net reduction of approximately 11.5 million resulting from the transaction in Charter’s fully diluted
shares, calculated using the treasury stock method (based upon information provided by Charter), on Charter’s free cash flow per
share for the 12 months ended September 30, 2024 (“Charter