Company: LBRDK
Filing Date: 2025-02-19
Form Type: 425
Source: 0001104659-25-015203
Chunk: 9

Company: Liberty Broadband Corp
Filing Date: 2025-02-19
Form: 425
Chunk 9
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 $53,137 million, based on publicly available information as of the unaffected
date of September 23, 2024, minus (b) the value of certain net liabilities of Liberty Broadband assumed by Charter of approximately
$2,491 million, minus (c) the estimated make-whole fundamental changes payment on the 3.125% exchangeable senior debentures due 2054
assuming an illustrative take-out date of December 31, 2025 and the Charter share price as of November 8, 2024, in each case, as directed by Liberty Broadband management, of approximately $150 million, minus (d) the amount of certain tax liabilities
related to the GCI divestiture of approximately $400 million, as provided by Liberty Broadband management, minus (e) net
debt increase of Liberty Broadband attributable to cash settlements of certain stock awards of approximately $13 million, as provided by Liberty Broadband management, and minus (f) the net asset value of certain of Liberty Broadband’s corporate assets
and liabilities of approximately $114 million, as provided by Liberty Broadband management, divided by (ii) the estimated
pro forma fully diluted shares outstanding of Charter of approximately 148.7 million shares, as provided by Liberty Broadband management.

The first sentence of the sixth full paragraph on page 105 is amended and restated as follows:

J.P. Morgan then calculated the estimated pro forma implied equity
value per share of Liberty Broadband common stock by calculating the quotient of (i) the product of (a) the estimated pro forma
shares of Charter that Liberty Broadband stockholders would receive as implied by the exchange ratio, multiplied by (b) the PF Charter
Share Price, based on J.P. Morgan’s calculations of the PF Charter Share Price described above, divided by (ii) the estimated
fully diluted shares outstanding of Liberty Broadband common stock of approximately 143.9 million shares, as provided by Liberty Broadband management.

The joint proxy statement/prospectus is hereby supplemented by adding the following as a new section following the section entitled “The Combination—Opinion of Liberty Broadband’s Financial Advisor” ending on page 107, as follows:

Certain Unaudited Prospective Financial Information

Charter and Liberty Broadband do not, as a matter of course, publicly
disclose forecasts or internal projections as to their respective future performance, revenues, earnings, financial condition or other
results given, among other reasons, the inherent uncertainty