Company: LBRDK
Filing Date: 2025-02-19
Form Type: 425
Source: 0001104659-25-015203
Chunk: 8

Company: Liberty Broadband Corp
Filing Date: 2025-02-19
Form: 425
Chunk 8
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 LTM FCFPS”).

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

Citi reviewed sell-side analyst price targets for shares of Charter
Class A common stock and Liberty Broadband common stock published by six equity research analysts (during the time period from July 18,
2024 through September 23, 2024) that covered both companies and also published valuations for GCI. Stock price targets generally
reflect each analyst’s estimate of the 12-month future public market trading price per share of a subject company’s common
stock and are not discounted to reflect present values. Price targets published by equity research analysts do not necessarily reflect
current market trading prices and these estimates are subject to uncertainties, including the future financial performance of the subject
company and future financial market conditions. For each analyst, Citi calculated the implied exchange ratio determined by dividing (x) an
adjusted price target for Liberty Broadband (excluding GCI) derived by subtracting from (i) the analyst’s price target for
Liberty Broadband common stock (both on an undiscounted basis and a discounted basis using an estimate of a cost of equity for Liberty
Broadband of 11.6% (reflecting the midpoint of Citi’s estimated range of Liberty Broadband’s cost of equity derived using the capital asset pricing model, based on Citi’s professional judgment and experience)), (ii) that analyst’s
estimate of the value for GCI (adjusted for the debt and cash of GCI as of June 30, 2024) per share of Liberty Broadband common stock
by (y) such analyst’s price target (both on an undiscounted basis and a discounted basis using an estimate of a cost of equity
for Charter of 11.0% (reflecting the midpoint of Citi’s estimated range of Charter’s cost of equity derived using the capital asset pricing model, based on Citi’s professional judgment and experience)).

The section of the joint proxy statement/prospectus entitled “The Combination—Opinion of Liberty Broadband’s Financial Advisor” starting on page 103 is hereby supplemented as follows:

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

J.P. Morgan calculated the estimated pro forma share price of Charter
(the “PF Charter Share Price”) by calculating the quotient of (i) the difference of (a) the estimated implied
equity value of Charter on a stand-alone basis of approximately