Company: LBRDK
Filing Date: 2025-06-20
Form Type: 8-K
Source: 0001104659-25-060920
Chunk: 0

Company: Liberty Broadband Corp
Filing Date: 2025-06-20
Form: 8-K
Item: Item 1.01
Chunk 0
---
Item 1.01.      Entry into                       

On June 19, 2025, Liberty Broadband Corporation,
a Delaware corporation (“ Liberty Broadband”), entered into a Separation and Distribution Agreement (the “ Separation
and Distribution Agreement”), whereby, subject to the terms thereof, GCI Liberty, Inc., a Nevada corporation and a wholly owned
subsidiary of Liberty Broadband (“ GCI Liberty”), would spin-off from Liberty Broadband (the “ Spin-Off”).

Pursuant to the Separation and Distribution Agreement,
the Spin-Off would be effectuated by means of a distribution by Liberty Broadband of 0.20 of a share of GCI Liberty’s Series A GCI
Group common stock, par value $0.01 per share, Series B GCI Group common stock, par value $0.01 per share, and Series C GCI Group common
stock, par value $0.01 per share (collectively, the “ GCI Group common stock”), for each whole share of the corresponding series
of Liberty Broadband common stock held as of 5:00 p. m., New York City time, on June 30, 2025 by the holder thereof. Cash (with no interest)
will be paid in lieu of fractional shares of GCI Group common stock.

Immediately following the Spin-Off, GCI Liberty
will be an independent publicly traded company and its businesses, assets and liabilities will initially consist of 100% of the outstanding
equity interests in GCI, LLC (“ GCI”) and its subsidiaries.

The completion of the Spin-Off remains subject
to satisfaction or, if permitted, waiver of certain conditions, including the receipt of the Regulatory Commission of Alaska’s final
order approving the transfer of an indirect controlling interest in the GCI Liberty licensee subsidiaries and the receipt of an opinion
as to the solvency of Liberty Broadband and GCI Liberty immediately after giving effect to the Spin-Off.

From and after the Spin-Off, GCI Liberty has agreed
to indemnify Liberty Broadband, its subsidiaries (excluding GCI Liberty and its subsidiaries) and their respective representatives from
losses sustained in connection with, among others, the businesses, assets and liabilities of GCI Liberty. From and after the Spin-Off,
Liberty Broadband has agreed to indemnify GCI Liberty, its subsidiaries and their respective representatives from losses sustained in
connection with, among others, the assets, liabilities and businesses being retained by Liberty Broad