Company: LBRDK
Filing Date: 2025-02-19
Form Type: 425
Source: 0001104659-25-015203
Chunk: 4

Company: Liberty Broadband Corp
Filing Date: 2025-02-19
Form: 425
Chunk 4
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 transactions and eliminated thereafter, discounted from June 30, 2027 (the closing date of the combination assumed for purposes of these calculations, as provided by Charter management) to present value as of September 30, 2024, at a 7.0% discount rate(reflecting Centerview’s analysis of Charter’s weighted average cost of capital based on the application of the capital asset pricing model and considerations that Centerview deemed relevant in its professional judgment and experience), of approximately $78 million; (e) the aggregate tax liability of Liberty Broadband resulting from the GCI
divestiture estimated by Charter management, discounted to present value as of September 30, 2024, at a 7.0% discount rate (reflecting Centerview’s analysis of Charter’s weighted average cost of capital based on the application of the capital asset pricing model and considerations that Centerview deemed relevant in its professional judgment and experience), of approximately $212 million;
and (f) certain other assets and liabilities of Liberty Broadband with a net aggregate amount of approximately $53 million.

The first sentence of the second paragraph on page 95 is amended and restated as follows:

Centerview estimated, for illustrative purposes, the aggregate net
number of shares of Charter Class A common stock expected to be retired in connection with the transactions by estimating the net
number of shares of Charter Class A common stock retired as a result of the transactions, calculated in the same manner as described
in the section above captioned “-Net Shares Retired Analysis,” and adding or subtracting, as applicable, the value,
expressed in terms of shares of Charter Class A common stock, of certain assets and liabilities of Liberty Broadband (as included
in the Liberty Broadband Internal Data and as described in the section above captioned “- Net Asset Value Analysis”)
expected by Charter management to be assumed by Charter in connection with the transactions.

The first sentence of the third paragraph on page 95 is amended and restated as follows:

Centerview derived, for illustrative purposes, the estimated historical
NAV per share of Liberty Broadband over the periods set forth below and extending through November 11, 2024, by calculating the
value of the Charter Class A common stock owned by Liberty Broadband at such time by multiplying (i) the closing price of Charter
Class A common stock on each trading day during such period by (ii) the publicly available number of shares of
Charter Class A common stock owned by Liberty Broadband at such