Company: LBRDK
Filing Date: 2025-02-19
Form Type: 425
Source: 0001104659-25-015203
Chunk: 6

Company: Liberty Broadband Corp
Filing Date: 2025-02-19
Form: 425
Chunk 6
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),
(v) subtracted estimated breakage costs of $68 million (based on the Unaffected Share Price for the Charter Class A common stock)
and $173 million (based on the Pre-Announcement Share Price for the Charter Class A common stock) attributable to the retirement
of certain exchangeable debentures, (vi) subtracted $180 million, reflecting the face amount of the outstanding Liberty Broadband
preferred stock, (vii) added $58 million, reflecting an estimate of value attributable to Liberty Broadband’s stake in comScore
based on the consideration paid for the stake (as provided by Liberty Broadband and approved for Citi’s use by Charter), and (viii) subtracted
$212 million (items (ii) through (viii) are referred to as the (“Liberty Broadband NAV Adjustments”)), reflecting
the present value (discounted to September 30, 2024 based on a discount rate selected by Citi of 7.0% (reflecting the midpoint of Citi’s estimated range of Charter’s weighted average cost of capital derived using the capital asset pricing model, based on Citi’s professional judgment and experience)) of the estimated potential tax liability of Liberty Broadband arising from
the distribution of the GCI shares in connection with the GCI divestiture (as provided and approved for Citi’s use by Charter).
Citi then divided these amounts by Liberty Broadband’s fully diluted shares using the treasury stock method (as provided by Liberty
Broadband and approved for Citi’s use by Charter).

The fourth full paragraph and the following table on page 100 is amended and restated as follows:

The selected transactions and corresponding discounts and premia
considered by Citi for its analysis of Liberty Broadband were:

| Date Completed |     | Target                            |     | Acquiror                      |     | (Discount) 
          / 
    Premium 
     to NAV |    |
| 09/24          |     | Sirius XM Holdings                |     | Liberty SiriusXM Group        |     |        0.0 | %  |
| 12/20          |     | GCI Liberty, Inc.                 |     | Liberty Broadband Corporation |     |       (7.5 | )% |
| 07/20          |     | Standard Diversified Inc.         |     | Turning Point Brands, Inc.    |     |       (3.0 | )% |
| 07/19          |