# EDGAR Filing Document

**Accession Number:** 0002057463
**File Stem:** 0001104659-25-080409
**Filing Date:** 2025-8
**Character Count:** 9612
**Document Hash:** 274428d7b1478f98b5ed054b21527f65
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-080409.hdr.sgml**: 20250819

**ACCESSION NUMBER**: 0001104659-25-080409

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250715

**FILED AS OF DATE**: 20250819

**DATE AS OF CHANGE**: 20250819

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** MALONE JOHN C
- **CENTRAL INDEX KEY:** 0000937797

**ORGANIZATION NAME:**
- **STATE OF INCORPORATION:** CO
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42742
- **FILM NUMBER:** 251233600

**MAIL ADDRESS:**
- **STREET 1:** 12300 LIBERTY BLVD
- **CITY:** ENGLEWOOD
- **STATE:** CO
- **ZIP:** 80112
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GCI Liberty, Inc.
- **CENTRAL INDEX KEY:** 0002057463
- **STANDARD INDUSTRIAL CLASSIFICATION:** CABLE & OTHER PAY TELEVISION SERVICES [4841]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 12300 LIBERTY BLVD
- **CITY:** ENGLEWOOD
- **STATE:** CO
- **ZIP:** 80112
- **BUSINESS PHONE:** 7208755700

**MAIL ADDRESS:**
- **STREET 1:** 12300 LIBERTY BLVD
- **CITY:** ENGLEWOOD
- **STATE:** CO
- **ZIP:** 80112

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>MALONE JOHN C<br><sub>(Last) (First) (Middle)</sub><br>12300 LIBERTY BOULEVARD<br><sub>(Street)</sub><br>ENGLEWOOD, CO 80112<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-07-15 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>GCI Liberty, Inc. [ GLIBK ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
|  |  |  |  |  |  |  |  |  |  |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Call option (obligation to sell) | $41.2049 | 2025-07-15 |  | J<sup>(1)(2)</sup> | V |  | 200000 | <sup>(1)(2)(5)</sup> | <sup>(1)(2)(5)</sup> | Series C GCI Group Common Stock | 200000 | <sup>(1)(2)(5)(7)</sup> | 200000 | D |  |
| Put option (right to sell) | $30.1500 | 2025-07-15 |  | J<sup>(1)(2)</sup> | V | 200000 |  | <sup>(1)(2)(5)</sup> | <sup>(1)(2)(5)</sup> | Series C GCI Group Common Stock | 200000 | <sup>(1)(2)(5)(7)</sup> | 200000 | D |  |
| Call option (obligation to sell) | $36.4116 | 2025-07-15 |  | J<sup>(3)(4)</sup> | V |  | 80000 | <sup>(3)(4)(6)</sup> | <sup>(3)(4)(6)</sup> | Series C GCI Group Common Stock | 80000 | <sup>(3)(4)(6)(7)</sup> | 80000 | D |  |
| Put option (right to sell) | $22.8525 | 2025-07-15 |  | J<sup>(3)(4)</sup> | V | 80000 |  | <sup>(3)(4)(6)</sup> | <sup>(3)(4)(6)</sup> | Series C GCI Group Common Stock | 80000 | <sup>(3)(4)(6)(7)</sup> | 80000 | D |  |

---

### Footnotes:

(1) As previously disclosed by the Reporting Person, on September 12, 2019, the Reporting Person entered into a "zero-cost collar" arrangement (the "2019 Transaction") pursuant to which he wrote European call options and purchased European put options referencing shares of the Series C common stock of Liberty Broadband Corporation. In connection with the spin-off (the "Spin-Off") of the Issuer from Liberty Broadband Corporation, the dealer counterparty to the 2019 Transaction adjusted such transaction pursuant to its terms to cause the Reporting Person to be automatically deemed to have entered into the same "zero-cost collar" arrangement with respect to 200,000 shares of the Issuer's Series C GCI Group Common Stock (the "2019 Adjusted Transaction"). Consistent with the 2019 Transaction, only one of the options can be in the money on the expiration date, at which time the in-the-money options will be exercised, and the other options will expire.

(2) If neither the put options nor the call options are in the money on the expiration date, both the put and call options will expire. The 2019 Adjusted Transaction will be settled in cash unless the Reporting Person elects physical settlement.

(3) As previously disclosed by the Reporting Person, on September 14, 2021, the Reporting Person entered into a "zero-cost collar" arrangement (the "2021 Transaction"), as amended on March 29, 2023, pursuant to which he wrote European call options and purchased European put options referencing shares of the Series C common stock of Liberty Broadband Corporation. In connection with the Spin-Off, the dealer counterparty to the 2021 Transaction adjusted such transaction pursuant to its terms to cause the Reporting Person to be automatically deemed to have entered into the same "zero-cost collar" arrangement with respect to 80,000 shares of the Issuer's Series C GCI Group Common Stock (the "2021 Adjusted Transaction"). Consistent with the 2021 Transaction, only one of the options can be in the money on the expiration date, at which time the in-the-money options will be exercised, and the other options will expire.

(4) If neither the put options nor the call options are in the money on the expiration date, both the put and call options will expire. The 2021 Adjusted Transaction will be settled in cash unless the Reporting Person elects physical settlement.

(5) The 2019 Adjusted Transaction is divided into 15 components, the first 5 of which are with respect to 13,200 shares of Series C GCI Group Common Stock and the last 10 of which are with respect to 13,400 shares, maturing on sequential trading days over the period beginning on August 18, 2026 and ending on September 8, 2026.

(6) The 2021 Adjusted Transaction is divided into 5 components, each of which are with respect to 16,000 shares of Series C GCI Group Common Stock, maturing on sequential trading days over the period beginning on August 21, 2028 and ending on August 25, 2028.

(7) Because the 2019 Adjusted Transaction and the 2021 Adjusted Transaction occurred automatically by operation of the terms of the 2019 Transaction and the 2021 Transaction, respectively, the Reporting Person did not provide or receive any consideration in respect of either transaction.

**Signature:** /s/ Brittany A. Uthoff as Attorney-in-Fact for John C. Malone  
**Date:** 2025-08-19

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**