LBRDA

Liberty Broadband is no longer an operating company — per the 10-K MD&A it is 'primarily comprised of an equity method investment in Charter,' controlling 25.01% of Charter's vote, and it divested GCI (its actual revenue-generating cable business) on July 14, 2025, now reported as a discontinued operation. That single fact reframes every number here: FY2025 revenue is shown as '—' and net income swung to -$2.68B (net margin -263%, ROE -47%) precisely because the operating subsidiary left the consolidated group and the residual entity is an equity-method holding whose P&L is dominated by non-cash marks, not a business in distress. The trailing P/E of 5.6 on $6.08 FY2024 EPS and the -$327M operating cash flow are both artifacts of this accounting transition and should not be read as standalone valuation signals.

What actually matters is the pending Combination: under the November 12, 2024 Merger Agreement (shareholder-approved February 26, 2025), each LBRDA share converts into 0.236 of a Charter Class A share, and the close is being accelerated to occur contemporaneously with the Charter–Cox Transactions announced May 16, 2025. So LBRDA is a Charter proxy in run-off — its fair value is 0.236 × Charter's share price less any deal/timing/discount adjustment. The provided data does not include Charter's price, so I cannot compute the merger spread or confirm whether today's $34.23 (up a sharp +9.33%, likely on deal-timeline news) sits at a discount or premium to the exchange value; that missing input is the reason this is a hold and not a higher-conviction call.