Form 4: Liberty Broadband Sells CHTR Shares in Planned Transaction

Liberty Broadband Corp. disposed of 369,796 shares of Charter Communications Class A Common Stock for $270.42 per share in an exempt transaction.

Summary

• Liberty Broadband Corp., a Director and 10% Owner of Charter Communications, Inc. (CHTR), reported a disposition of Class A Common Stock.
• On November 14, 2025, Liberty Broadband Corp. sold 369,796 shares of CHTR Class A Common Stock.
• The shares were sold at a price of $270.42 per share.
• Following this transaction, Liberty Broadband Corp. beneficially owns 42,012,431 shares of CHTR Class A Common Stock indirectly through wholly-owned subsidiaries.
• The sale was an exempt transaction pursuant to Rule 16b-3 under the Securities Exchange Act of 1934.
• This transaction was conducted under the terms of the Second Amended and Restated Stockholders Agreement (dated May 23, 2015, as amended), a letter agreement (dated February 23, 2021), and Amendment No. 1 to these agreements (dated November 12, 2024).

Sentiment

Score: 5

Explanation: The sentiment is neutral as this is a pre-arranged, exempt transaction by a significant insider, not necessarily indicative of new positive or negative developments for the issuer.

Positives

• The transaction represents the execution of a pre-existing strategic agreement, indicating planned capital management by Liberty Broadband Corp.

Negatives

• A reduction in Liberty Broadband Corp.'s direct ownership stake in Charter Communications, Inc.

Future Outlook

This Form 4 filing does not provide specific forward-looking statements or guidance regarding future company performance or strategy, focusing solely on a past transaction.

Industry Context

This transaction is an insider filing, reflecting a specific ownership adjustment by a major shareholder and director, rather than a broader industry trend or competitive action.

Related Party Transactions

• Liberty Broadband Corp., a 10% owner and director of Charter Communications, Inc., sold shares back to the Issuer. This constitutes a related party transaction as defined by SEC regulations.

Stakeholder Impact

• Shareholders: A reduction in the number of shares held by a significant insider could be perceived differently by investors, though the pre-arranged nature mitigates immediate concerns.
• Company (Issuer): The repurchase of shares from a major shareholder could be part of a broader capital allocation strategy.

Key Dates

Recommendation

The transaction is a pre-arranged disposition by a significant insider, executed under existing agreements. It does not appear to signal a change in fundamental outlook for Charter Communications, Inc. or Liberty Broadband Corp.'s long-term investment thesis. Therefore, a 'hold' recommendation is appropriate, suggesting no immediate action based solely on this filing.

Keywords

CHTR, Liberty Broadband, Charter Communications, Insider Transaction, Form 4, Stock Sale, Beneficial Ownership, Rule 16b-3