Form 4: Liberty Broadband Swaps Comscore Preferred Stock

Liberty Broadband Corporation exchanged its Series B Convertible Preferred Stock in Comscore, Inc. for new Series C Preferred Stock and additional Common Stock.

Summary

• Liberty Broadband Corp, a Director and 10% Owner of Comscore, Inc. (SCOR), reported a significant transaction on December 29, 2025.
• Pursuant to a Stock Exchange Agreement dated September 26, 2025, Liberty Broadband exchanged 31,928,301 shares of Comscore's Series B Convertible Preferred Stock.
• In return, Liberty Broadband received 4,223,621 shares of a newly designated Series C Convertible Preferred Stock.
• Additionally, Liberty Broadband received 3,286,825 shares of Comscore's Common Stock.
• Prior to the exchange, the Series B Convertible Preferred Stock was convertible into approximately 1,717,072 shares of Common Stock.
• The new Series C Convertible Preferred Stock is convertible into 4,223,621 shares of Common Stock, with an original one-to-one conversion rate, subject to anti-dilution adjustments, and has no expiration date.

Sentiment

Score: 7

Explanation: The transaction is positive for Liberty Broadband as it significantly increases its common stock equivalent holdings in Comscore and simplifies its investment structure. For Comscore, it represents a restructuring of a major shareholder's stake, which can be viewed as a positive sign of continued strategic alignment.

Positives

• Liberty Broadband significantly increased its direct and convertible common stock equivalent holdings in Comscore, from approximately 1,717,072 shares (via Series B) to a combined 7,510,446 shares (4,223,621 via Series C and 3,286,825 direct Common Stock).
• The transaction simplifies Liberty Broadband's equity structure in Comscore by consolidating preferred stock into a new Series C and acquiring direct common stock.
• The Series C Convertible Preferred Stock has no expiration date, providing long-term flexibility for Liberty Broadband.

Future Outlook

The Series C Convertible Preferred Stock, acquired by Liberty Broadband, has no expiration date and is convertible into Common Stock at a one-to-one rate, subject to anti-dilution adjustments, providing long-term equity exposure and flexibility.

Management Comments

• "Liberty Broadband Corporation. By: /s/ Craig Troyer. Name: Craig Troyer, Title: Senior Vice President"

Industry Context

This transaction represents a strategic restructuring of a significant equity investment by a major shareholder and director within the media measurement and analytics industry. It reflects an internal portfolio management decision by Liberty Broadband regarding its stake in Comscore, rather than a broad industry trend.

Related Party Transactions

• The transaction involves Liberty Broadband Corp, which is both a Director and a 10% Owner of Comscore, Inc., making it a related party transaction.

Stakeholder Impact

• Shareholders of Comscore, Inc. will see a change in the composition of a major institutional investor's holdings, with Liberty Broadband increasing its common stock equivalent exposure.
• Liberty Broadband Corp's investment portfolio will reflect a restructured and potentially more valuable stake in Comscore.

Key Dates

Keywords

Comscore, Liberty Broadband, SCOR, Preferred Stock, Common Stock, Convertible Securities, Insider Transaction, Equity Exchange, Form 4