Liberty Broadband’s (NASDAQ:LBRDK) (1.5%) (LBRDK/LBRDA – $91.74/$91.64 – NASDAQ) primary asset is a 21% stake in Charter Communications, the second largest cable provider in the U.S. Charter continues to reap the benefits of its 2016 acquisition of Time Warner Cable while growing its residential and commercial broadband subscriber base and consistently shrinking its shares outstanding. Liberty’s Chairman Dr. John C. Malone was a pioneer in the cable industry having built TCI into the country’s largest cable provider before selling to AT&T. Another Malone-related entity, GCI Liberty, owns 24% of Liberty Broadband and 2% of Charter; we believe the two entities are likely to be merged in the medium term.
From Mario Gabelli (Trades, Portfolio)'s first-quarter 2019 Value 25 Fund shareholder letter.
