Shares of Liberty Broadband (NASDAQ:LBRDA), which represent Liberty Media’s 26% stake in Charter Communications, declined ~11% during the fourth quarter. In October, Charter reported a larger-than-expected decline in video subscribers and slower growth in the high- speed data (i.e., broadband) business. While strategic interest in Charter’s core cable assets appears to remain high, management continues to believe the most tax- efficient path to maximizing shareholder value is by gradually improving the Time Warner Cable and Brighthouse assets standalone. Despite the fourth-quarter breather, shares of Liberty Broadband were healthy contributors to full-year performance.
From Weitz Investment Management's Value Fund fourth-quarter commentary.
