Liberty Broadband is a holding company whose primary asset is a roughly 33% economic ownership stake in Charter Communications. Liberty Broadband does not directly sell products or services — its value is almost entirely derived from its Charter stake. Liberty Broadband accounts for Charter as an equity method investment, recording its proportionate share of Charter's net income or loss on its income statement. In November 2024, Charter agreed to acquire Liberty Broadband in an all-stock deal, with each Liberty Broadband share exchanging for 0.236 Charter Class A shares. Once that transaction closes, Liberty Broadband will cease to exist as an independent entity. Charter is a large U.S. cable and broadband operator that sells Internet, mobile, video, and voice services to residential and business customers under the Spectrum brand, across roughly 58 million homes and businesses in 41 states. Internet is Charter's core product, mobile (Spectrum Mobile) is its fastest-growing, and video and voice are legacy products in secular decline. Charter operates as an MVNO on Verizon's network for mobile, selling exclusively to existing Spectrum Internet customers. Charter had roughly 32 million total customer relationships and over 11.7 million mobile lines as of year-end 2025. Charter's business model centers on monthly subscription fees, with profitability driven by the operating leverage of its network — incremental customers and services carry relatively low marginal cost once the network is built.