[Form 4] GCI Liberty, Inc. Insider Trading Activity

Rhea-AI Filing Summary

John C. Malone, a director and 10% owner of GCI Liberty, Inc. (GLIBK), reported purchases of Series C GCI Group common stock on September 15-17, 2025. The filing shows three separate purchase events: 5,500 shares on 09/15/2025 at a weighted average price of $34.9617, 2,228 shares on 09/16/2025 at $34.9335, and 42,170 shares on 09/17/2025 at $34.991. After these transactions his direct beneficial ownership increased to 1,208,006 shares. The report also discloses indirect holdings of 71,421 shares through the Leslie A. Malone 1995 Revocable Trust and 42,666 shares via the Malone LG 2013 Charitable Remainder Unitrust, of which he disclaims beneficial ownership for trust-held shares owned by his spouse.

Positive

• Director and 10% owner purchased additional common shares, increasing direct holdings to 1,208,006 shares.
• Repeated open-market purchases over three days show continued insider accumulation (49,898 shares reported acquired).
• Full price disclosure provided with weighted-average price ranges and willingness to supply per-lot details upon request.

Negative

• None.

Insights

Securities Analyst

TL;DR: Insider purchases totaling 49,898 Series C shares increased John C. Malone's direct stake to 1,208,006 shares, signaling a personal buy at ~ $34.94-$34.99.

These Form 4 entries document repeated, small-lot open-market purchases over three days, with weighted average prices disclosed for each day. For investors, director purchases can be interpreted as a sign of confidence in the issuer, although these amounts are modest relative to institutional transactions. The filing also clarifies indirect ownership through two trusts totaling 114,087 shares, with a disclaimer about spousal ownership for certain trust-held shares. No derivatives or sales were reported, and no other compensatory or extraordinary transactions are disclosed.

Corporate Governance Expert

TL;DR: The report is a routine Section 16 disclosure of open-market purchases by a major shareholder and director; it contains no governance red flags.

The Form 4 is complete with weighted-average price explanations and an attorney-in-fact signature. It identifies the reporting person as both a director and a greater-than-10% owner, and it discloses indirect holdings via family and charitable vehicles. No departures, option exercises, or related-party transfers are reported. From a governance perspective, the filing increases transparency about insider accumulation but does not indicate any material governance change.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

MALONE JOHN C

(Last) (First) (Middle)

12300 LIBERTY BOULEVARD

(Street)

ENGLEWOOD CO 80112

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
GCI Liberty, Inc. [ GLIBK ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Series C GCI Group Common Stock	09/15/2025		P		5,500	A	$34.9617(1)	1,163,608	D
Series C GCI Group Common Stock	09/16/2025		P		2,228	A	$34.9335(2)	1,165,836	D
Series C GCI Group Common Stock	09/17/2025		P		42,170	A	$34.991(3)	1,208,006	D
Series C GCI Group Common Stock								71,421	I	Leslie A. Malone 1995 Revocable Trust(4)
Series C GCI Group Common Stock								42,666	I	Malone LG 2013 Charitable Remainder Unitrust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The price is a weighted average price. These shares were purchased in multiple transactions ranging from $34.950 to $35.000, inclusive. The reporting person undertakes to provide to the Securities and Exchange Commission, the Issuer, or any security holder of the Issuer, upon request, full information regarding the number of shares purchased at each separate price within the range.

2. The price is a weighted average price. These shares were purchased in multiple transactions ranging from $34.870 to $34.955, inclusive. The reporting person undertakes to provide to the Securities and Exchange Commission, the Issuer, or any security holder of the Issuer, upon request, full information regarding the number of shares purchased at each separate price within the range.

3. The price is a weighted average price. These shares were purchased in multiple transactions ranging from $34.920 to $35.000, inclusive. The reporting person undertakes to provide to the Securities and ExchangeCommission, the Issuer, or any security holder of the Issuer, upon request, full information regarding the number of shares purchased at each separate price within the range.

4. The Reporting Person disclaims beneficial ownership of these shares owned by his spouse.

	/s/ Brittany A. Uthoff as Attorney-in-Fact for John C. Malone	09/17/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions did John C. Malone report for GLIBK on Form 4?

He reported three open-market purchases of Series C GCI Group common stock: 5,500 shares on 09/15/2025 at a weighted average $34.9617, 2,228 shares on 09/16/2025 at $34.9335, and 42,170 shares on 09/17/2025 at $34.991.

How many GLIBK shares does John C. Malone beneficially own after these transactions?

The filing reports direct beneficial ownership of 1,208,006 shares following the reported purchases.

Does the Form 4 disclose any indirect ownership for John C. Malone?

Yes. It discloses 71,421 shares held indirectly via the Leslie A. Malone 1995 Revocable Trust and 42,666 shares via the Malone LG 2013 Charitable Remainder Unitrust, with a disclaimer concerning shares owned by his spouse.

Were any sales, derivative transactions, or option exercises reported?

No. The Form 4 lists only non-derivative acquisitions; Table II (derivative securities) contains no entries.

Who signed the Form 4 and when was it signed?

The Form 4 was signed by Brittany A. Uthoff as Attorney-in-Fact for John C. Malone on 09/17/2025.