The Vanguard Group filed an amended Schedule 13G reporting beneficial ownership of 395,812 shares of GCI Liberty Inc common stock, representing 10.84% of the class as of the 12/31/2025 event date. Vanguard reports no sole voting power, with 17,528 shares subject to shared voting power. It has sole dispositive power over 376,576 shares and shared dispositive power over 19,236 shares. The filing states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of GCI Liberty.
GCI Liberty, Inc. insider Ronald A. Duncan, who serves as President, CEO and Director, reported a change in his ownership of Series C GCI Group common stock. On 12/19/2025, he disposed of 174 shares at a price of $36.39 per share, reported with transaction code "F." Following this transaction, he directly owns 110,177 shares.
The filing also lists Duncan’s indirect holdings: 557 shares through a 401(k) Savings Plan, 20,578 shares through 560 Company, Inc., 2,022 shares through Missy, LLC, 1,162 shares through RAD, LLC, and 7,516 shares held by his spouse. The explanatory notes describe various family and entity ownership structures and state that Duncan disclaims beneficial ownership of certain indirect holdings except to the extent of his pecuniary interest.
GCI Liberty, Inc. director and 10% owner John C. Malone reported exercising subscription rights in a rights offering for Series C GCI Group Common Stock on December 15, 2025. He exercised rights at an exercise price of $27.20 per share, acquiring 726,208 shares directly, bringing his directly held Series C GCI Group Common Stock to 1,947,566 shares after the transactions.
Malone also reported indirect acquisitions through affiliated entities. These included 1,408 shares held by the John C. Malone June 2003 Charitable Remainder Unitrust, 33,790 shares held by the Leslie A. Malone 1995 Revocable Trust, and 16,376 shares held by the Malone LG 2013 Charitable Remainder Unitrust. The filing notes that Malone disclaims beneficial ownership of shares owned by his spouse and that the rights offering, which commenced on November 26, 2025, may be terminated, extended, or have its expiration time of 5:00 p.m. New York City time on December 17, 2025 extended by the issuer.
GCI Liberty, Inc. director Jedd Gould reported exercising subscription rights to acquire 5,757 shares of Series C GCI Group Common Stock on 12/12/2025 at a price of $27.2.
After this transaction, he beneficially owned 5,761 shares directly and held 46 subscription rights as derivative securities. The related rights offering commenced on November 26, 2025 and is scheduled to expire at 5:00 p.m., New York City time, on December 17, 2025, unless terminated or extended by the issuer.
GCI Liberty, Inc. director Larry E. Romrell filed an amended insider ownership report to correct the number of shares he beneficially owns. The amendment relates to an original statement filed on 07/14/2025.
The filing reports that he directly holds 998 shares of Series A GCI Group Common Stock, 24 shares of Series B GCI Group Common Stock, and 3,008 shares of Series C GCI Group Common Stock. Each share of Series B Common Stock is convertible, at the holder's election, into one share of Series A Common Stock at any time for no additional consideration other than surrender of the Series B share.
GCI Liberty, Inc. reported that Chief Legal/Admin Officer Renee L. Wilm exercised subscription rights to acquire 696 shares of Series C GCI Group common stock (GLIBK) on December 11, 2025 at an exercise price of $27.2 per share. Following this transaction, she beneficially owned 2,509 shares directly. The derivative subscription rights covering 696 underlying shares were fully exercised, leaving no derivative securities outstanding. These rights were issued in a rights offering that commenced on November 26, 2025 and is scheduled to expire at 5:00 p.m., New York City time, on December 17, 2025, unless terminated or extended by the issuer.
GCI Liberty, Inc. director Larry E. Romrell reported an insider transaction involving Series C GCI Group common stock on 12/11/2025.
He exercised subscription rights with an exercise price of $27.2 per share to acquire 1,549 shares, bringing his directly held stake in this series to 4,557 shares after the transaction. The related derivative subscription rights were fully exercised, with no derivative securities reported as owned afterward. The rights offering began on November 26, 2025 and is scheduled to expire at 5:00 p.m. New York City time on December 17, 2025, unless extended or terminated by the company.
GCI Liberty, Inc. director Richard R. Green reported exercising subscription rights to acquire 436 shares of Series C GCI Group Common Stock at an exercise price of $27.2 on December 11, 2025.
After this transaction, he beneficially owned 1,980 Series C shares directly and 126 shares held by his spouse, and he disclaims beneficial ownership of the spouse’s shares.
The subscription rights relate to a rights offering for Series C GCI Group Common Stock that commenced on November 26, 2025 and is scheduled to expire at 5:00 p.m., New York City time, on December 17, 2025, unless terminated or extended by the company.
GCI Liberty, Inc. director Jedd Gould reported acquiring stock options on Series C GCI Group Common Stock (GLIBK). On 12/09/2025 he acquired 21,985 stock options, each giving a right to buy shares at an exercise price of $ 31.74.
The options become exercisable on 12/09/2026 and expire on 12/09/2030. Following this transaction, he is reported as beneficially owning 21,985 derivative securities directly.
GCI Liberty is offering up to 11,028,905 shares of Series C GCI Group common stock through a transferable rights offering to holders of its Series A, B and C GCI Group stock as of November 24, 2025. Each holder receives 0.3838 subscription right per share, and each whole right allows the purchase of one Series C share at $27.20, an approximate 20% discount to a 10‑day volume‑weighted average price. The intended aggregate size of the rights offering is $300 million.
Investors who fully exercise their basic rights may request additional shares via an oversubscription privilege, subject to pro rata allocation if demand exceeds available shares. The rights are expected to trade on Nasdaq under GLIBR from November 26, 2025 until just before the December 17, 2025 expiration. Unused rights expire worthless, and stockholders who do not participate face dilution.
Chairman John C. Malone has indicated he intends to fully exercise his basic rights and oversubscription privilege. GCI Liberty plans to use proceeds for general corporate purposes, including working capital, capital expenditures, debt repayment or refinancing, and potential acquisitions. The company, which operates Alaska‑focused communications under the GCI brand, reported $784 million in revenue and a $325 million net loss for the nine months ended September 30, 2025, driven by a $525 million impairment, with cash of $124 million and long‑term debt of $985 million as of that date.