Liberty Broadband (NASDAQ: LBRDA) insider exits after Charter merger
Rhea-AI Filing Summary
Liberty Broadband Corp (LBRDA) reports that, in connection with its merger with Charter Communications, Inc., all of Julie D. Frist’s reported Liberty Broadband equity positions were eliminated on August 19, 2026. Multiple stock options on LBRDK that were fully exercisable were cancelled for no consideration, and indirect holdings of Series A and Series C Common Stock held through various family trusts, a managed account, and by her spouse were disposed of. Each share of Liberty Broadband Series A and Series C Common Stock was automatically converted into 0.2360 of a share of Charter Class A common stock, with cash paid in lieu of fractional shares. The reporting person disclaims beneficial ownership of most indirect holdings except to the extent of her pecuniary interest.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Seller: 1,147,791 shares
Net Sell
19 txns
Insider
Frist Julie D.
Role
Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Disposition | Stock Option - LBRDK (Right to Buy) F9, F8 | 4,484 | $0.00 | $0.00 |
| Disposition | Stock Option - LBRDK (Right to Buy) F9, F8 | 3,949 | $0.00 | $0.00 |
| Disposition | Stock Option - LBRDK (Right to Buy) F9, F8 | 4,498 | $0.00 | $0.00 |
| Disposition | Stock Option - LBRDK (Right to Buy) F9, F8 | 6,486 | $0.00 | $0.00 |
| Disposition | Stock Option - LBRDK (Right to Buy) F9, F8 | 6,184 | $0.00 | $0.00 |
| Disposition | Series C Common Stock F1, F2 | 3,374 | $0.00 | $0.00 |
| Disposition | Series C Common Stock F1, F3 | 20,836 | $0.00 | $0.00 |
| Disposition | Series C Common Stock F1, F2 | 3,299 | $0.00 | $0.00 |
| Disposition | Series C Common Stock F1, F3 | 20,843 | $0.00 | $0.00 |
| Disposition | Series C Common Stock F1, F4 | 574 | $0.00 | $0.00 |
| Disposition | Series C Common Stock F1, F4 | 558 | $0.00 | $0.00 |
| Disposition | Series C Common Stock F1, F5 | 601,507 | $0.00 | $0.00 |
| Disposition | Series C Common Stock F1, F4 | 574 | $0.00 | $0.00 |
| Disposition | Series C Common Stock F1, F6 | 466,472 | $0.00 | $0.00 |
| Disposition | Series C Common Stock F1, F6 | 4,924 | $0.00 | $0.00 |
| Disposition | Series C Common Stock F1, F2 | 3,434 | $0.00 | $0.00 |
| Disposition | Series C Common Stock F1, F3 | 20,861 | $0.00 | $0.00 |
| Disposition | Series A Common Stock F1, F7 | 85 | $0.00 | $0.00 |
| Disposition | Series C Common Stock F1, F7 | 450 | $0.00 | $0.00 |
Holdings After Transaction:
Stock Option - LBRDK (Right to Buy) — 0 shares (Direct);
Series C Common Stock — 0 shares (Indirect, By Annabel D. Frist 2003 Trust);
Series C Common Stock — 0 shares (Indirect, By Annabel D. Frist 2021 FCT);
Series C Common Stock — 0 shares (Indirect, By Caroline M. Frist 2001 Trust);
Series C Common Stock — 0 shares (Indirect, By Caroline M. Frist 2021 FCT);
Series C Common Stock — 0 shares (Indirect, By John M. Damgard 2012 Trust);
Series C Common Stock — 0 shares (Indirect, By Lily M. Damgard 2012 Trust);
Series C Common Stock — 0 shares (Indirect, By Spouse);
Series C Common Stock — 0 shares (Indirect, By Theodor D. Damgard 2012 Trust);
Series C Common Stock — 0 shares (Indirect, By Thomas F. Frist III 2007 Family Trust);
Series C Common Stock — 0 shares (Indirect, By Thomas F. Frist III 2011 Family Trust);
Series C Common Stock — 0 shares (Indirect, By Thomas F. Frist IV 2005 Trust);
Series C Common Stock — 0 shares (Indirect, By Thomas F. Frist IV 2021 FCT);
Series A Common Stock — 0 shares (Indirect, By Trusts);
Series C Common Stock — 0 shares (Indirect, By Trusts)
Footnotes (9)
- F1. Pursuant to the terms of the Merger Agreement (as defined in the Remarks section), at the effective time of the Merger (as defined in the Remarks section), each share of the Issuer's Series A Common Stock and Series C Common Stock issued and outstanding immediately prior to the effective time of the Merger was automatically converted into 0.2360 of a share of Charter Communications, Inc. ("Charter") Class A common stock, except that cash (without interest) was paid in lieu of fractional shares.
- F2. The reporting person is the sister-in-law of the sole trustee and, as the settlor of the trust, also retains a power of substitution with respect to the assets held by the trust. The reporting person, therefore, may be deemed to have shared dispositive power over the securities held by the trust. The reporting person disclaims beneficial ownership of these securities except to the extent of her pecuniary interest therein.
- F3. The reporting person is the sole trustee of the trust. The beneficiary of the trust is a member of the reporting person's immediate family, and the reporting person disclaims beneficial ownership of the securities held by the trust except to the extent of her pecuniary interest therein.
- F4. The reporting person is the sole trustee of the trust and, as the settlor of the trust, also retains a power of substitution with respect to the assets held by the trust. The reporting person disclaims beneficial ownership of the securities held by the trust except to the extent of her pecuniary interest therein.
- F5. The reporting person disclaims beneficial ownership of these shares owned by her spouse.
- F6. The reporting person is the sole trustee of the trust. The beneficiaries of the trust are members of the reporting person's immediate family, and the reporting person disclaims beneficial ownership of the securities held by the trust except to the extent of her pecuniary interest therein.
- F7. These shares were held in a managed account under the trading discretion of an investment manager (the "Managed Account"). Three trusts (the "Trusts") for the benefit of members of the reporting person's immediate family collectively have a one-third interest in the Managed Account. The reporting person's spouse was appointed as the successor trustee of the Trusts. The reporting person disclaims beneficial ownership of the securities held by the Trusts and the Managed Account except to the extent of her pecuniary interest therein.
- F8. These options were fully exercisable.
- F9. Pursuant to the terms of the Merger Agreement, immediately prior to the effective time of the Merger, such stock option of the Issuer was cancelled for no consideration.
Key Figures
Conversion ratio: 0.2360 share of Charter Class A common stock per Liberty Broadband share
Option shares cancelled: 4,484 shares at $153.5800 exercise price
Option shares cancelled: 3,949 shares at $147.3300 exercise price
+3 more
6 metrics
Conversion ratio
0.2360 share of Charter Class A common stock per Liberty Broadband share
Applied to each Series A and Series C Common Stock share at the effective time of the Merger
Option shares cancelled
4,484 shares at $153.5800 exercise price
Stock Option - LBRDK cancelled for no consideration on 2026-08-19
Option shares cancelled
3,949 shares at $147.3300 exercise price
Stock Option - LBRDK cancelled for no consideration on 2026-08-19
Largest indirect common holding disposed
601,507 shares of Series C Common Stock
Held indirectly by spouse; disposition reported on 2026-08-19 with 0 shares following
Large family trust holding disposed
466,472 shares of Series C Common Stock
Held by Thomas F. Frist III 2007 Family Trust; disposition reported with 0 shares following
Additional trust holding disposed
20,861 shares of Series C Common Stock
Held by Thomas F. Frist IV 2021 FCT; disposition reported with 0 shares following
Key Terms
Agreement and Plan of Merger, Class A common stock, dispositive power, pecuniary interest, +1 more
5 terms
Agreement and Plan of Merger regulatory
"Pursuant to the Agreement and Plan of Merger, dated as of November 12, 2024"
An Agreement and Plan of Merger is a formal document where two companies agree to combine into one, outlining how the process will happen. It’s like a step-by-step plan for merging, and it matters because it shows both sides have agreed on the details before the official transition takes place.
Class A common stock financial
"converted into 0.2360 of a share of Charter Communications, Inc. Class A common stock"
Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.
dispositive power financial
"may be deemed to have shared dispositive power over the securities held by the trust"
Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.
pecuniary interest financial
"disclaims beneficial ownership of these securities except to the extent of her pecuniary interest"
beneficial ownership financial
"The reporting person disclaims beneficial ownership of these shares owned by her spouse"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
FAQ
What did the Liberty Broadband (LBRDA) Form 4 report for Julie D. Frist?
The Form 4 reports that on August 19, 2026, Julie D. Frist and related entities disposed of all reported Liberty Broadband Series A and Series C Common Stock and several fully exercisable LBRDK stock options in connection with the merger into Charter Communications.
What happened to Julie D. Frist’s LBRDK stock options in this filing?
Several fully exercisable Stock Option – LBRDK positions, covering 4,484, 3,949, 4,498, 6,486, and 6,184 underlying shares at exercise prices from $71.17 to $153.58, were cancelled for no consideration immediately prior to the merger.
Was the Liberty Broadband (LBRDA) Form 4 filed under a Rule 10b5-1 plan?
No. The filing’s Rule 10b5-1 checkbox is not checked, and the footnotes do not state that the reported transactions were executed pursuant to a Rule 10b5-1 trading plan.
AI-generated analysis. How Rhea-AI works. Not financial advice.
