Liberty Broadband (LBRDA) Investor Day 2024 summary

Strategic vision and structural changes

• Announced the split-off of Liberty Live, creating two asset-backed public companies focused on premium IP: motorsports (Formula 1, MotoGP) and live entertainment (Live Nation, Quint).

• Liberty Media will become a pure-play asset-backed stock, eliminating tracking stocks and simplifying the corporate structure.

• Liberty Broadband and Charter Communications to merge in an all-stock transaction, with LBRD shareholders receiving 0.236 Charter shares per LBRD share and a taxable spin-off of GCI prior to closing.

• The Charter-Liberty Broadband merger will rationalize dual corporate structures, resolve NAV discounts, and spin off GCI as a standalone entity.

• Board realignment will focus on supporting motorsports growth and assembling diversified long-term assets.

Business performance and growth drivers

• Formula 1 achieved record revenue and EBITDA, with 12% CAGR since 2019 and expanding sponsorships, notably the LVMH partnership.

• MotoGP acquisition is on track for year-end close, with 36% revenue growth from 2021–2023 and strong free cash flow profile.

• Live Nation continues double-digit AOI growth, driven by global expansion, venue investments, and increased fan engagement.

• Quint is scaling as a premium event experience platform, integrating with F1, MotoGP, and Live Nation to enhance fan journeys.

• Braves maintain strong brand and financial performance, with record ticket sales, new media deals, and top MLB guest experience ratings.

Strategic priorities and future initiatives

• F1 is maximizing commercial rights, expanding fan segmentation, and investing in digital, licensing, and experiential ventures.

• Focus on sustainability with a 2030 net zero target, diversity initiatives, and technical innovation in fuels and operations.

• QVC Group is pivoting to a live social shopping model, targeting $1.5B run-rate revenue from social and streaming in three years.

• Charter is transforming video with hybrid streaming/linear models, investing in multi-gig networks, and leveraging seamless connectivity.

• AI and data analytics are being deployed across businesses to enhance customer engagement, operational efficiency, and product innovation.