If the filing person has previously filed
a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because
of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ¨
*The remainder of this cover page shall
be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for
any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder
of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of
1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions
of the Act (however, see the Notes).
CUSIP No.
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Series A common stock: 530307
107
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Series B common stock: 530307 206
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1.
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Names of Reporting Persons
Gregory B. Maffei
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2.
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Check the Appropriate Box if a Member of a Group (See Instructions)
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(a)
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o
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(b)
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o
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3.
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SEC Use Only
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4.
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Source of Funds (See Instructions)
OO
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5.
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Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) o
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6.
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Citizenship or Place of Organization
U.S.
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Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With
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7.
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Sole Voting Power
Series A Common Stock: 459,368 (1), (2), (3), (4)
Series B Common Stock: 361,521 (5)
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8.
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Shared Voting Power
Series A Common Stock: 0
Series B Common Stock: 0
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9.
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Sole Dispositive Power
Series A Common Stock: 459,368 (1), (2), (3), (4)
Series B Common Stock: 361,521 (5)
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10.
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Shared Dispositive Power
Series A Common Stock: 0
Series B Common Stock: 0
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11.
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Aggregate Amount Beneficially Owned by Each Reporting Person
Series A Common Stock: 459,368 (1), (2), (3), (4)
Series B Common Stock: 361,521 (5)
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12.
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Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) o
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13.
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Percent of Class Represented by Amount in Row (11)
Series A Common Stock: 1.8% (6)
Series B Common Stock: 12.5% (6)
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14.
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Type of Reporting Person (See Instructions)
IN
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(1)
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Includes 116,290 shares of Series A Common Stock, par value $0.01 per share (the “Series A Common Stock”),
of Liberty Broadband Corporation, a Delaware corporation (the “Issuer”), held by a grantor retained annuity trust of
which Mr. Maffei is the sole trustee, for the benefit of himself, his spouse and his children.
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(2)
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Does not include shares of Series A Common Stock issuable upon conversion of shares of the Issuer's Series B Common
Stock, par value $0.01 per share (the “Series B Common Stock”), beneficially owned by Mr. Maffei;
however, if such shares of Series A Common Stock were included, without giving effect to the stipulation and order granted on
November 23, 2020 that was previously described in Item 6 of the Schedule 13D (the “Stipulation and Order”),
Mr. Maffei would beneficially own, in the aggregate, 820,889 shares of Series A Common Stock, and Mr. Maffei’s
aggregate beneficial ownership of Series A Common Stock, as a series, would be 3.2% of such shares of Series A Common
Stock outstanding, subject to the relevant footnotes set forth herein.
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(3)
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Includes 86,248 shares of Series A Common Stock held by the Maffei Foundation, as to which shares Mr. Maffei has
disclaimed beneficial ownership.
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(4)
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Includes 11,097 shares of Series A Common Stock,
which are available in support of a line of credit with Morgan Stanley Private Bank, National Association.
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(5)
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Includes 352,349 shares of the Issuer’s Series B Common Stock, par value $0.01 per share (the “Series B Common
Stock”), that are subject to options, which are exercisable within 60 days after December 17, 2021. Such options
to purchase shares of the Issuer's Series B Common Stock are subject to the Stipulation and
Order, pursuant to which Mr. Maffei has agreed that immediately following the exercise of any such options,
he will exchange each share of Series B Common Stock issued upon such exercise for one share of the Issuer's non-voting
Series C Common Stock, par value $0.01 per share.
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(6)
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For purposes of calculating the beneficial ownership of Mr. Maffei, the total number of shares of Series A Common Stock
outstanding was 25,104,383 and the total number of shares of Series B Common Stock outstanding was 2,544,548, in each case, on October 31,
2021, as reported by the Issuer in its Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, filed with the
Securities and Exchange Commission on November 4, 2021 (the “Q3 10-Q”), and as calculated in accordance with Rule 13d-3
under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), after adjustment for the assumed exercise
of all options to acquire shares of Series A Common Stock or Series B Common Stock held by Mr. Maffei and exercisable within
60 days after December 17, 2021. Furthermore, 7,192,017 shares of the Issuer’s Series A Cumulative Redeemable Preferred
Stock, par value $0.01 per share (the “Preferred Stock”), were outstanding as of September 30, 2021, as reported
by the Issuer in the Q3 10-Q. Each share of Series B Common Stock is convertible, at the
option of the holder, into one share of Series A Common Stock. Shares of Series A Common Stock and Preferred Stock are
not convertible at the option of the holder. The holders of Series A Common Stock, Series B Common Stock and Preferred Stock
generally vote as a single class with respect to all matters voted on by the stockholders of the Issuer. Each
share of Series A Common Stock is entitled to one vote, each share of Series B Common Stock is entitled to ten votes,
and each share of Preferred Stock is entitled to 1/3 of a vote, in each case, on matters presented to stockholders of the Issuer for their
approval. Accordingly, Mr. Maffei may be deemed to beneficially own voting equity securities representing approximately 7.2% of the
voting power with respect to the general election of directors of the Issuer based on the outstanding shares noted above and calculated
pursuant to Rule 13d-3 of the Exchange Act. After giving effect to the Stipulation and Order, Mr. Maffei may be deemed to beneficially
own voting equity securities representing approximately 1.0% of the voting power with respect to the general election of directors of
the Issuer based on the outstanding shares noted above. See Item 5.
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
(Amendment
No. 1)
Statement of
GREGORY B. MAFFEI
Pursuant to Section 13(d) of the Securities Exchange Act of 1934
in respect of
LIBERTY BROADBAND CORPORATION
This statement on Schedule 13D relates to the Series A
common stock, par value $0.01 per share (“Series A Common Stock”), and Series B common stock, par value $0.01
per share (“Series B Common Stock,” and together with the Series A Common Stock, the “Common Stock”),
of Liberty Broadband Corporation, a Delaware corporation (the “Issuer”). The statement on Schedule 13D originally filed
with the Securities and Exchange Commission (the “SEC”) by the Reporting Person, Mr. Gregory B. Maffei (“Mr. Maffei”
or the “Reporting Person”), on December 23, 2020 (the “Schedule 13D”), is hereby amended and
supplemented to include the information set forth herein. This amended statement on Schedule 13D (the “Amendment”)
constitutes Amendment No. 1 to the Schedule 13D (the Schedule 13D, as amended by the Amendment, collectively, the “Statement”).
Capitalized terms not defined herein have the meanings given to such terms in the Schedule 13D. Except as set forth herein, the Schedule
13D is unmodified.
Item 3. Source and Amount of Funds or Other Consideration.
Item 3 of the Schedule 13D is hereby amended and
supplemented to include the following information:
On December 15,
2021, Mr. Maffei exercised an option to acquire 369,785 shares of Series B Common
Stock at an exercise price of $97.21 per share. This option was received on December 18, 2020 pursuant to the Merger Agreement,
dated as of August 6, 2020, previously described in Item 1 of the Schedule 13D. Pursuant
to the stipulation and order granted on November 23, 2020 that was previously described in Item 6 of the Schedule 13D (the
“Stipulation and Order”), immediately following the exercise of such option,
Mr. Maffei exchanged each share of Series B Common Stock issued upon such exercise for one share of non-voting Series C
Common Stock, par value $0.01 per share (“Series C Common Stock”), of the Issuer. In
connection with the exercise of the foregoing option, the Issuer withheld 238,913 shares of Series B Common Stock in satisfaction
of the exercise price. Mr. Maffei used personal funds to satisfy associated tax withholding obligations.
Item 4. Purpose of the Transaction.
Item 4 of the Schedule
13D is hereby amended and supplemented to include the following information:
The
information contained in Item 3 of this Amendment is incorporated by reference herein.
The shares
of Common Stock beneficially owned by Mr. Maffei and described in this Statement are being held by him for investment purposes.
Other
than as set forth in this Amendment, Mr. Maffei does not have any present plans or proposals which relate to or would result in:
(i) any acquisition by any person of additional securities of the Issuer, or any disposition of securities of the Issuer; (ii) any
extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the Issuer or any of its subsidiaries;
(iii) any sale or transfer of a material amount of assets of the Issuer or any of its subsidiaries; (iv) any change in the board
or management of the Issuer, including any plans or proposals to change the number or term of directors or to fill any vacancies on the
board; (v) any material change in the present capitalization or dividend policy of the Issuer; (vi) any other material change
in the Issuer’s business or corporate structure; (vii) any change in the Issuer’s charter or bylaws or other actions
which may impede the acquisition of control of the Issuer by any person; (viii) any delisting from a national securities exchange
or any loss of authorization for quotation in an inter-dealer quotation system of a registered national securities association of a class
of securities of the Issuer; (ix) any termination of registration pursuant to Section 12(g)(4) of the Exchange Act of a
class of equity securities of the Issuer; or (x) any action similar to any of those enumerated above.
Mr. Maffei is President
and Chief Executive Officer and a director of the Issuer. As a result, Mr. Maffei regularly has discussions with members of Issuer
management, board members of the Issuer, and stockholders of the Issuer, which discussions from time to time relate to management, governance
and board composition, the Issuer’s operations and financial condition or strategic transactions.
Notwithstanding
the foregoing, Mr. Maffei may determine to change his intentions with respect to the Issuer at any time in the future and may, for
example, elect (i) to acquire additional shares of Capital Stock (as defined below) in open market or privately negotiated
transactions or (ii) to dispose of all or a portion of his holdings of shares of Capital Stock. In reaching any determination
as to his future course of action, Mr. Maffei will take into consideration various factors, such as the Issuer’s business and
prospects, other developments concerning the Issuer, other business opportunities available to Mr. Maffei, tax and estate planning
considerations, liquidity needs and general economic and stock market conditions, including, but not limited to, the market prices of
the Capital Stock.
Item 5. Interest in Securities of the Issuer.
The information contained in Item 5 of the Schedule
13D is hereby amended and restated in its entirety to read as follows:
(a) - (b) As a result of the transaction
referred to in this Statement, Mr. Maffei beneficially owns (without giving effect to the conversion of shares of Series B Common
Stock into shares of Series A Common Stock) (i) 459,368 shares of Series A Common Stock (including (A) 116,290 shares
held by a grantor retained annuity trust of which Mr. Maffei is the sole trustee, for the benefit of himself, his spouse and his
children and (B) 86,248 shares held by the Maffei Foundation, as to which shares Mr. Maffei has disclaimed beneficial
ownership), which shares represent approximately 1.8% of the outstanding shares of Series A Common Stock, and (ii) 361,521 shares
of Series B Common Stock (including 352,349 shares that are issuable upon the exercise of options, which are exercisable within 60
days after December 17, 2021), which shares represent approximately 12.5% of the outstanding shares of Series B Common
Stock. After giving effect to the Stipulation and Order, Mr. Maffei may be deemed to beneficially own 9,172 shares of Series B
Common Stock, which shares represent approximately 0.4% of the outstanding shares of Series B Common Stock
For purposes of calculating the beneficial ownership
of Mr. Maffei, the total number of shares of Series A Common Stock outstanding was 25,104,383 and the total number of shares
of Series B Common Stock outstanding was 2,544,548, in each case, on October 31, 2021, as reported by the Issuer in its Quarterly
Report on Form 10-Q for the quarter ended September 30, 2021, filed with the Securities and Exchange Commission on November 4,
2021 (the “Q3 10-Q”), and as calculated in accordance with Rule 13d-3 under the Securities Exchange Act of 1934,
as amended (the “Exchange Act”), after adjustment for the assumed exercise of all options to acquire shares of Series A
Common Stock or Series B Common Stock held by Mr. Maffei and exercisable within 60 days after December 17, 2021.
Furthermore, 7,192,017 shares of the Issuer’s Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share (the
“Preferred Stock” and together with the Series A Common Stock, Series B Common Stock and Series C Common
Stock, the “Capital Stock”), were outstanding at September 30, 2021, as reported by the Issuer in the Q3 10-Q.
The holders of Series A Common Stock, Series B Common Stock and Preferred Stock generally vote as a single class with respect
to all matters voted on by the stockholders of the Issuer. Each share of Series A Common Stock
is entitled to one vote, each share of Series B Common Stock is entitled to ten votes, and each share of Preferred Stock is
entitled to 1/3 of a vote, in each case, on matters presented to stockholders of the Issuer for their approval. Accordingly, Mr. Maffei
may be deemed to beneficially own voting equity securities representing approximately 7.2% of the voting power with respect to the general
election of directors of the Issuer based on the outstanding shares noted above and calculated pursuant to Rule 13d-3 of the Exchange
Act. After giving effect to the Stipulation and Order, Mr. Maffei may be deemed to beneficially own voting equity securities representing
approximately 1.0% of the voting power with respect to the general election of directors of the Issuer based on the outstanding shares
noted above.
Mr. Maffei has the sole power to vote and
to dispose of, or to direct the voting or disposition of, his shares of Series A Common Stock or Series B Common Stock, subject
to the terms of the Stipulation and Order.
(c) Other
than as stated herein, Mr. Maffei has not effected any transactions with respect to the Series A Common Stock or Series B
Common Stock during the 60 days preceding the date hereof.
(d) Not
Applicable.
(e) Not
Applicable.
SIGNATURE
After reasonable inquiry and
to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Dated: December 17, 2021
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/s/ Gregory B. Maffei
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Gregory B. Maffei
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[Signature Page to GBM 13D Amendment No. 1 regarding LBC]