Liberty Capital Corp/NV (GLIBK)

GCI Liberty, Inc. is a Nevada holding company formed in December 2024 that owns 100% of GCI, LLC and GCI Holdings, LLC and their subsidiaries. These businesses were previously owned by Liberty Broadband. GCI Liberty was separated from Liberty Broadband in July 2025 through an internal reorganization, a sale of non-voting preferred stock (12% dividend, mandatory redemption July 14, 2032) and a distribution of its Series A, B and C GCI Group common stock to Liberty Broadband shareholders. In late 2025 it completed a rights offering that issued 11,059,127 shares of Series C stock (GLIBK) and raised about $300 million for general corporate purposes. Operationally, its main business is GCI Holdings, a wholly owned subsidiary that provides data, wireless, voice and managed services, primarily in Alaska under the GCI brand.

GCI Holdings generated about 71% of 2025 revenue from data services, 24% from wireless services and 5% from other services. Its dedicated internet access and managed services include voice, WiFi, firewall, and detection and response, and it offers network monitoring and management to businesses and governmental entities. It owns a statewide wireless network that mainly provides 5G data and 4G LTE voice and data service. As of December 31, 2025, it had fully exited the video business and discontinued service to all video customers after receiving regulatory approval.

Its customers include residential consumers, businesses, governmental entities, educational and medical institutions, and carriers, in both urban and rural Alaska. Harsh winters and remote geography mean customers rely heavily on its systems. It takes part in federal and, to a lesser extent, local subsidy programs for high-cost areas, and it pursues government grants for rural broadband expansion. In 2025 it received 6% of the roughly $8.5 billion USF program, supporting services to about 180 rural health care providers, 235 schools and 139,000 rural wireless residents. It sells additional and enhanced services to existing customers through its customer service centers and retail stores, and it prioritizes service for its largest commercial customers.

GCI Holdings was founded in 1979 as a competitive long-distance provider and describes itself as the leading integrated communications provider in its markets. Its network combines fiber, microwave and satellite technologies, including redundant undersea fiber cable systems linking Alaska to carriers in the lower 48 states. Its fiber network has been extended to the Aleutian Chain and the Bethel area, and it operates a high-capacity backbone with peering partners on the west coast. It holds FCC licenses for wireless spectrum, satellite and microwave facilities, submarine cable landings and earth stations, along with federally registered service marks and two utility patents. Its operations are extensively regulated by the FCC and by state and local authorities. GCI Liberty receives public company support services from Liberty Media under a services agreement, with fees expected not to exceed about $5 million in the first year.