SEC FORM 4

SEC FORM 4 SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

MALONE JOHN C

(Last)

(First)

(Middle)

12300 LIBERTY BOULEVARD

(Street)

ENGLEWOOD

80112

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
GCI Liberty, Inc. [ GLIBK ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/15/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Call option (obligation to sell)	$41.2049	07/15/2025		J/K⁽¹⁾⁽²⁾	V		200,000	⁽¹⁾⁽²⁾⁽⁵⁾	⁽¹⁾⁽²⁾⁽⁵⁾	Series C GCI Group Common Stock	200,000	⁽¹⁾⁽²⁾⁽⁵⁾⁽⁷⁾	200,000	D
Put option (right to sell)	$30.15	07/15/2025		J/K⁽¹⁾⁽²⁾	V	200,000		⁽¹⁾⁽²⁾⁽⁵⁾	⁽¹⁾⁽²⁾⁽⁵⁾	Series C GCI Group Common Stock	200,000	⁽¹⁾⁽²⁾⁽⁵⁾⁽⁷⁾	200,000	D
Call option (obligation to sell)	$36.4116	07/15/2025		J/K⁽³⁾⁽⁴⁾	V		80,000	⁽³⁾⁽⁴⁾⁽⁶⁾	⁽³⁾⁽⁴⁾⁽⁶⁾	Series C GCI Group Common Stock	80,000	⁽³⁾⁽⁴⁾⁽⁶⁾⁽⁷⁾	80,000	D
Put option (right to sell)	$22.8525	07/15/2025		J/K⁽³⁾⁽⁴⁾	V	80,000		⁽³⁾⁽⁴⁾⁽⁶⁾	⁽³⁾⁽⁴⁾⁽⁶⁾	Series C GCI Group Common Stock	80,000	⁽³⁾⁽⁴⁾⁽⁶⁾⁽⁷⁾	80,000	D

Explanation of Responses:

1. As previously disclosed by the Reporting Person, on September 12, 2019, the Reporting Person entered into a "zero-cost collar" arrangement (the "2019 Transaction") pursuant to which he wrote European call options and purchased European put options referencing shares of the Series C common stock of Liberty Broadband Corporation. In connection with the spin-off (the "Spin-Off") of the Issuer from Liberty Broadband Corporation, the dealer counterparty to the 2019 Transaction adjusted such transaction pursuant to its terms to cause the Reporting Person to be automatically deemed to have entered into the same "zero-cost collar" arrangement with respect to 200,000 shares of the Issuer's Series C GCI Group Common Stock (the "2019 Adjusted Transaction"). Consistent with the 2019 Transaction, only one of the options can be in the money on the expiration date, at which time the in-the-money options will be exercised, and the other options will expire.

2. If neither the put options nor the call options are in the money on the expiration date, both the put and call options will expire. The 2019 Adjusted Transaction will be settled in cash unless the Reporting Person elects physical settlement.

3. As previously disclosed by the Reporting Person, on September 14, 2021, the Reporting Person entered into a "zero-cost collar" arrangement (the "2021 Transaction"), as amended on March 29, 2023, pursuant to which he wrote European call options and purchased European put options referencing shares of the Series C common stock of Liberty Broadband Corporation. In connection with the Spin-Off, the dealer counterparty to the 2021 Transaction adjusted such transaction pursuant to its terms to cause the Reporting Person to be automatically deemed to have entered into the same "zero-cost collar" arrangement with respect to 80,000 shares of the Issuer's Series C GCI Group Common Stock (the "2021 Adjusted Transaction"). Consistent with the 2021 Transaction, only one of the options can be in the money on the expiration date, at which time the in-the-money options will be exercised, and the other options will expire.

4. If neither the put options nor the call options are in the money on the expiration date, both the put and call options will expire. The 2021 Adjusted Transaction will be settled in cash unless the Reporting Person elects physical settlement.

5. The 2019 Adjusted Transaction is divided into 15 components, the first 5 of which are with respect to 13,200 shares of Series C GCI Group Common Stock and the last 10 of which are with respect to 13,400 shares, maturing on sequential trading days over the period beginning on August 18, 2026 and ending on September 8, 2026.

6. The 2021 Adjusted Transaction is divided into 5 components, each of which are with respect to 16,000 shares of Series C GCI Group Common Stock, maturing on sequential trading days over the period beginning on August 21, 2028 and ending on August 25, 2028.

7. Because the 2019 Adjusted Transaction and the 2021 Adjusted Transaction occurred automatically by operation of the terms of the 2019 Transaction and the 2021 Transaction, respectively, the Reporting Person did not provide or receive any consideration in respect of either transaction.

	/s/ Brittany A. Uthoff as Attorney-in-Fact for John C. Malone	08/19/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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SEC Form 4 filed by Director Malone John C