Liberty Media announces plan to split off Liberty Live Group

Liberty Media announced that it is pursuing a plan to split off the Liberty Live (LLYVA) Group. Immediately prior to effecting the split-off, Liberty Media’s subsidiary Quint would be reattributed from the Formula One Group to the Liberty Live Group in exchange for certain private assets. Any cash consideration would be determined at a future date based on relative valuations at the time of the reattribution. Liberty Media will effect the split-off through the redemption of Liberty Media’s Liberty Live common stock in exchange for common stock of a newly formed company to be called Liberty Live, Inc. Liberty Media would redeem each outstanding share of its Series A, Series B and Series C Liberty Live common stock for one share of the corresponding series of common stock of Liberty Live, Inc. As a result of the split-off, Liberty Media and Liberty Live would be separate publicly traded companies, and Liberty Media would no longer have a tracking stock structure. Liberty Live will hold approximately 69.6M shares of Live Nation (LYV), Quint, certain private assets currently attributed to Liberty Live Group, corporate cash and debt obligations attributed to the Liberty Live Group, together with other assets as may be determined by Liberty Media prior to the split-off. Liberty Media will hold its subsidiaries Formula 1 and MotoGP, certain private assets currently attributed to Formula One Group, corporate cash and debt obligations attributed to the Formula One Group, together with other assets as may be determined by Liberty Media prior to the split-off. Liberty Media is expected to continue to trade on Nasdaq. Liberty Live common stock is expected to trade on Nasdaq or, if necessary, to be quoted on the OTC Markets. Additional information will be available at a later date. The split-off is subject to various conditions including, among other things, certain requisite approvals of holders of Series A and Series B Liberty Live common stock and the receipt of an opinion of tax counsel. The split-off is intended to be tax-free to stockholders of Liberty Media. Subject to the satisfaction of the conditions, Liberty Media expects to complete the split-off in the second half of 2025.