Liberty Media Corporation has entered into a material definitive agreement involving variable forward transactions with Banco Santander, S.A., Citibank, N.A., Morgan Stanley Bank, N.A., and Mizuho Markets Americas LLC. The arrangement, known as the 2025 Forward Contracts, obligates Liberty Media's subsidiary, LN Holdings 1, LLC (LNSPV), to potentially deliver up to 10,488,960 shares of Live Nation Entertainment, Inc. common stock or an equivalent cash amount by the first quarter of 2027. These forward contracts aim to facilitate the split-off of Liberty Media's Liberty Live Group, transferring specific assets and liabilities, including equity interests in Live Nation and exchangeable senior debentures, to a newly formed company, Liberty Live Holdings, Inc. (SplitCo). This strategic financial maneuver provides liquidity options, allowing LNSPV to receive up to $1.15 billion from the Dealers if necessary to settle debenture puts or exchanges.