Liberty Media Corporation has announced an update regarding its strategic maneuver involving its Liberty Live Group. On May 28, 2025, LN Holdings 1, LLC, an indirect subsidiary of Liberty Media, entered into agreements for variable forward transactions with several financial institutions, obligating it to deliver up to approximately 10.5 million shares of Live Nation Entertainment, Inc. common stock by the first quarter of 2027. This move comes in anticipation of the planned split-off of Liberty Media's Liberty Live Group, which will be completed through a redemption of Liberty Media's Liberty Live common stock in exchange for shares of a new entity, Liberty Live Holdings, Inc. ("SplitCo"). SplitCo will assume certain assets, including Liberty Media's equity interests in Live Nation and its exchangeable senior debentures. The agreements aim to provide liquidity to SplitCo for settling potential cash exchanges by debenture holders following the split-off. Liberty Media's beneficial ownership in Live Nation remains unchanged at approximately 30%.