Liberty Media’s Liberty Live & Formula 1 Spin-Off

Liberty Media Corporation has executed a major corporate restructuring with the spin-off of Liberty Live Holdings, Inc. This move separates the Liberty Live Group from Liberty Media, creating a new independent, publicly traded entity. With shareholder approval secured and asset reattributions finalized, Liberty Live Holdings is set to begin trading independently in mid-December 2025.

This article breaks down what the spin-off entails, the assets involved, how shares are being exchanged, and what investors need to know ahead of the trading launch.

What Is the Liberty Live Spin-Off?

The spin-off is a redemptive split-off of Liberty Live Holdings, Inc., a wholly owned subsidiary of Liberty Media. Approved during a special virtual shareholder meeting on December 5, 2025, the transaction transfers all assets, liabilities, and businesses previously attributed to the Liberty Live Group from Liberty Media to Liberty Live Holdings.

This includes Liberty Media’s significant equity position in Live Nation Entertainment, totaling approximately 30 percent of outstanding shares as of July 31, 2025.

Key Dates and Timeline

• December 3, 2025: Final reattribution terms approved by Liberty Media’s board

• December 5, 2025: Shareholders approve the Split-Off at the Special Meeting

• December 15, 2025: Effective date of the split-off at 4:05 p.m. ET

• December 16, 2025: Liberty Live Holdings begins trading under new ticker symbols

How the Share Exchange Works

Each outstanding share of Liberty Media’s Series A, B, and C Liberty Live common stock will be redeemed on a one-for-one basis for the corresponding series of Liberty Live Holdings common stock. This means that shareholders will receive:

• One share of Liberty Live Holdings Series A stock (LLYVA) for each share of Liberty Media’s Series A Liberty Live stock

• One share of Series B (LLYVB) for each Series B share

• One share of Series C (LLYVK) for each Series C share

After the transaction, Liberty Live Holdings is expected to have:

• Approximately 25.6 million shares of Series A

• 2.5 million shares of Series B

• 63.8 million shares of Series C outstanding

Trading and Ticker Symbol Updates

Following the spin-off:

• Liberty Media’s LLYVA and LLYVK shares will be delisted from Nasdaq

• LLYVB will be removed from the OTC Markets

• Liberty Live Holdings will begin trading under the following symbols effective December 16, 2025:

  • LLYVA on Nasdaq (Series A)

  • LLYVK on Nasdaq (Series C)

  • LLYVB on OTC Markets (Series B)

Reattribution of Assets

As part of the transaction, there was a significant reattribution of assets between Liberty Media’s Formula One Group and the Liberty Live Group.

Transferred to Liberty Live Group (Total: $421.7 million):

• Interest in QuintEvents, LLC

• Interest in Meyer Shank Racing LLC

• Cash payment of approximately $171.7 million

Transferred to Formula One Group (Total: $421.7 million):

• Interest in Kroenke Arena Company, LLC

• Interest in Overtime Sports, Inc.

• Interest in Griffin Gaming Partners II, L.P.

This reattribution balances the asset value between both groups and ensures that Liberty Live Holdings is self-contained and financially viable from day one.

Strategic and Financial Implications

This split-off allows Liberty Media to simplify its structure by separating businesses with distinct growth profiles and capital structures. Liberty Live Holdings will operate independently, focused on live entertainment and events through its stake in Live Nation and other private assets.

From a shareholder perspective, the move is structured as tax-free and is expected to unlock value by allowing the market to more clearly assess the performance of each entity independently.

Final Thoughts

The spin-off of Liberty Live Holdings marks a strategic milestone for Liberty Media. With distinct assets, trading identities, and financial direction, both Liberty Media and Liberty Live are poised to pursue focused strategies in their respective domains. Investors should monitor the performance of Liberty Live Holdings as it debuts on the market and reassess their portfolios accordingly.

FAQ

What is the effective date of the Liberty Live Holdings spin-off?

The transaction becomes effective at 4:05 p.m. ET on December 15, 2025.

When will Liberty Live Holdings begin trading independently?

Shares will begin trading on December 16, 2025.

What ticker symbols will the new company use?

LLYVA and LLYVK will trade on Nasdaq, while LLYVB will be quoted on the OTC Markets.

What will happen to the old Liberty Live stock (LLYVA, LLYVB, LLYVK)?

These shares will be redeemed and replaced one-for-one with corresponding Liberty Live Holdings shares.

Is this transaction taxable for shareholders?

The spin-off is structured to be tax-free for U.S. federal income tax purposes, assuming IRS conditions are met.

What are the key assets held by Liberty Live Holdings post spin-off?

The new entity will hold Liberty Media’s stake in Live Nation, interests in QuintEvents and Meyer Shank Racing, along with associated liabilities and cash.

Why did Liberty Media pursue this spin-off?

To create independent companies that allow investors to assess each entity on its own operational and financial merits.

How were the reattributed assets balanced?

A net asset value of $421.7 million was exchanged between the Liberty Live and Formula One Groups to maintain parity.

Disclaimer:

This article is for informational purposes only and does not constitute financial, investment, or legal advice. Investors should conduct their own research or consult with a licensed financial advisor before making investment decisions. The accuracy and completeness of this information are not guaranteed, and the situation may evolve after publication.