Liberty Live Holdings, Inc. 4

What Happened

• Liberty Live Holdings, Inc. (reported as a 10% owner of Live Nation) completed a debt-for-debt exchange on March 20, 2026, swapping $1,116,315,000 aggregate principal amount of its 2.375% Exchangeable Senior Debentures due 2053 ("Old Debentures") for an equivalent principal amount of new 2.375% Exchangeable Senior Debentures due 2053 ("New Debentures").
• Each $1,000 principal amount of the New Debentures is exchangeable for the cash value of 9.5320 shares of Live Nation common stock; the $1,116,315,000 principal thus represents roughly the cash value of ~10.64 million shares (approximate). Exchanges and any purchases pursuant to holder put rights are to be cash settled at the holder's option.
• This was a restructuring of debt instruments (derivative securities), not a direct purchase or sale of Live Nation common stock — so it does not represent an open-market buy/sell of shares by an insider.

Key Details

• Transaction date: March 20, 2026. Form 4 filed: March 24, 2026 (filed on the second business day after the transaction).
• Principal exchanged: $1,116,315,000 of Old Debentures exchanged for the same principal amount of New Debentures.
• Exchange ratio: $1,000 principal = cash value of 9.5320 shares → total ~10,640,715 share-equivalent (approximate, cash-settled at holder option).
• New Debentures maturity/expiration: September 30, 2053.
• Relevant rights and windows: New Debentures are exchangeable during specified windows (including July 1–Sept 30, 2032 and July 1–maturity windows) and may be put back or redeemed under certain conditions; holders may put New Debentures on September 30, 2032 (or earlier upon certain events).
• Filing timeliness: Timely (filed within the required two business days).
• Note: Reporting party is a 10% institutional owner — this is a corporate debt restructuring and should not be read as an executive-level trade signal.

Context

• Because these are exchangeable debentures and are cash-settled at the option of the holder, the transaction changes the form of Liberty Live’s debt exposure to Live Nation rather than immediately creating or disposing of equity. Retail investors should view this as a financing/debt-structure event, not an insider purchase or sale of company stock.