SEC Filing Summary

This Schedule 13D filing pertains to Liberty Live Holdings, Inc. (the "Issuer") and its Series A Liberty Live Group Common Stock. The filing is made jointly by nine entities, collectively referred to as the "Reporting Persons," including ValueAct Capital Master Fund, L.P. and its affiliates. The Reporting Persons, as of December 19, 2025, beneficially own approximately 7.0% of the Issuer's outstanding Common Stock, amounting to 1,799,319 shares. The aggregate purchase price for these shares was approximately $98,745,160.22. The acquisition of these securities was driven by the belief that the Issuer's stock was undervalued. The Reporting Persons have engaged and anticipate further discussions with the Issuer's management and board regarding various aspects of the business, including strategic direction, board composition, and corporate governance. They reserve the right to adjust their investment strategy based on various factors. The filing also notes that on December 15, 2025, Liberty Media Corporation completed the split-off of the Issuer. The filing includes detailed transaction information for the past sixty days, with ValueAct Master Fund executing several buy transactions between December 8th and December 17th, 2025.