SCHEDULE: Malone Exits Liberty Live B Stock Post Split-Off

John C. Malone has ceased to be a beneficial owner of more than five percent of Liberty Media Corporation's Series B Liberty Live Common Stock following a corporate split-off.

Summary

• John C. Malone (the "Reporting Person") filed Amendment No. 10 to his Schedule 13D, reporting a change in his beneficial ownership of Series B Liberty Live Common Stock of Liberty Media Corporation.
• The amendment states that Mr. Malone ceased to be the beneficial owner of more than five percent of the outstanding shares of Series B Liberty Live Common Stock.
• This change occurred on December 15, 2025, when Liberty Media Corporation completed its previously disclosed split-off of its Liberty Live Group (the "Split-Off").
• As part of the Split-Off, each outstanding share of Series B Liberty Live Common Stock was redeemed in exchange for one share of Series B Liberty Live Group common stock of Liberty Live Holdings, Inc.
• Consequently, Mr. Malone disposed of all shares of Series B Liberty Live Common Stock he beneficially owned and now holds 0 shares, representing 0% of the class.

Sentiment

Score: 7

Explanation: The filing reports the successful completion of a previously announced corporate split-off, which is generally a neutral to positive event as it signifies the execution of a strategic plan without introducing new negative information.

Positives

• The successful completion of a previously disclosed corporate split-off, indicating effective execution of strategic plans.
• The orderly disposition of shares by a significant beneficial owner following a corporate restructuring.

Future Outlook

The filing reports the completion of a previously disclosed corporate action, the split-off of Liberty Live Group. No new forward-looking statements or guidance are provided in this amendment.

Industry Context

The split-off of Liberty Live Group by Liberty Media Corporation is a strategic corporate restructuring often undertaken to unlock shareholder value, streamline operations, or allow different business segments to pursue independent growth strategies. This type of transaction is common in the media and entertainment industry to adapt to evolving market dynamics and investor preferences.

Stakeholder Impact

• Shareholders of Series B Liberty Live Common Stock had their shares redeemed in exchange for shares of Series B Liberty Live Group common stock of Liberty Live Holdings, Inc., impacting their holdings and the entity they now have an interest in.

Key Dates

Recommendation

This filing reports the completion of a previously disclosed corporate split-off and the subsequent change in beneficial ownership for John C. Malone. This event was anticipated and should already be factored into the stock price. No new material information is presented that would warrant a change in investment thesis based solely on this filing, thus a 'hold' recommendation is appropriate as investors would have already reacted to the initial split-off announcement.

Keywords

Liberty Media Corporation, John C. Malone, Schedule 13D, beneficial ownership, split-off, Series B Liberty Live Common Stock, corporate action, Liberty Live Group, Liberty Live Holdings Inc.