Liberty Live Holdings Stock Price, News & Analysis

Liberty Live Holdings, Inc. Series A Liberty Live Group Common Stock (trading under the symbol LLYVA) represents an interest in Liberty Live Holdings, Inc., a Nevada corporation that focuses on live entertainment investments. According to available information, the company maintains a substantial ownership position in Live Nation Entertainment, which is described as a primary international promoter of concerts and events, with related ticketing activities through platforms such as Ticketmaster and sponsorship and hospitality services via QuintEvents.

Liberty Live Holdings, Inc. became an independent, publicly traded company through a split-off from Liberty Media Corporation. As reported in a Form 8-K, Liberty Media completed a split-off of its former wholly owned subsidiary Liberty Live Holdings, Inc. In this transaction, each outstanding share of Liberty Media’s Liberty Live common stock was redeemed in exchange for one share of the corresponding series of Liberty Live Group common stock of Liberty Live Holdings, Inc. Following this split-off, the businesses, assets and liabilities previously attributed to Liberty Media’s Liberty Live Group were attributed to Liberty Live Holdings, Inc.

The company’s Series A Liberty Live Group Common Stock (LLYVA) and Series C Liberty Live Group Common Stock (LLYVK) are listed on The Nasdaq Stock Market LLC, as disclosed in the Form 8-K. Liberty Live Holdings, Inc. is incorporated in Nevada and is identified in SEC filings as an emerging growth company. Its principal executive offices are located in Englewood, Colorado.

Corporate structure and key agreements

In connection with the split-off from Liberty Media, Liberty Live Holdings, Inc. entered into several agreements that define its ongoing relationship with Liberty Media and related entities. These include a Reorganization Agreement that sets out the principal corporate transactions required to effect the split-off and governs aspects of the post-transaction relationship. A Tax Sharing Agreement allocates taxes, tax benefits, tax items and tax-related losses between Liberty Live Holdings, Inc. and Liberty Media.

A Services Agreement governs the provision by Liberty Media to Liberty Live Holdings, Inc. of specified services and benefits following the split-off. A Facilities Sharing Agreement among Liberty Live Holdings, Inc., Liberty Media and certain Liberty Media subsidiaries provides for shared office facilities in Englewood, Colorado. An Aircraft Time Sharing Agreement between Liberty Live Holdings, Inc. and Liberty Media addresses the lease of aircraft and related flight crew services on a periodic, non-exclusive time sharing basis.

Liberty Live Holdings, Inc. also entered into a New Holder Assignment and Assumption Agreement with Liberty Media and Live Nation Entertainment, Inc. Under this agreement, Liberty Live Holdings, Inc. assumed Liberty Media’s rights, benefits, liabilities and obligations under an existing Stockholder Agreement with Live Nation and other parties. In addition, an Assignment and Assumption Agreement transferred Liberty Media’s rights, benefits, liabilities and obligations under a Registration Rights Agreement with Live Nation and other parties to Liberty Live Holdings, Inc.

Exchangeable debentures and Live Nation exposure

As part of the split-off, Liberty Live Holdings, Inc. entered into a supplemental indenture with Liberty Media and a trustee relating to 2.375% Exchangeable Senior Debentures due 2053. Through this supplemental indenture, Liberty Live Holdings, Inc. assumed from Liberty Media all obligations under the existing indenture and the exchangeable debentures. The debentures are exchangeable into a cash value tied to shares of Live Nation common stock attributable to each debenture, based on an initial exchange price referenced in the filing.

The Form 8-K notes that a total of approximately 11 million shares of Live Nation common stock are attributable to the exchangeable debentures. Holders of these debentures have certain rights following the split-off, including the right for a limited period to require Liberty Live Holdings, Inc. to repurchase the debentures at a price equal to 100% of the adjusted principal amount plus accrued and unpaid interest and any final period distribution, as well as a separate right for a limited period to exchange the debentures. To the extent the debentures remain outstanding after these rights expire and no exchanges occur, they remain indebtedness of Liberty Live Holdings, Inc.

Board of directors and governance

In connection with becoming an independent company, Liberty Live Holdings, Inc. reported changes to its board of directors in a Form 8-K. At the effective time of the split-off, the size of the board was increased to five directors. New directors were appointed to fill the resulting vacancies and newly created directorships, and the filing states that Robert R. Bennett serves as Chairman of the Board. The board is divided into three classes with staggered terms, and the filing describes committee assignments, including an Executive Committee and committees for audit, compensation, and nominating and corporate governance.

The Form 8-K also notes that certain individuals resigned from the board in connection with the closing of the split-off, while continuing to serve in executive roles at the company. The filing further identifies executive officers of Liberty Live Holdings, Inc., including a President and Chief Executive Officer, a Chief Accounting Officer and Principal Financial Officer, and a Chief Legal Officer and Chief Administrative Officer, and describes their prior roles at Liberty Media and related entities.

Business focus and investment profile

According to available descriptions, Liberty Live Holdings, Inc. focuses on live entertainment investments and maintains a substantial ownership position in Live Nation Entertainment. Live Nation is characterized in the available information as a primary international promoter of concerts and events, with ticketing activities through platforms such as Ticketmaster and sponsorship and hospitality services via QuintEvents. Through its ownership interests and related agreements, Liberty Live Holdings, Inc. provides investors with exposure to the live entertainment sector as described in these sources.

The company is identified as an emerging growth company in its SEC filings, which reflects a status under U.S. securities laws that can affect certain reporting and compliance requirements. Its listing of multiple series of common stock on Nasdaq and its set of agreements with Liberty Media and Live Nation, as disclosed in the Form 8-K filings, are central structural features for understanding the company’s profile.

Regulatory reporting and public company status

Liberty Live Holdings, Inc. files reports with the U.S. Securities and Exchange Commission, including Form 8-K current reports that describe material events such as the completion of the split-off and related agreements. One Form 8-K describes the completion of the split-off and the assumption of obligations under the exchangeable debentures, while another Form 8-K furnished under Regulation FD refers to an interview in which a Liberty Media executive may provide observations regarding the financial performance and outlook of Liberty Live Holdings, Inc.

As an independent, publicly traded company with securities listed on Nasdaq, Liberty Live Holdings, Inc. is subject to ongoing disclosure obligations under the federal securities laws. Investors and analysts can review its SEC filings to understand its corporate structure, key agreements, governance arrangements and exposure to Live Nation Entertainment as described in those documents.