Berkshire trims Liberty Live stake with open‑market sales

Berkshire Hathaway–affiliated entities reported a series of open‑market sales of Liberty Live Holdings’ Series C Liberty Live Group Common Stock.

Rhea-AI Filing Summary

Berkshire Hathaway–affiliated entities reported a series of open‑market sales of Liberty Live Holdings’ Series C Liberty Live Group Common Stock. Between January 6 and January 16, 2026, they sold blocks of shares at prices ranging from $81.2234 to $84.0387 per share. Following these transactions, the reporting persons indirectly beneficially owned 10,587,143 shares of Series C stock and 4,986,588 shares of Series A Liberty Live Group Common Stock. The filing explains that most shares are held by Berkshire insurance subsidiaries and pension plans, and that Berkshire Hathaway Inc. and Warren E. Buffett may be deemed beneficial owners only to the extent of their pecuniary interests, which they otherwise disclaim.

Insider Trade Summary

Net Seller: 330,518 shares

Net Sell 10 txns

Insider BERKSHIRE HATHAWAY INC, BUFFETT WARREN E

Role 10% Owner | 10% Owner

Sold 330,518 shs ($27.39M)

Type	Security	Shares	Price	Value
Sale	Series C Liberty Live Group Common Stock	7,685	$83.7221	$643K
Sale	Series C Liberty Live Group Common Stock	18,125	$84.0387	$1.52M
Sale	Series C Liberty Live Group Common Stock	59,411	$83.7909	$4.98M
Sale	Series C Liberty Live Group Common Stock	30,643	$82.7759	$2.54M
Sale	Series C Liberty Live Group Common Stock	66,568	$83.2746	$5.54M
Sale	Series C Liberty Live Group Common Stock	18,689	$82.3952	$1.54M
Sale	Series C Liberty Live Group Common Stock	65,071	$82.2489	$5.35M
Sale	Series C Liberty Live Group Common Stock	44,100	$81.2234	$3.58M
Sale	Series C Liberty Live Group Common Stock	20,226	$83.4817	$1.69M
holding	Series A Liberty Live Group Common Stock	--	--	--

Holdings After Transaction: Series C Liberty Live Group Common Stock — 10,587,143 shares (Indirect, See footnotes); Series A Liberty Live Group Common Stock — 4,986,588 shares (Indirect, See footnotes)

Footnotes (5)

1. F1. 3,974,890 of the total reported shares of Series A Liberty Live Group Common Stock ("Series A Common Stock") of Liberty Live Holdings, Inc. ("Liberty") are owned as of the date of this filing by the following subsidiaries of Berkshire Hathaway Inc. ("Berkshire"): Government Employees Insurance Company (3,284,775), National Fire & Marine Insurance Company (233,347) and National Indemnity Company (456,768). As Berkshire is in the chain of ownership of each of these subsidiaries, it may be deemed to both beneficially own and have a pecuniary interest in all such shares owned by each of these subsidiaries. Warren E. Buffett, as the controlling stockholder of Berkshire, may be deemed to beneficially own, but only to the extent he has a pecuniary interest in, such shares owned by each such subsidiary. Mr. Buffett disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.
2. F2. 1,011,698 of the total reported shares of Series A Common Stock are owned as of the date of this filing by the following pension plans of Berkshire's subsidiaries: Berkshire Hathaway Consolidated Pension Plan (524,649), BNSF Master Retirement Trust (234,000), and Precision Castparts Corp. Master Trust (253,049). Each of Berkshire, Mr. Buffett and these pension plans disclaims beneficial ownership in such shares
3. F3. The price reported in Column 4 is an average price for shares sold in multiple transactions over the day, which is the pricing information available to the Reporting Persons with respect to the transactions reported on this Form 4.
4. F4. 7,107,492 of the total reported shares of Series C Liberty Live Group Common Stock ("Series C Common Stock") of Liberty are owned as of the date of this filing by the following subsidiaries of Berkshire: Government Employees Insurance Company (5,507,583), National Fire & Marine Insurance Company (162,620) and National Indemnity Company (1,437,289). As Berkshire is in the chain of ownership of each of these subsidiaries, it may be deemed to both beneficially own and have a pecuniary interest in all such shares owned by each of these subsidiaries. Warren E. Buffett, as the controlling stockholder of Berkshire, may be deemed to beneficially own, but only to the extent he has a pecuniary interest in, such shares owned by each such subsidiary. Mr. Buffett disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.
5. F5. 3,479,651 of the total reported shares of Series C Common Stock are owned as of the date of this filing by the following pension plans of Berkshire's subsidiaries: Berkshire Hathaway Consolidated Pension Plan (2,396,258), BNSF Master Retirement Trust (753,539), and Precision Castparts Corp. Master Trust (329,854). Each of Berkshire, Mr. Buffett and these pension plans disclaims beneficial ownership in such shares.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What Liberty Live (LLYVA) insider activity did Berkshire report?

Berkshire‑affiliated entities reported selling Liberty Live Series C shares in the open market. Multiple transactions from January 6–16, 2026 reduced their position, while they continued to hold over 10.5 million Series C shares and nearly 5 million Series A shares indirectly.

How many Liberty Live Series C shares did Berkshire hold after the latest Form 4?

After the reported transactions, Berkshire‑affiliated entities indirectly held 10,587,143 Series C shares. This balance reflects successive open‑market sales over several trading days, as detailed in the filing’s transaction table for January 6 through January 16, 2026.

At what prices were Liberty Live (LLYVA) Series C shares sold in these insider trades?

The reported Series C sales occurred at prices between $81.2234 and $84.0387 per share. Each day’s sales used an average price across multiple trades, which the reporting persons state is the pricing information available for those transactions.

Who actually owns the Liberty Live shares reported by Berkshire and Warren Buffett?

The shares are held by Berkshire insurance subsidiaries and pension plans. The filing notes that Berkshire is in the ownership chain of these entities and that Warren E. Buffett may be deemed a beneficial owner only to the extent of his pecuniary interest, which both otherwise disclaim.

Does Warren Buffett personally sell Liberty Live (LLYVA) stock in this Form 4?

The Form 4 lists Warren E. Buffett as a reporting person but describes indirect holdings. Shares are owned by Berkshire subsidiaries and pension plans, and Buffett disclaims beneficial ownership except for any pecuniary interest, so the activity reflects entity‑level positions rather than direct personal trades.

What Liberty Live Series A position do Berkshire entities report on this Form 4?

The filing shows 4,986,588 Series A Liberty Live Group Common shares indirectly owned. These shares are held through specified Berkshire insurance subsidiaries and pension plans, with Berkshire and Warren E. Buffett again disclaiming beneficial ownership except to the extent of any pecuniary interest.

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Accepted by SEC EDGAR 02/17/2026 - 04:49 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

BERKSHIRE HATHAWAY INC

(Last) (First) (Middle)

3555 FARNAM STREET

(Street)

OMAHA NE 68131

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Liberty Live Holdings, Inc. [ LLYVA/K ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
01/06/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Series A Liberty Live Group Common Stock								4,986,588	I	See footnotes(1)(2)
Series C Liberty Live Group Common Stock	01/06/2026		S		20,226	D	$83.4817(3)	10,897,435	I	See footnotes(4)(5)
Series C Liberty Live Group Common Stock	01/07/2026		S		44,100	D	$81.2234(3)	10,853,335	I	See footnotes(4)(5)
Series C Liberty Live Group Common Stock	01/08/2026		S		65,071	D	$82.2489(3)	10,788,264	I	See footnotes(4)(5)
Series C Liberty Live Group Common Stock	01/09/2026		S		18,689	D	$82.3952(3)	10,769,575	I	See footnotes(4)(5)
Series C Liberty Live Group Common Stock	01/12/2026		S		66,568	D	$83.2746(3)	10,703,007	I	See footnotes(4)(5)
Series C Liberty Live Group Common Stock	01/13/2026		S		30,643	D	$82.7759(3)	10,672,364	I	See footnotes(4)(5)
Series C Liberty Live Group Common Stock	01/14/2026		S		59,411	D	$83.7909(3)	10,612,953	I	See footnotes(4)(5)
Series C Liberty Live Group Common Stock	01/15/2026		S		18,125	D	$84.0387(3)	10,594,828	I	See footnotes(4)(5)
Series C Liberty Live Group Common Stock	01/16/2026		S		7,685	D	$83.7221(3)	10,587,143	I	See footnotes(4)(5)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

BERKSHIRE HATHAWAY INC

(Last) (First) (Middle)

3555 FARNAM STREET

(Street)

OMAHA NE 68131

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

BUFFETT WARREN E

(Last) (First) (Middle)

3555 FARNAM STREET

(Street)

OMAHA NE 68131

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. 3,974,890 of the total reported shares of Series A Liberty Live Group Common Stock ("Series A Common Stock") of Liberty Live Holdings, Inc. ("Liberty") are owned as of the date of this filing by the following subsidiaries of Berkshire Hathaway Inc. ("Berkshire"): Government Employees Insurance Company (3,284,775), National Fire & Marine Insurance Company (233,347) and National Indemnity Company (456,768). As Berkshire is in the chain of ownership of each of these subsidiaries, it may be deemed to both beneficially own and have a pecuniary interest in all such shares owned by each of these subsidiaries. Warren E. Buffett, as the controlling stockholder of Berkshire, may be deemed to beneficially own, but only to the extent he has a pecuniary interest in, such shares owned by each such subsidiary. Mr. Buffett disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

2. 1,011,698 of the total reported shares of Series A Common Stock are owned as of the date of this filing by the following pension plans of Berkshire's subsidiaries: Berkshire Hathaway Consolidated Pension Plan (524,649), BNSF Master Retirement Trust (234,000), and Precision Castparts Corp. Master Trust (253,049). Each of Berkshire, Mr. Buffett and these pension plans disclaims beneficial ownership in such shares

3. The price reported in Column 4 is an average price for shares sold in multiple transactions over the day, which is the pricing information available to the Reporting Persons with respect to the transactions reported on this Form 4.

4. 7,107,492 of the total reported shares of Series C Liberty Live Group Common Stock ("Series C Common Stock") of Liberty are owned as of the date of this filing by the following subsidiaries of Berkshire: Government Employees Insurance Company (5,507,583), National Fire & Marine Insurance Company (162,620) and National Indemnity Company (1,437,289). As Berkshire is in the chain of ownership of each of these subsidiaries, it may be deemed to both beneficially own and have a pecuniary interest in all such shares owned by each of these subsidiaries. Warren E. Buffett, as the controlling stockholder of Berkshire, may be deemed to beneficially own, but only to the extent he has a pecuniary interest in, such shares owned by each such subsidiary. Mr. Buffett disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

5. 3,479,651 of the total reported shares of Series C Common Stock are owned as of the date of this filing by the following pension plans of Berkshire's subsidiaries: Berkshire Hathaway Consolidated Pension Plan (2,396,258), BNSF Master Retirement Trust (753,539), and Precision Castparts Corp. Master Trust (329,854). Each of Berkshire, Mr. Buffett and these pension plans disclaims beneficial ownership in such shares.

	/s/ Warren E. Buffett, on behalf of himself and each other reporting person hereunder	02/17/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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