Liberty Live Holdings, Inc. reported that entities tied to Warren E. Buffett and Berkshire Hathaway Inc. beneficially own 4,986,588 shares of Series A Liberty Live common stock, representing 19.5% of the class as of December 31, 2025.
These shares are held across multiple Berkshire insurance subsidiaries and pension trusts, with all voting and dispositive powers reported as shared rather than sole for the main blocks. The group certifies that the position was acquired and is held in the ordinary course of business and not for the purpose of changing or influencing control of Liberty Live.
Positive
None.
Negative
None.
Insights
Buffett-linked entities report a sizable, passive 19.5% stake in Liberty Live’s Series A shares.
Entities associated with Berkshire Hathaway and Warren E. Buffett disclose beneficial ownership of 4,986,588 Series A Liberty Live shares, equal to 19.5% of the class. The stake is spread across insurance subsidiaries and retirement trusts, with voting and dispositive power largely shared among these entities.
The certification states the position is held in the ordinary course of business and not to influence control of Liberty Live, aligning it with a passive investment stance under the relevant ownership rules. Actual implications for Liberty Live depend on how this large shareholder chooses to vote and hold its position over time.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
LIBERTY LIVE HOLDINGS, INC.
(Name of Issuer)
SERIES A LIBERTY LIVE COMMON STOCK
(Title of Class of Securities)
530909100
(CUSIP Number)
12/31/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
530909100
1
Names of Reporting Persons
Warren E. Buffett
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
4,986,588.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,986,588.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,986,588.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
19.5 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
CUSIP No.
530909100
1
Names of Reporting Persons
Berkshire Hathaway Inc.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
4,986,588.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,986,588.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,986,588.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
19.5 %
12
Type of Reporting Person (See Instructions)
HC, CO
SCHEDULE 13G
CUSIP No.
530909100
1
Names of Reporting Persons
National Indemnity Company
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
NEBRASKA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
3,741,543.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,741,543.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,741,543.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
14.6 %
12
Type of Reporting Person (See Instructions)
IC, CO
SCHEDULE 13G
CUSIP No.
530909100
1
Names of Reporting Persons
National Fire & Marine Insurance Company
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
NEBRASKA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
233,347.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
233,347.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
233,347.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.9 %
12
Type of Reporting Person (See Instructions)
IC, CO
SCHEDULE 13G
CUSIP No.
530909100
1
Names of Reporting Persons
GEICO Corporation
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
3,284,775.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,284,775.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,284,775.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
12.8 %
12
Type of Reporting Person (See Instructions)
HC, CO
SCHEDULE 13G
CUSIP No.
530909100
1
Names of Reporting Persons
Government Employees Insurance Company
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
NEBRASKA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
3,284,775.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,284,775.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,284,775.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
12.8 %
12
Type of Reporting Person (See Instructions)
IC, CO
SCHEDULE 13G
CUSIP No.
530909100
1
Names of Reporting Persons
Berkshire Hathaway Consolidated Pension Plan Master Trust
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
NEBRASKA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
524,649.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
524,649.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
524,649.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.0 %
12
Type of Reporting Person (See Instructions)
EP
SCHEDULE 13G
CUSIP No.
530909100
1
Names of Reporting Persons
BNSF Master Retirement Trust
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
TEXAS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
234,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
234,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
234,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.9 %
12
Type of Reporting Person (See Instructions)
EP
SCHEDULE 13G
CUSIP No.
530909100
1
Names of Reporting Persons
Precision Castparts Corp. Master Trust
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
OREGON
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
253,049.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
253,049.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
253,049.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
1.0 %
12
Type of Reporting Person (See Instructions)
EP
SCHEDULE 13G
CUSIP No.
530909100
1
Names of Reporting Persons
R. Ted Weschler
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
71,457.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
71,457.00
8
Shared Dispositive Power
2,069.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
73,526.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.3 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
LIBERTY LIVE HOLDINGS, INC.
(b)
Address of issuer's principal executive offices:
12300 LIBERTY BLVD., ENGLEWOOD, CO, 80112
Item 2.
(a)
Name of person filing:
Warren E. Buffett
Berkshire Hathaway Inc.
National Indemnity Company
BNSF Master Retirement Trust
Government Employees Insurance Company
GEICO Corporation
Berkshire Hathaway Consolidated Pension Plan Master Trust
National Fire & Marine Insurance Company
Precision Castparts Corp. Master Trust
R. Ted Weschler
(b)
Address or principal business office or, if none, residence:
Warren E. Buffett
3555 Farnam Street
Omaha, Nebraska 68131
Berkshire Hathaway Inc.
3555 Farnam Street
Omaha, Nebraska 68131
National Indemnity Company
1314 Douglas Street
Omaha, Nebraska 68102
BNSF Master Retirement Trust
c/o BNSF Railway Company
2650 Lou Menk Drive
Fort Worth, TX 76131
Government Employees Insurance Company
One GEICO Plaza
Washington, D.C. 20076
GEICO Corporation
One GEICO Plaza
Washington, D.C. 20076
Berkshire Hathaway Consolidated Pension Plan Master Trust
c/o Berkshire Hathaway Inc.
3555 Farnam Street
Omaha, Nebraska 68131
National Fire & Marine Insurance Company
1314 Douglas Street
Omaha, Nebraska 68102
Precision Castparts Corp. Master Trust
c/o Precision Castparts Corp.
5885 Meadows Road
Lake Oswego, OR 97035
R. Ted Weschler
404 East Main Street
Charlottesville, VA 22902
(c)
Citizenship:
Warren E. Buffett (United States Citizen); Berkshire Hathaway Inc. (Delaware Corporation); National Indemnity Company (Nebraska corporation); BNSF Master Retirement Trust (Texas); Government Employees Insurance Company (Nebraska corporation); GEICO Corporation (Delaware corporation); Berkshire Hathaway Consolidated Pension Plan Master Trust (Nebraska); National Fire & Marine Insurance Company (Nebraska corporation); Precision Castparts Corp. Master Trust (Oregon); R. Ted Weschler (United States Citizen).
(d)
Title of class of securities:
SERIES A LIBERTY LIVE COMMON STOCK
(e)
CUSIP No.:
530909100
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
See the Cover Pages for each of the Reporting Persons.
(b)
Percent of class:
See the Cover Pages for each of the Reporting Persons.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See the Cover Pages for each of the Reporting Persons.
(ii) Shared power to vote or to direct the vote:
See the Cover Pages for each of the Reporting Persons.
(iii) Sole power to dispose or to direct the disposition of:
See the Cover Pages for each of the Reporting Persons.
(iv) Shared power to dispose or to direct the disposition of:
See the Cover Pages for each of the Reporting Persons.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
See Exhibit A.
Item 8.
Identification and Classification of Members of the Group.
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(K), so indicate under Item 3(k) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
See Exhibit A.
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Warren E. Buffett
Signature:
/s/ Warren E. Buffett
Name/Title:
Warren E. Buffett
Date:
02/17/2026
Berkshire Hathaway Inc.
Signature:
/s/ Warren E. Buffett
Name/Title:
Warren E. Buffett, Chairman of the Board
Date:
02/17/2026
National Indemnity Company
Signature:
/s/ Warren E. Buffett
Name/Title:
Warren E. Buffett, Attorney-in-Fact
Date:
02/17/2026
National Fire & Marine Insurance Company
Signature:
/s/ Warren E. Buffett
Name/Title:
Warren E. Buffett, Attorney-in-Fact
Date:
02/17/2026
GEICO Corporation
Signature:
/s/ Warren E. Buffett
Name/Title:
Warren E. Buffett, Attorney-in-Fact
Date:
02/17/2026
Government Employees Insurance Company
Signature:
/s/ Warren E. Buffett
Name/Title:
Warren E. Buffet, Attorney-in-Fact
Date:
02/17/2026
Berkshire Hathaway Consolidated Pension Plan Master Trust
How much of Liberty Live Holdings (LLYVA) does Warren Buffett’s group own?
Entities associated with Warren E. Buffett and Berkshire Hathaway beneficially own 4,986,588 Series A Liberty Live common shares, representing 19.5% of that share class as of December 31, 2025. This makes them a major shareholder in the company’s Series A stock.
Which Berkshire Hathaway entities hold Liberty Live (LLYVA) shares?
Liberty Live shares are held by several Berkshire-related entities, including National Indemnity Company, Government Employees Insurance Company, GEICO Corporation, Berkshire Hathaway pension master trusts, and other subsidiaries. Each entity reports its own share block and percentage of the Series A class.
What percentage of Liberty Live (LLYVA) does National Indemnity Company own?
National Indemnity Company beneficially owns 3,741,543 Series A Liberty Live shares, equal to about 14.6% of that class. It reports zero sole voting or dispositive power, with all such powers shared over this position.
How large is GEICO’s stake in Liberty Live (LLYVA) Series A shares?
GEICO Corporation and Government Employees Insurance Company each report beneficial ownership of 3,284,775 Series A Liberty Live shares, representing about 12.8% of the class. Voting and dispositive powers over these shares are reported as shared, not sole.
Does Berkshire Hathaway’s Liberty Live (LLYVA) stake seek control of the company?
The reporting group certifies the Liberty Live Series A shares were acquired and are held in the ordinary course of business, not to change or influence control. They also state the holdings are not part of any transaction with that control-related purpose or effect.
What is R. Ted Weschler’s ownership in Liberty Live (LLYVA)?
R. Ted Weschler reports beneficial ownership of 73,526 Series A Liberty Live shares, or about 0.3% of the class. He has sole voting and dispositive power over most of these shares, with a smaller portion reported under shared dispositive power.
