John C. Malone Acquires Series B Voting Shares via Private Trust Exchange

Executive Summary

On September 24, 2026, 10% owner John C. Malone engaged in a private exchange transaction involving Liberty Live Holdings, Inc. stock. Dr. Malone acquired 28,333 shares of Series B Common Stock at a stated price of $102.53 per share ($2.90M) from two trusts established for the benefit of his adult children. In exchange, he surrendered 29,593 shares of Series C Common Stock valued at $98.16 per share ($2.90M) plus $133.61 in cash.

Transaction Mechanics & Voting Implications

• Series B Stock: Carries enhanced voting rights (10 votes per share typically in Liberty structures) and is convertible 1-for-1 into Series A shares at the holder's election.
• Series C Stock: Non-voting common stock.
• By exchanging Series C shares for Series B shares, Dr. Malone further consolidates voting control in his direct name while rebalancing family trust holdings.

Ownership Profile Post-Transaction

Following the transaction:

• Series B (Direct): 2,298,438 shares
• Series C (Direct): 3,186,342 shares
• Additional significant holdings of Series B and Series C are maintained indirectly across several charitable remainder trusts and spouse trusts.