Liberty Media has announced plans to spin off its live entertainment group, which includes a 69.6 million share stake in Live Nation and majority ownership of QuintEvents. The announcement coincides with Saudi Arabia's Public Investment Fund selling its entire Live Nation position.

Key Details of the Spinoff:

• The new Liberty Live Group will include Live Nation shares and QuintEvents
• Liberty Media will maintain control of Formula 1 and MotoGP
• The spinoff is expected to complete in the second half of 2025
• New shares will trade on Nasdaq Global Select Market or OTC Markets
• The move requires shareholder approval

According to outgoing CEO Greg Maffei, the spinoff aims to simplify Liberty Media's capital structure, reduce stock discount, and enhance trading liquidity. The company sees synergies between QuintEvents and Live Nation, particularly in hospitality operations.

Ownership Changes:

• Saudi Arabia's Public Investment Fund has sold its entire stake (12.5 million shares)
• Select Equity Group now owns 12.5 million shares (5.4% of Live Nation)
• Live Nation's stock recently reached a 52-week high of $130.76 per share

The spinoff represents a significant restructuring of Liberty Media's entertainment assets, potentially creating more focused and efficient operations in both the racing and live entertainment sectors.

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