Liberty Live
25 named things its latest annual report says its results depend on, each in the company's own words. 13 of them are also named by other companies we've read.
Suppliers
Liberty Media Corporation
depends on · approximately $9.0 million annuallynamed as a riskFuture amounts allocated to Liberty Live through the Ancillary Agreements are expected to be approximately $9.0 million annually.Business (Item 1)
Also named by SIRI
Partners and platforms
National Basketball Association (NBA)
depends onnamed as a riskQuint’s principal partners are Formula 1, MotoGP, Churchill Downs and the NBA.Business (Item 1)
Formula 1
depends onnamed as a riskQuint cannot provide assurances that they will be able to maintain existing contracts with key rightsholders, such as Formula 1® or the NBA, or enter into or maintain new contracts with other rightsholders, on acceptable terms, if at all, and the failure to do so could have a material adverse effect on Quint’s business, financial condition and results of operations.Risk factors (Item 1A)
MotoGP
depends onQuint’s principal partners are Formula 1, MotoGP, Churchill Downs and the NBA.Business (Item 1)
Churchill Downs
depends onQuint’s principal partners are Formula 1, MotoGP, Churchill Downs and the NBA.Business (Item 1)
Other companies
Live Nation Entertainment, Inc.
concentrated in · approximately 30% of the issued and outstanding shares of Live Nationnamed as a riskAt December 31, 2025, the Company beneficially owned approximately 69.6 million shares of Live Nation Common Stock (“LYV”), which represented approximately 30% of the issued and outstanding shares of Live Nation as of December 31, 2025.Business (Item 1)
Live Nation Entertainment, Inc.
exposed to its price · $992,442 thousand lowernamed as a riskThis security is also subject to market risk that is not directly reflected in our financial statements, and had the market price of such security been 10% lower at December 31, 2025, the aggregate value of such security would have been $992,442 thousand lower.Market risk (Item 7A)
Ticketmaster
$3.1 billion, or 12%, of its total revenuenamed as a riskIncluding intersegment revenue, Live Nation’s Ticketing business generated $3.1 billion, or 12%, of its total revenue during 2025, which excludes the face value of tickets sold and is net of the fees paid to Live Nation’s ticketing clients.Business (Item 1)
Exchangeable debentures (fixed rate debt)
$1,150,000 thousand principal amount of fixed rate debt with a weighted average interest rate of 2.375%named as a riskAs of December 31, 2025, Liberty Live had $1,150,000 thousand principal amount of fixed rate debt with a weighted average interest rate of 2.375%, and no outstanding variable rate debt.Market risk (Item 7A)
Competitors
Anschutz Entertainment Group (AEG)
competes withnamed as a riskSome of Live Nation’s competitors in the live music promotion industry are Anschutz Entertainment Group, or AEG, Another Planet Entertainment, CTS Eventim, Jam Productions, Ltd., I.M.P., Outback Presents and TEG Dainty in addition to numerous smaller regional companies and various casinos and venues in North America, Europe, Asia and Australia.Business (Item 1)
Also named by LYV
StubHub
competes withLive Nation’s competitors include primary ticketing companies such as Tickets.com, AXS, Paciolan, Inc., CTS Eventim AG, Eventbrite, eTix, SeatGeek, Ticketek, and Fever; secondary ticketing companies such as StubHub, Vivid Seats, Viagogo and SeatGeek; and many others, including large technology and ecommerce companies that could enter these markets.Business (Item 1)
Also named by LYV
On Location (Endeavor Group Holdings)
competes withOn Location, a subsidiary of Endeavor Group Holdings, which provides premium experiences across the NFL, Olympics, and UFC;Business (Item 1)
Places
Hazards
Astroworld festival litigation (Houston, Texas)
named as a riskLive Nation incurred losses in excess of their insurance recovery in connection with those lawsuits.Risk factors (Item 1A)
Poor weather
named as a riskPoor weather conditions can have a material effect on Live Nation’s and Quint’s respective results of operations particularly because they promote and/or ticket a finite number of events.Risk factors (Item 1A)
Regulators
Federal Trade Commission (FTC)
subject tonamed as a riskSeparately, in September 2025, the FTC, joined by the attorneys general of seven states, filed a lawsuit against Live Nation alleging that it advertised ticket prices to consumers that were deceptively lower than prices displayed at checkout, deceived consumers about the enforcement of advertised event ticket purchase limits and facilitated the sale of tickets unlawfully acquired by ticket brokers.Risk factors (Item 1A)
Also named by AMZN, AN, AVGO, BJ, CART, CELH, CHD, CHE and 56 more
U.S. Department of Justice
subject tonamed as a riskIn May 2024, Live Nation was sued by the U.S. Department of Justice and state authorities for alleged violations of various laws pertaining to antitrust, competition, unlawful or unfair business practices, restraint of trade, and other causes of action, with various forms of relief requested for the alleged violations, including without limitation the divestiture of Ticketmaster by Live Nation, cancellation of certain ticketing contracts, enjoining Live Nation from engaging in anticompetitive practices, monetary damages, and other forms of relief.Risk factors (Item 1A)
Also named by AAPL, ACN, AMAT, ASO, BEN, BSX, CAH, CDNA and 21 more
Laws and programs
EU Digital Services Act
subject to · fines of up to 6% of total annual worldwide turnovernamed as a riskThe DSA imposes new obligations around illegal services or content on Live Nation and Quint’s sites, traceability of business users, and enhanced transparency measures, and failure to comply can result in fines of up to 6% of total annual worldwide turnover.Risk factors (Item 1A)
Also named by ABNB, ADBE, BKNG, CSGP, DASH, EBAY, ETSY, GDDY and 8 more
Investment Company Act of 1940
subject tonamed as a riskIf, however, our ownership of approximately 30% of the outstanding shares of LYV is deemed to become passive (such as in the event that our equity interests are significantly diluted and our nominees ceased to serve as directors of Live Nation), we could become subject to regulation under the Investment Company Act.Risk factors (Item 1A)
Also named by ABR, AMG, AMP, ARCC, ARES, BAM, BCSF, BEN and 28 more
Americans with Disabilities Act
subject tonamed as a riskIn order to comply with the ADA, the DDA and other similar ordinances, Live Nation and Quint may face substantial capital expenditures in the future.Business (Item 1)
Also named by AMT, CMG, DRI, ELS, HHH, HLT, LYV, PLD and 3 more
Internal Revenue Code Section 355
subject tonamed as a riskIf it is determined that the Split-Off and/or the Liberty Sirius XM Holdings Split-Off do not qualify under Section 355, Section 368(a)(1)(D) and related provisions of the Code, Liberty Media and the former holders of Liberty Live common stock and/or Liberty SiriusXM common stock who received Liberty Live Group common stock pursuant to the Split-Off or common stock of Liberty Sirius XM Holdings pursuant to the Liberty Sirius XM Holdings Split-Off, as applicable, could incur significant tax liabilities.Risk factors (Item 1A)
Dram shop statutes
subject tonamed as a riskIf Live Nation or Quint violate dram shop laws, they may be liable to third parties for the acts of the customer.Business (Item 1)
Better Online Ticket Sales Act
subject tonamed as a riskThe plaintiffs allege that Live Nation violated the Better Online Ticket Sales Act and Section 5 of the FTC Act, as well as various state consumer protection statutes and seek injunctive relief, statutory penalties and restitution for consumers.Risk factors (Item 1A)
Also named by LYV
Liberty Media tax sharing agreement
named as a riskOur indemnification obligations to Liberty Media, its subsidiaries and certain related persons are not limited in amount or subject to any cap.Risk factors (Item 1A)
FTC and state ticket resale agreements (New Jersey, Maryland, Nevada, Illinois, North Carolina)
subject tonamed as a riskLive Nation is currently subject to agreements with the States of New Jersey, Maryland, Nevada, Illinois, and North Carolina and the FTC which govern, and in certain cases place limitations on, their ticketing resale practices.Risk factors (Item 1A)