Live Nation Entertainment (LYV) 10-K risk factor changes: FY2025 vs FY2024

In particular, there are a limited number of artists that can headline a major North American or global tour or who can sell out larger [removed: venues, including many of our amphitheaters.][added: venues.]

[removed: Accordingly, our ticketing business’ success] depends, in part, upon the ability of these third parties to correctly anticipate public demand for particular events, as well as the availability of popular artists, entertainers and teams.

Therefore, if the public is not receptive to the tour, or we or an artist cancel the tour, we may incur a loss for the tour depending on the amount of the fixed guarantee or incurred costs relative to any revenue earned, as well as [added: lost] revenue we could have earned at booked venues.

[removed: As we are also a content provider and venue operator we may face direct] competition with our prospective or current primary ticketing clients, who primarily include live event content providers.

For these events, we use venues that we own, [removed: but we also operate] [added: as well as] a number of [removed: our] live music venues under various agreements which include leases with third parties, ownership through an equity interest or booking agreements, which are agreements where we contract to book the events at a venue for a specific period of time.

[removed: On] [added: For instance, on] November 5, 2021, the Astroworld music festival was held in Houston, Texas.

We incurred losses in excess of our insurance recovery in connection with those [removed: settlements.][added: lawsuits.]

We have expended significant capital and other resources to protect against and remedy such potential security breaches, incidents and their consequences, [added: and will continue to do so in the future,] including the establishment of a dedicated cybersecurity organization within our larger technology environment, [removed: and will continue to do so] [added: as well as cybersecurity roles] in [removed: the future.][added: critical business areas.]

Additional changes to data privacy laws and regulations around the [removed: world, including in the E.U., U.K., and/or the United States,] [added: world] could lead to additional compliance costs and could increase our overall risk.

We have been granted trademark registrations and patents [removed: and/or] [added: and also] have trademark and patent applications pending with the United States Patent and Trademark Office and/or various foreign authorities for various proprietary trademarks, technologies and other inventions.

[removed: We rely on a] combination of laws and contractual restrictions with employees, customers, suppliers, affiliates and others to establish and protect these proprietary rights.

Our ability to expand our international operations into new jurisdictions, or further into existing [removed: jurisdictions] [added: jurisdictions,] will depend, in significant part, on our ability to identify potential acquisition candidates, joint venture or other partners, and enter into arrangements with these parties on favorable terms, as well as our ability to make continued investments to maintain and grow existing international operations.

In foreign countries in which we operate, a risk exists that our employees, contractors or agents could, in contravention of our policies, engage in business practices prohibited by applicable United States laws and regulations, such as the United States [removed: Foreign Corrupt Practices Act, as well as the laws and regulations of other countries prohibiting corrupt payments to government officials such as the United Kingdom Bribery Act 2010.]

Our businesses have historically cooperated with authorities in connection with these [removed: investigations and have satisfactorily resolved each such material investigation, inquiry or litigation.][added: investigations.]

[removed: We have incurred legal expenses in connection with the defense of governmental investigations and] litigation in the past and may be required to incur additional expenses in the future regarding such investigations and litigation.

An unfavorable outcome in [removed: this matter] [added: either of these matters] could adversely affect our business and operating results.

In May 2024, we were sued by [removed: state] [added: the United States Department of Justice] and [removed: federal] [added: 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 the Company, cancellation of certain ticketing contracts, enjoining the Company from engaging in anticompetitive practices, monetary damages, and other forms of relief.

[removed: While this litigation is at its early stages and we] [added: We] believe that we have substantial defenses to the claims asserted in [removed: the matter,] [added: these two matters, but] due to the nature of the allegations and the potential remedies being sought, an unfavorable outcome in [removed: this] [added: either] matter could have a material adverse impact on our business and operating results.

For the year ended December 31, [removed: 2024,] [added: 2025,] our international operations accounted for approximately [removed: 38%] [added: 43%] of our revenue.

We experienced foreign exchange rate operating income of [added: $10.7 million and] $29.6 million for the [removed: year] [added: years] ended December 31, [removed: 2023] [added: 2025] and [added: December 31, 2023, respectively, and] foreign exchange operating losses of $52.4 million [removed: and $39.8 million] for the [removed: years] [added: year] ended December 31, [removed: 2024 and December 31, 2022, respectively,] [added: 2024,] which impacted our operating [removed: income (loss).][added: income.]

| June 30 [removed: (1)] | | | [removed: 465,819] [added: 486,653] | | | | | | [removed: 381,599] [added: 465,819] | | |

| September 30 [removed: (1)] | | | [removed: 639,525] [added: 792,451] | | | | | | [removed: 653,658] [added: 639,525] | | |

| December 31 | | | [removed: (239,444)] [added: (142,656)] | | | | | | [removed: (81,476)] [added: (239,444)] | | |

At December 31, [removed: 2024,] [added: 2025,] we had property and equipment with a net book value of [removed: $2.4] [added: $3.4] billion.

As of December 31, [removed: 2024,] [added: 2025,] our total indebtedness, excluding unamortized debt discounts and debt issuance costs of [removed: $53.3] [added: $69.0] million, was [removed: $6.5] [added: $8.3] billion.

Our available borrowing capacity under the revolving portion of our senior secured credit facility at that date was $1.68 billion, with outstanding letters of credit of [removed: $20.9] [added: $20.5] million.

Accordingly, our ticketing business’ success

As we are also a content provider and venue operator we may face direct

All lawsuits relating to Astroworld have been resolved since early 2025.

Other jurisdictions in which we have operations, including Asia, India, Mexico and South America have also become active with privacy legislation.

We rely on a

In addition, third parties may independently develop substantially similar intellectual properties, but depending on how similar they are, we may take action against those third parties as described below.

Foreign Corrupt Practices Act, as well as the laws and regulations of other countries prohibiting corrupt payments to government officials such as the United Kingdom Bribery Act 2010.

More recently, the European Unions’s DSA came into force in November 2022 and the majority of its substantive provisions took effect in February 2024.

The DSA imposes new obligations around illegal services or content on our 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.

In addition, until recently, we were bound by the terms of a consent decree with the United States Department of Justice entered into in connection with our merger with Ticketmaster Entertainment LLC, which placed certain restraints on our business.

We have incurred legal expenses in connection with the defense of governmental investigations and

Refer to Item 3—Legal Proceedings for further discussion.

In addition, the United States Federal Trade Commission and the attorneys general of certain states have sued us alleging violations of various federal and state laws relating to alleged deceptive and illegal ticketing practices.

The case is now in its late stages, with discovery completed.

It is presently scheduled to go to trial on March 2, 2026.

Separately, in September 2025, the United States Federal Trade Commission, joined by the attorneys general of seven states, filed a lawsuit against us alleging that we 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.

The plaintiffs allege that we 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.

The case is in its initial stages.

Refer to Item 3—Legal Proceedings for further discussion.

| | | | 2025 | | | | | | 2024 | | |

| March 31 | | | $ | 114,769 | | | | | $ | (41,390) | |

These events were the subject of an inquiry we received from the House of Representatives Committee on Oversight and Reform.

As of December 31, 2024, all wrongful death lawsuits have been resolved, and nearly all claims alleging personal injury have been settled.

In addition, third parties may independently and lawfully develop substantially similar intellectual properties.

Given our substantial operations as a tour sponsor in the U.K. and E.U., we face risks and uncertainties relating to travel into and out of these jurisdictions for touring artists and supporting personnel.

A European visa-waiver system (ETIAS – European Travel Information and Authorization System) will be required for visitors from 60 visa-exempt countries to enter 30 European countries for a short stay, expected to come into force mid-2025.

All United States citizens travelling to the E.U. will need to register with ETIAS.

In the U.K. an Electronic Travel Authorization scheme (ETA) is now in operation.

All visitors who do not need a visa for short stays to the U.K. must apply for an ETA.

New legislation could be passed that may negatively impact our business, such as provisions that have recently been proposed in various jurisdictions.

In addition, in January 2020, we agreed with the United States Department of Justice to extend the duration of the consent decree we entered into in connection with our merger with Ticketmaster Entertainment LLC, which places certain restraints on our business (see the risk factor entitled “We agreed with the United States Department of Justice to extend and clarify the court-imposed final judgment to which we became subject in connection with the merger of Live Nation, Inc. and Ticketmaster Entertainment LLC, which places certain restrictions and obligations on us which could negatively impact our business” below).

In December 2019, we agreed with the United States Department of Justice to extend and enhance the court-imposed final judgment to which we became subject in connection with the merger of Live Nation, Inc. and Ticketmaster Entertainment LLC, which places certain restrictions and obligations on us which could negatively impact our business.

In connection with the merger of Live Nation, Inc. and Ticketmaster Entertainment LLC in 2010, we became subject, through July 2020, to a court-imposed final judgment (the “Final Judgment”) that places certain restrictions and obligations on us in order to address the issues the United States Department of Justice (the “DOJ”) raised in its antitrust review of the merger.

Pursuant to the Final Judgment, we agreed to abide by certain behavioral remedies and to provide periodic reports to the DOJ about our compliance with the Final Judgment.

The Final Judgment was due to expire in July 2020; in December 2019, we reached an agreement with the DOJ to enhance certain aspects of the Final Judgment and extend its duration through the end of 2025 (the “Amended Final Judgment”).

Under the Amended Final Judgment (i) we may not threaten to condition (or actually condition) the provision of Live Nation concerts on a venue choosing Ticketmaster, (ii) we may not retaliate (i.e., withhold any Live Nation concerts) in response to a venue choosing a ticketing services provider other than Ticketmaster, and (iii) Ticketmaster may not share with Live Nation promoters certain information about other concerts that Ticketmaster tickets.

In addition, pursuant to the Amended Final Judgment, (i) an independent monitor has been appointed to monitor and report to the DOJ on our compliance with the Amended Final Judgment, and investigate any potential violations thereof, (ii) we appointed an internal antitrust compliance officer and have conducted (and will continue to annually conduct) internal trainings to ensure our employees fully comply with the Amended Final Judgment; (iii) we provided, and will continue to provide, notice to current or potential venue customers of the Amended Final Judgment and its restrictions on our business conduct; (iv) we are required to notify the DOJ of any ticket company acquisitions regardless of whether they would fall within the normal notification rules, and (v) we are subject to an automatic penalty of $1,000,000 for each violation.

We agreed to pay costs and fees for the independent monitor and the DOJ’s past investigation and enforcement.

During the duration of the Amended Final Judgment, we are restricted from engaging in certain business activities that, absent the Final Judgment, would be lawful for us to undertake.

Our inability to undertake these business strategies could disadvantage us when we compete against firms that are not restricted by any such order.

In addition, our business will be under continued and enhanced scrutiny by the DOJ, including by the independent monitor.

Our compliance with the Amended Final Judgment therefore creates certain unquantifiable business risks for us.

While our operations have largely returned to normal, any resurgence of the pandemic, or outbreaks causing localized endemics in markets where we have significant operations, would adversely affect our business, financial condition and results of operations.

| | | | 2024 | | | | | | 2023 | | |

| | | | As Revised | | | | | | As Revised | | |

| March 31 (1) | | | $ | (41,390) | | | | | $ | 131,152 | |

___________________

| | | | | | |

| --- | --- | --- | --- | --- | --- |

| (1) | | | See further discussion in Part II — Financial Information—Item 8.—Financial Statements and Supplementary Data—Note 2 – Correction of Errors in Previously Reported Consolidated Financial Statements. For the three months ended September 30, 2023, the revision increased our operating income by $35.1 million. For the three months ended June 30, 2023, the revision decreased our operating income by $4.8 million. For the three months ended March 31, 2024 and March 31, 2023, the revision decreased our operating income by $4.9 million and $11.6 million, respectively. | | |

*The following discussion of our financial condition and results of operations generally discusses [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] items along with year-over-year comparisons between these two years.

Discussion of [removed: 2022] [added: 2023] items and year-over-year comparisons between [removed: 2023] [added: 2024] and [removed: 2022] [added: 2023] can be found in Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations in our [removed: 2023] [added: 2024] Annual Report on Form 10-K.*

[removed: In 2024, we] [added: We] saw demand for [removed: the] live [removed: experience] [added: experiences] growing across the [removed: globe] [added: globe, notably in our international markets,] with [removed: emerging to] superstar acts performing to packed houses [removed: across all genres and in venues big] [added: from Toronto to Taipei] and [removed: small.][added: from Buenos Aires to Berlin.]

Our overall revenue increased by [removed: $429 million,] [added: $2.0 billion,] or [removed: 2%,] [added: 9%,] to [removed: $23.2] [added: $25.2] billion as compared to last year.

The increase in revenue was [removed: $664 million] [added: $1.8 billion] without the impact of changes in foreign exchange rates.

The [removed: decrease] [added: increase] in operating income was [removed: $208] [added: $416.0] million without the impact of changes in foreign exchange rates.

Consolidated AOI for the year increased by [removed: $265] [added: $220.5] million, or [removed: 14%,] [added: 10%,] to [removed: $2.1] [added: $2.4] billion this year.

Our event-related deferred revenue balance increased by [removed: $336] [added: $698.7] million, or [removed: 11%,] [added: 21%,] to [removed: $3.3] [added: $4.0] billion as of December 31, [removed: 2024] [added: 2025] compared to December 31, [removed: 2023.][added: 2024.]

This, coupled with current ticket sales for [added: 2026, which are up 10% versus the same point in] 2025, suggests ongoing strong demand for concerts, making us confident in our continued success in the year ahead.

For the year, we experienced [removed: unfavorable] [added: favorable] foreign currency translation impacts of [removed: $235 million on revenues, $52] [added: $199.0] million on [removed: operating income] [added: revenues] and [removed: $55] [added: $10.7] million on [removed: AOI.][added: operating income.]

Our Concerts segment revenue for the year increased by [removed: $283 million,] [added: $1.8 billion,] or [removed: 2%] [added: 10%] compared to [removed: 2023,] [added: 2024,] from [removed: $18.7] [added: $19.0] billion to [removed: $19.0] [added: $20.9] billion.

Approximately [removed: 151] [added: 159] million fans attended our shows in the year, our largest annual fan count ever, compared to approximately [removed: 146] [added: 151] million last year, for growth of [removed: over 5] [added: 8] million or [removed: 4%.][added: 5%.]

Some of the larger acts touring globally in the year included [removed: Coldplay, Pink, Metallica] [added: Shakira, Kendrick Lamar, The Weeknd] and [removed: Olivia Rodrigo,] [added: Oasis,] reflecting the global diversified base of [removed: our artists.][added: the industry.]

Concerts AOI for the year increased by [removed: $209] [added: $157.3] million, or [removed: 65%,] [added: 30%,] compared to [removed: 2023,] [added: 2024,] from [removed: $320] [added: $529.7] million to [removed: $530] [added: $687.1] million.

Our ancillary revenue spending at our United States amphitheater shows was over [removed: $44] [added: $45] per fan for the year, [added: with onsite spend] growing by [removed: nearly $1 over 2023, driven by higher food and beverage spending as well as merchandise and premium offerings.][added: 6%.]

Our Ticketing segment revenue for the year increased by [removed: $29] [added: $92.5] million, or [removed: 1%,] [added: 3%,] compared to [removed: 2023,] [added: 2024,] from [removed: $2.96] [added: $3.0] billion to [removed: $2.99] [added: $3.1] billion.

We sold [removed: 331] [added: 346] million fee-bearing tickets in [removed: 2024] [added: 2025] compared to [removed: 329] [added: 340] million tickets last year, [removed: essentially flat for the year.][added: up 6 million tickets or 2%.]

[added: Fee-bearing] GTV for the year was [removed: $34.7] [added: $37.1] billion, [removed: down $1] [added: up $2.1] billion, or [removed: 3%] [added: 6%] compared to [removed: 2023.][added: 2024.]

[removed: Despite some sales headwinds during the year and a tough 2023 comparison with respect to stadium activity, the] [added: The] year [added: also] ended on [removed: an encouraging] [added: a positive] note with the fourth quarter coming in as our highest quarter ever for [removed: transacted] [added: reported] ticket sales and GTV.

Ticketing AOI for the year was $1.1 billion, [removed: roughly in line with] [added: up 1% compared to] our [removed: 2023] [added: 2024] results.

We signed [removed: 22.8] [added: 27.0] million net new tickets in [removed: 2024,] [added: 2025,] of which [removed: 14.3] [added: 20.5] million, or roughly [removed: 60%,] [added: 75%,] are from clients outside of North America, highlighting the significance of our international operations and our global expansion opportunity.

Our Sponsorship & Advertising segment revenue for the year increased by [removed: $100] [added: $134.2] million, or [removed: 9%,] [added: 11%,] compared to [removed: 2023] [added: 2024] from [removed: $1.1] [added: $1.2] billion to [removed: $1.2] [added: $1.3] billion.

Sponsorship & Advertising AOI increased by [removed: $89] [added: $81.4] million, or [removed: 13%,] [added: 11%,] compared to [removed: 2023,] [added: 2024,] from [removed: $675] [added: $763.8] million to [removed: $764] [added: $845.2] million.

We are optimistic about the long-term potential of our Company and [removed: are] [added: remain] focused on the key elements of our business model: expanding our global platforms to connect artists and fans.

| | | | Year Ended December 31, | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | % Change [removed: 2024] [added: 2025] vs [removed: 2023 | | |] [added: 2024] | | | | | | | | | % Change [removed: 2023] [added: 2024] vs [removed: 2022] [added: 2023] | | | [added: | | |]

| | | | [removed: 2024] [added: 2025] | | | | | | | | | | | | | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | | | | | | | | | | | | | | | |

| | | | As Reported | | | | | | Currency Impacts | | | | | | Constant Currency* | | | | | | As [removed: Revised] [added: Reported] | | | | | | As [removed: Revised] [added: Reported] | | | | | | As Reported | | | | | | Constant Currency* | | | | | | As [removed: Revised] [added: Reported] | | |

| Depreciation and amortization | | | [removed: 549,923 | | | | | |] [added: 638,872] | | | | | | [added: 549,923] | | | | | | 516,797 | | | [removed: | | | 449,976 | | | | | | 6% | | | | | | | | | | | | 15% | | |]

| Gain on disposal of operating assets | | | [removed: (11,015)] [added: (18,528)] | | | | | | | | | | | | | | | | | | [removed: (13,927)] [added: (11,015)] | | | | | | [removed: (32,082)] [added: (13,927)] | | | | | | [removed: (21)%] [added: 68%] | | | | | | | | | | | | [removed: (57)%] [added: (21)%] | | |

| Corporate expenses | | | [removed: 367,629] [added: 474,730] | | | | | | | | | | | | | | | | | | [removed: 330,817] [added: 367,629] | | | | | | [removed: 237,834] [added: 330,817] | | | | | | [removed: 11%] [added: 29%] | | | | | | | | | | | | [removed: 39%] [added: 11%] | | |

| Operating income | | | [removed: 824,510 | | | | |] [added: $] | [removed: 52,365] [added: 1,251,217] | | | | | [added: $] | [removed: 876,875] [added: 824,510] | | | | | [added: $] | 1,084,933 | | [removed: | | | | 722,031 | | | | | | (24)% | | | | | | (19)% | | | | | | 50% | | |]

| Operating margin | | | [removed: 3.6%] [added: 5.0%] | | | | | | | | | | | | [removed: 3.7%] [added: 5.0%] | | | | | | [removed: 4.8%] [added: 3.6%] | | | | | | [removed: 4.3%] [added: 4.8%] | | | | | | | | | | | | | | | | | | | | |

| Interest expense | | | [removed: 325,974] [added: 316,033] | | | | | | | | | | | | | | | | | | [removed: 350,244] [added: 325,974] | | | | | | [removed: 278,483] [added: 350,244] | | | | | | | | | | | | | | | | | | | | |

| Loss on extinguishment of debt | | | [removed: 2,563] [added: 780] | | | | | | | | | | | | | | | | | | [removed: 18,504] [added: 2,563] | | | | | | [removed: —] [added: 18,504] | | | | | | | | | | | | | | | | | | | | |

| Interest income | | | [removed: (156,254)] [added: (150,445)] | | | | | | | | | | | | | | | | | | [removed: (237,818)] [added: (156,254)] | | | | | | [removed: (77,620)] [added: (237,818)] | | | | | | | | | | | | | | | | | | | | |

| Equity in losses (earnings) of nonconsolidated affiliates | | | [removed: 16,675] [added: (3,206)] | | | | | | | | | | | | | | | | | | [removed: 5,455] [added: 16,675] | | | | | | [removed: (10,571)] [added: 5,455] | | | | | | | | | | | | | | | | | | | | |

| Other expense (income), net | | | [removed: (103,874)] [added: 57,528] | | | | | | | | | | | | | | | | | | [removed: 35,274] [added: (103,874)] | | | | | | [removed: 41,215] [added: 35,274] | | | | | | | | | | | | | | | | | | | | |

| Income before income taxes | | | [removed: 739,426] [added: 1,030,527] | | | | | | | | | | | | | | | | | | [removed: 913,274] [added: 739,426] | | | | | | [removed: 490,524] [added: 913,274] | | | | | | | | | | | | | | | | | | | | |

| Income tax expense (benefit) | | | [removed: (391,698)] [added: 339,787] | | | | | | | | | | | | | | | | | | [removed: 209,476] [added: (391,698)] | | | | | | [removed: 115,941] [added: 209,476] | | | | | | | | | | | | | | | | | | | | |

| Net income | | | [removed: 1,131,124] [added: 690,740] | | | | | | | | | | | | | | | | | | [removed: 703,798] [added: 1,131,124] | | | | | | [removed: 374,583] [added: 703,798] | | | | | | | | | | | | | | | | | | | | |

2025 was another record year for the Company with operating income up 52% and AOI up 10% versus 2024.

We had our highest ever volume of stadium shows in 2025, fueling our best topline revenue in the Company’s 20-year history.

Once again, our Concerts segment led our segments in terms of growth, generating $687.1 million in AOI, an increase of 30% over 2024.

We added 8 million fans in 2025 and over half of our full year fan count came from markets outside the United States – the first time this has happened.

Our global footprint of venues continued to expand during the year with more new club, theater, amphitheater, arena and stadium opportunities around the globe planned in 2026 and beyond.

Operating income for the year improved by $426.7 million or 52%, largely from the impact of the Astroworld losses recorded in 2024.

The majority of the favorable impact came from the Euro and British Pound, partially offset by the Mexican and Argentinian Pesos.

The growth was focused in our international markets, most notably in Europe, Mexico and Asia.

Growth in stadium content drove fan count increases in nearly all of our markets, hitting an all-time high.

On the venue front, we had several notable developments.

We opened Rogers Stadium in Toronto, which hosted nearly 700 thousand fans over the summer with even more shows and more fans planned in 2026.

After extensive renovations, we also re-opened an arena in Hamilton, Ontario Canada as TD Coliseum with Paul McCartney headlining the venue’s first show.

Our first venue in South America, the Vive Claro stadium in Bogota, Colombia opened in August 2025 with capacity for 40 thousand fans per show.

Finally, two new amphitheaters and one large indoor/outdoor theater opened in the United States.

Concerts fee-bearing tickets were up 4% while we saw reductions in the Sports, Arts and Family categories.

Secondary tickets remain a small portion of our fee-bearing business and we continued to invest to align with artist and fans’ interest.

Again, concerts led this favorability, growing GTV by 9% where our other sales genres saw an overall drop in GTV.

It was our second highest quarter ever for transacted ticket sales and GTV, fueled by record stadium sales in our international markets for 2026 events.

This resulted in our highest fourth quarter deferred revenue for Ticketing.

The increase was largely driven by the United States, Latin America and Europe.

Naming rights and other innovative deals attached to our new venues drove venue sponsorship up 15% year-over-year.

New and expanded digital platform integrations further drove United States sponsorship growth while multiple Europe markets were successful in scaling high impact partnerships and bundled programs.

Latin America saw growth from our new arena, Vive Claro, and a full-year of Estadio GNP.

| Revenue | | | $ | 25,201,406 | | | | | $ | (198,971) | | | | | $ | 25,002,435 | | | | | $ | 23,155,625 | | | | | $ | 22,726,317 | | | | | 9% | | | | | | 8% | | | | | | 2% | | |

| Direct operating expenses | | | 18,763,356 | | | | | | | | | | | | | | | | | | 17,380,866 | | | | | | 17,290,718 | | | | | | 8% | | | | | | | | | | | | 1% | | |

| Selling, general and administrative expenses | | | 4,091,759 | | | | | | | | | | | | | | | | | | 4,043,712 | | | | | | 3,516,979 | | | | | | 1% | | | | | | | | | | | | 15% | | |

The remaining change in tax expense is due to increased operational results in tax paying jurisdictions during 2025.

| Estimated number of fee-bearing tickets sold | | | | | | | | | | | | | | | 345,987 | | | | | | 340,181 | | | | | | 336,989 | | |

| Estimated number of non-fee-bearing tickets sold | | | | | | | | | | | | | | | 300,416 | | | | | | 297,550 | | | | | | 283,422 | | |

Concerts revenue increased $1.8 billion during the year ended December 31, 2025 as compared to the prior year primarily due to more stadium shows and fans.

Concerts had incremental revenue of $534.2 million during 2025 from acquisitions and new venues.

Concerts AOI increased $157.3 million and operating income increased $467.5 million during the year ended December 31, 2025 as compared to the prior year.

The increase in AOI was primarily driven by higher revenue as discussed above partially offset by increased direct operating expenses to support more stadium shows and fan growth at events.

The remaining change in operating income outside of AOI of $310.2 million is primarily associated with the nonrecurring Astroworld loss contingencies in the prior year.

These were partially offset by higher depreciation and amortization expense of $74.7 million related to capital expenditures incurred to support new venues in operation in 2025 as well as increased operations, higher acquisition expenses of $43.2 million, mostly due to contingent consideration changes during 2025, as well as higher stock-based compensation of $42.6 million.

| | | | | | | | | | | | | | | | Year Ended December 31, | | | | | | | | | | | | | | | | | | % Change 2025 vs 2024 | | | | | | % Change 2024 vs 2023 | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | 2025 | | | | | | 2024 | | | | | | 2023 | | | | | | | | | | | | | | |

| Direct operating expenses | | | | | | | | | | | | | | | | | | | | | 1,125,636 | | | | | | 1,142,320 | | | | | | 1,108,125 | | | | | | (1)% | | | | | | 3% | | |

| Selling, general and administrative expenses | | | | | | | | | | | | | | | | | | | | | 947,040 | | | | | | 835,486 | | | | | | 814,882 | | | | | | 13% | | | | | | 3% | | |

The remaining change in operating income outside of AOI of $22.3 million is primarily due to higher stock-based compensation of $13.2 million.

After a record 2023 fueled by our highest volume of stadium shows ever, we surpassed last year’s revenue results.

While operating income declined double-digits as a result of the Astroworld legal contingency, we grew our AOI by double-digits and our underlying businesses thrived in 2024.

Our Concerts segment generated over $0.5 billion in AOI for the first time ever, growing by over 50%.

We added over 5 million fans and nearly 5,000 additional shows in Concerts, with new venues added to our global footprint and plans to open more in the year ahead.

Operating income for the year declined by $260 million or 24% primarily related to the Astroworld estimated loss contingencies of $455 million partially offset by stronger performance in our Concerts and Sponsorship segments.

The increase in AOI was $320 million without the impact of changes in foreign exchange rates.

The majority of the impacts came from Latin American currencies.

The growth in revenue was the result of more fans enjoying their favorite artists and spending more money at events to maximize their unique live experiences.

The growth was relatively evenly distributed across our global markets with notable strength in the United States, Latin America and Asia-Pacific.

Growth in amphitheater, arena and theater & club fan count drove the increase in show attendance.

In particular, arena fan count increased by almost 8 million fans to over 50 million fans globally.

After extensive renovations, our Jones Beach amphitheater re-opened on Long Island and produced double-digit growth on premium seating, concessions and VIP club revenues.

Similarly the Estadio GNP stadium (formerly known as Foro Sol) re-opened in Mexico City over the summer, offering fans an elevated concert-going experience with several new VIP lounges and additional points of sale for all fans.

This resulted in a record fourth quarter for Ticketing across all of our key financial metrics – revenue, operating income and AOI.

The increase was largely driven by our international divisions with new naming rights and other deals for Estadio GNP in Mexico City, newly acquired festivals in Colombia, additional sponsorable content in Mexico and the timing of the Rock in Rio Brazil and Portugal festivals which play every two years.

| Revenue | | | $ | 23,155,625 | | | | | $ | 235,038 | | | | | $ | 23,390,663 | | | | | $ | 22,726,317 | | | | | $ | 16,681,254 | | | | | 2% | | | | | | 3% | | | | | | 36% | | |

| Direct operating expenses | | | 17,328,154 | | | | | | | | | | | | | | | | | | 17,250,530 | | | | | | 12,347,611 | | | | | | 0.4% | | | | | | | | | | | | 40% | | |

| Selling, general and administrative expenses | | | 4,096,424 | | | | | | | | | | | | | | | | | | 3,557,167 | | | | | | 2,955,884 | | | | | | 15% | | | | | | | | | | | | 20% | | |

| | | | | | |

| --- | --- | --- | --- | --- | --- |

Interest expense

Interest expense decreased $24.3 million during the year ended December 31, 2024 as compared to the prior year primarily driven by lower debt balance throughout 2024 as compared to 2023.

Interest income

Interest income decreased $81.6 million during the year ended December 31, 2024 as compared to the prior year primarily attributed to lower rate of return on our cash and cash equivalents in 2024 and a decrease in our cash and cash equivalents.

The net foreign exchange rate gains and losses result primarily from revaluation of certain foreign currency denominated net assets held internationally.

| | | | | | | | | | As Revised | | | | | | As Revised | | |

___________________

| (1) | | | For the years ended December 31, 2023 and December 31, 2022, the revision increased our operating income and consolidated AOI by $18.7 million for 2023 and decreased our operating income and consolidated AOI by $10.1 million for 2022, respectively. See further discussion in Part II — Financial Information—Item 8.—Financial Statements and Supplementary Data—Note 2 – Correction of Errors in Previously Reported Consolidated Financial Statements. | | |

| Estimated number of fee-bearing tickets sold | | | | | | | | | | | | | | | 330,567 | | | | | | 329,116 | | | | | | 280,862 | | |

| Estimated number of non-fee-bearing tickets sold | | | | | | | | | | | | | | | 307,164 | | | | | | 291,295 | | | | | | 269,814 | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | As Revised | | | | | | As Revised | | | | | | | | | | | | As Revised | | |

| (1) | | | See further discussion in Part II — Financial Information—Item 8.—Financial Statements and Supplementary Data—Note 2 – Correction of Errors in Previously Reported Consolidated Financial Statements. For the year ended December 31, 2023, the revision decreased revenue by $22.8 million. | | |

| (2) | | | For the years ended December 31, 2023 and December 31, 2022, the revision decreased direct operating expenses by $17.7 million and $5.1 million, respectively. | | |

| (3) | | | For the years ended December 31, 2023 and December 31, 2022, the revision decreased operating income and AOI by $5.1 million as well as increased operating income and AOI by $5.1 million, respectively. | | |

Concerts revenue increased $283.4 million during the year ended December 31, 2024 as compared to the prior year attributable to acquisitions and new venues of $335.1 million as well as increased show count and fan growth.

In particular, higher arena and amphitheater shows and related fan count partially offset by fewer stadium shows contributed to the increase in revenue.

Concerts AOI increased $209.4 million during the year ended December 31, 2024 as compared to the prior year primarily driven by an increase in revenues from the number of shows discussed above partially offset by increased selling general and administrative expenses related to additional compensation expenses fueled by growth from our venue footprint and additional global activity.

The remaining change in operating income outside of AOI of $522.6 million is primarily associated with Astroworld estimated loss contingencies of $454.9 million and higher depreciation and amortization expenses of $49.4 million for additional capital expenditures incurred to support the increased operations as well as from acquisitions and new venues.

| Direct operating expenses (1) | | | | | | | | | | | | | | | | | | | | | 1,089,608 | | | | | | 1,067,937 | | | | | | 809,173 | | | | | | 2% | | | | | | 32% | | |

| Selling, general and administrative expenses | | | | | | | | | | | | | | | | | | | | | 888,198 | | | | | | 855,070 | | | | | | 711,574 | | | | | | 4% | | | | | | 20% | | |

We believe that we are the largest live entertainment company in the world, connecting over [removed: 788] [added: 805] million fans across all of our concerts and ticketing platforms in [removed: 51] [added: 55] countries during [removed: 2024.][added: 2025.]

We believe we are the largest producer of live music concerts in the world, based on total fans that attend Live Nation events as compared to events of other promoters, connecting [removed: 151] [added: 159] million fans to [removed: approximately] [added: over] 11,000 artists at [removed: 54,000] [added: 55,000] events in [removed: 2024.][added: 2025.]

Live Nation owns, operates, has exclusive booking rights for or has an equity interest [removed: for which we have a significant influence] in [removed: 394] [added: 460] venues globally, including *House of Blues®* music venues and prestigious locations such as *The Fillmore®* in San Francisco, *Brooklyn Bowl®* in New York City*,* the Hollywood Palladium in Los Angeles, the Moody Center© arena in Austin, the Ziggo Dome in Amsterdam, 3Arena in Dublin, Royal Arena in Copenhagen and Spark Arena in Auckland.

Ticketmaster provides ticket sales services and marketing and distribution globally through *www.ticketmaster.com* and *www.livenation.com* and our mobile apps, other websites and numerous retail outlets, distributing [removed: over 637] [added: 646] million tickets through our systems in [removed: 2024.][added: 2025.]

Ticketmaster serves [removed: approximately 11,500] [added: 10,500] clients worldwide across multiple event categories, providing ticketing services for leading arenas, stadiums, festival and concert promoters, professional sports franchises and leagues, college sports teams, performing arts venues, museums and theaters.

[removed: We] [added: In our ticketing business, we] serve artists, [removed: venues] [added: venues,] and sports teams and leagues to secure content and [removed: tickets; we] [added: tickets as well as] invest in technology to build innovative products which advance our ticketing, [removed: digital presence,] including mobile [removed: platforms, and advertising;] [added: platforms] and [removed: we are paid by advertisers that want to connect their brands with our passionate fan base.][added: advertising.]

We believe our focus on growing these businesses will increase shareholder value as we continue to enhance our revenue [removed: streams and achieve economies of scale with our global platforms.][added: streams.]

We will deliver more shows, grow [removed: our] [added: the] fan base and increase our ticket sales by continuing to build our portfolio of concerts globally, expanding our business into additional top global music markets, and further building our presence in existing markets.

We will also grow our onsite fan monetization by improving ease of purchase, through improved onsite food and beverage and other products, merchandising, and enhanced experiences for [removed: our] [added: the] fans.

These include technological and digital transformations, enhanced marketing capabilities, and improved analytical tools to meet the needs of venues, event organizers and [removed: our] fans.

We will continue to drive growth in our sponsorship relationships and capture a larger share of the global music sponsorship market by further monetizing our [removed: fan base and growing] [added: venue portfolio as well as grow] our portfolio of [removed: brands.][added: brands connecting with fans.]

During [removed: 2024,] [added: 2025,] we connected over [removed: 788] [added: 805] million fans to their favorite live events.

In [removed: 2024,] [added: 2025,] we promoted shows for approximately 11,000 artists globally.

In addition, through our artist management companies, we managed [removed: more than 380] [added: approximately 360] artists in [removed: 2024.][added: 2025.]

We also have both Live Nation and Ticketmaster mobile apps that [removed: our] fans can use to access event information and buy tickets.

We believe we have one of the largest global networks of live entertainment businesses in the world, with offices in [removed: 47] [added: 51] countries worldwide.

In addition, we own, lease, operate, have exclusive booking rights for, or have an equity interest for which we have a significant influence in [removed: 394] [added: 460] venues and have operations located across [removed: 51] [added: 55] countries as of the end of [removed: 2024,] [added: 2025,] making us, we believe, the second largest operator of music venues in the world.

We also believe that we are one of the largest music festival producers in the world with [removed: 137] [added: 131] festivals globally in [removed: 2024.][added: 2025.]

In addition, we believe that our global ticketing distribution network—with approximately [removed: 11,500] [added: 10,500] clients worldwide in [removed: 2024] [added: 2025] — makes us the largest ticketing network in the world.

We employ a sales force of approximately [removed: 760] [added: 830] people that worked with more than 1,500 sponsors during [removed: 2024,] [added: 2025,] through a combination of strategic partnerships, local venue-related deals, national agreements and digital campaigns, both in North America and internationally.

Generally, the ticket resale company is paid a service charge [added: by both seller and buyer,] when the ticket is resold and the remaining ticket value is paid to the holder.

Including intersegment revenue, our Concerts business generated [removed: $19.0] [added: $20.9] billion, or [removed: 82%,] [added: 83%,] of our total revenue during [removed: 2024.][added: 2025.]

We promoted [removed: more than 54,000] [added: approximately 55,000] live music and other events in [removed: 2024.][added: 2025.]

Including intersegment revenue, our Ticketing business generated [removed: $3.0] [added: $3.1] billion, or [removed: 13%,] [added: 12%,] of our total revenue during [removed: 2024,] [added: 2025,] which excludes the face value of tickets sold and is net of the fees paid to our ticketing clients.

Through all of our ticketing services, we sold approximately [removed: 331] [added: 346] million tickets in [removed: 2024] [added: 2025] on which we were paid fees for our services.

In addition, approximately [removed: 307] [added: 300] million tickets were sold, for which we did not receive a fee, using our Ticketmaster systems, including season seat packages, our venue clients’ box offices, and other channels.

Including intersegment revenue, our Sponsorship & Advertising business generated [removed: $1.2] [added: $1.3] billion, or 5%, of our total revenue during [removed: 2024.][added: 2025.]

Although they are [removed: the largest venues available] [added: not specifically designed] for live music, they are [removed: not specifically designed] [added: the largest venues available and have become increasingly popular] for [removed: live music.][added: concerts.]

These venues typically have a capacity of less than [removed: 1,000] [added: 2,000] and often without full fixed seating.

This category includes our [removed: *House] [added: House] of [removed: Blues*®] [added: Blues®] and [removed: *Brooklyn Bowl*®] [added: Brooklyn Bowl®] venues whose live music halls are specially designed to provide optimum acoustics and typically can accommodate between 1,000 to 2,000 guests.

[removed: - *Festival Sites*—Festival] [added: Outdoor spaces include festival] sites [removed: are outdoor locations] used primarily in the summer season to stage large single-day or multi-day concert events featuring several artists on multiple stages.

The following table summarizes the number of venues by type that we owned, [removed: leased, operated, had exclusive booking rights for] [added: other operated] or had an equity interest over which we had a significant influence as of December 31, [removed: 2024:][added: 2025:]

| Venue Type | | | | | | Capacity | | | | | | Owned | | | | | | [removed: Leased] [added: Other Operated (1)] | | | | | | [removed: Operated] | | | | | | [removed: Exclusive Booking Rights] | | | | | | Equity Interest | | | | | | Total | | |

| Stadium | | | | | | More than 30,000 | | | | | | [removed: —] [added: 1] | | | | | | [removed: 2] [added: 9] | | | | | | [removed: 1] | | | | | | [removed: —] | | | | | | [removed: —] [added: 1] | | | | | | [removed: 3] [added: 11] | | |

| Amphitheater | | | | | | 5,000 - 30,000 | | | | | | 10 | | | | | | [removed: 44] [added: 66] | | | | | | [removed: 1] | | | | | | [removed: 18] | | | | | | [removed: —] [added: 2] | | | | | | [removed: 73] [added: 78] | | |

| Arena | | | | | | 5,000 - 20,000 | | | | | | [removed: 3] [added: 4] | | | | | | [removed: 15] [added: 37] | | | | | | [removed: 2] | | | | | | [removed: 5] | | | | | | — | | | | | | [removed: 25] [added: 41] | | |

| Theater | | | | | | 1,000 - 6,500 | | | | | | 10 | | | | | | [removed: 76] [added: 100] | | | | | | [removed: 9] | | | | | | [removed: 32] | | | | | | 2 | | | | | | [removed: 129] [added: 112] | | |

| Club | | | | | | Less than [removed: 1,000] [added: 2,000] | | | | | | [removed: 5] [added: 11] | | | | | | [removed: 56] [added: 113] | | | | | | [removed: 1] | | | | | | [removed: 13] | | | | | | [removed: —] [added: 1] | | | | | | [removed: 75] [added: 125] | | |

| Other Venues | | | | | | Varies | | | | | | [removed: —] [added: 2] | | | | | | [removed: 14] [added: 22] | | | | | | [removed: —] | | | | | | [removed: 1] | | | | | | 2 | | | | | | [removed: 17] [added: 26] | | |

| Total venues in operation | | | | | | | | | | | | [removed: 32] [added: 40] | | | | | | [removed: 222] [added: 412] | | | | | | [removed: 67] | | | | | | [removed: 69] | | | | | | [removed: 4] [added: 8] | | | | | | [removed: 394] [added: 460] | | |

Our strategy is to grow the global live entertainment industry by connecting artists with their fans, selling more tickets and partnering with additional sponsors.

We invest nearly $15 billion annually in artist performances – from club and theater acts to global superstars – more than any other company in the industry.

In addition, we are investing in venue infrastructure around the world to support artists, meet rising fan demand and strengthen our long-term growth.

Lastly, we are paid by sponsors and advertisers that want to connect their brands with a passionate fan base.

- *Invest in Venue Infrastructure and Enhancement Projects.* To support the continued growth of artists and global fan demand, we are investing capital expenditures to expand our venue footprint – focusing on large theaters, amphitheaters, arenas and stadiums - to more markets around the world and upgrading our existing venues to enhance hospitality efforts for the fan base.

- *Outdoor Spaces*—Outdoor spaces include green spaces, fields and parking lots that were not originally designed for live music and are temporarily adapted to host occasional events such as festivals and concerts.

| Outdoor Spaces (2) | | | | | | Varies | | | | | | 2 | | | | | | 65 | | | | | | | | | | | | | | | | | | — | | | | | | 67 | | |

| North America | | | | | | | | | | | | 24 | | | | | | 301 | | | | | | | | | | | | | | | | | | 8 | | | | | | 333 | | |

| International | | | | | | | | | | | | 16 | | | | | | 111 | | | | | | | | | | | | | | | | | | — | | | | | | 127 | | |

(1)Other operated includes leased venues, operated venues and venues where we have exclusive booking rights.

In addition, the Digital Services Act (“DSA”) in the European Union came into force in November 2022 and the majority of its substantive provisions took effect in February 2024.

The DSA imposes new obligations around illegal services or content on our sites, traceability of business users, and enhanced transparency measures.

In 2025, we added the Sabbatical Program to reward long standing employees and their commitment to the company.

In 2025, we expanded our learning portfolio with more than 20 new global, live, and on-demand courses designed to strengthen professional and operational capabilities across the organization.

These offerings enhance access to scalable learning, professional development, and coaching opportunities for employees worldwide.

- Taking Care of Others: We are committed to supporting the communities around us in meaningful ways.

In addition to providing employees paid time off to volunteer locally, since March 2020 our Crew Nation Global Relief Fund has delivered over $16.5 million in financial support to more than 16,000 live music crew members across 51 countries.

We believe that our efforts in these areas are working and contributing to the overall success of the Company, as evidenced by accolades such as obtaining recognition for the following:

- Great Place to Work® certification (2017-19, 2022-25),

- Forbes’ World’s Top Companies for Women (2023-2025), World’s Best Employers List (2023-2025), America’s Best Employers for Company Culture (2025), America’s Best-in-State Employers (2025), America’s Best Employers For Women (2022-2023, 2025), America's Best Employers for New Grads (2022-25), America’s Best Large Employers List (2022-25), Most Trusted Companies in America (2026), and America’s Dream Employers List (2025-26),

- TIME’s World’s Best Companies (2023, 2025), 100 Most Influential Companies (2023), and America’s Growth Leaders (2025), placing on Newsweek’s America’s Best of the Best (2024), America's Greatest Workplaces for Parents & Families (2024-25), America's Greatest Workplaces (2023-25), America's Greatest Workplaces for Job Starters (2024), America’s Greatest Workplaces for Mental Well-being (2025), America's Greatest Workplaces for Women (2024-25), America’s Greatest Workplaces for Diversity (2024-25), America’s Greatest Workplaces for Culture, Belonging & Community (2026), and

- Fortune’s World’s Most Admired Companies List (2018-21, 2024-26), Sector Leaders (2024), Most Innovative Companies List (2024-25) and 500 List (2010-2020, 2023-25).

| Matthew Hansen | | | | | | 44 | | | | | | Chief Strategy Officer | | |

| Saumil Mehta | | | | | | 43 | | | | | | President–Ticketmaster | | |

| | | | | | | | | | | | | | | |

| Jordan Zachary | | | | | | 43 | | | | | | Global President–Venue Nation | | |

Our strategy is to grow our global leadership position in live entertainment, promote more shows, sell more tickets and partner with more sponsors, thereby increasing our revenue, earnings and cash flow.

We also continue to strengthen our core operations, further expanding into global markets and optimizing our cost structure.

This includes investing capital expenditures in new venues and enhancements to existing venues.

We will grow the volume of secondary tickets sold through a trusted environment for fan ticket exchanges, allowing our fans to have a dependable, secure destination for secondary ticket acquisition for all events.

- *Restaurants & Music Halls*—Restaurants & Music Halls are indoor venues that offer customers an integrated live music, entertainment and dining experience.

| Restaurants & Music Halls | | | | | | 1,000 - 2,000 | | | | | | 2 | | | | | | 15 | | | | | | — | | | | | | — | | | | | | — | | | | | | 17 | | |

| Festival Sites (1) | | | | | | Varies | | | | | | 2 | | | | | | — | | | | | | 53 | | | | | | — | | | | | | — | | | | | | 55 | | |

| North America | | | | | | | | | | | | 22 | | | | | | 169 | | | | | | 25 | | | | | | 68 | | | | | | 4 | | | | | | 288 | | |

| International | | | | | | | | | | | | 10 | | | | | | 53 | | | | | | 42 | | | | | | 1 | | | | | | — | | | | | | 106 | | |

We launched Sober Nation to provide sobriety and recovery support for our employees and help destigmatize addiction and recovery in the industry.

In 2024, we extended our offerings to include part-time club staff and partnered with artists to host events at our headquarters highlighting the intersection of sobriety and mental health.

In 2024, we extended our offerings to include part-time club staff.

In 2024, we expanded offerings to include more global live and on-demand learning and professional development and coaching opportunities for employees.

Through the end of 2024, our Crew Nation global relief fund has provided financial support to over 16,000 live music crews in over 50 countries to which we have donated over $15 million since March 2020.

- Taking Care of Others: In order to empower our employees to get involved in causes that are meaningful to them, we provide paid time off for them to volunteer in their local communities.

We believe that our efforts in these areas are working and contributing to the overall success of the Company, as evidenced by accolades such as obtaining a Great Place to Work® certification (2017-19, 2022-24), placing on Forbes’ World’s Best Employers List (2023), America’s Best Large Employers List (2022-24) and America’s Dream Employers List (2025), placing on TIME’s World’s Best Companies (2023) and 100 Most Influential Companies (2023), Newsweek’s America’s Best of the Best (2024) and placing on Fortune’s World’s Most Admired Companies List (2018-21, 2024, 2025), Most Innovative Companies List (2024) and 500 List (2010-2020, 2023, 2024).

| Carlos Alvarez | | | | | | 50 | | | | | | Chief Technology Officer–Ticketmaster | | |

| Mark Yovich | | | | | | 50 | | | | | | President–Ticketmaster | | |

| Jordan Zachary | | | | | | 42 | | | | | | Co-President–U.S. Concerts and President–Regions U.S. Concerts | | |

Prior to that, Mr. Yovich served as President of Ticketmaster’s International division since November 2011.

Mr. Yovich has worked for us or our predecessors since 2000.

Financial Statements and Supplementary Data—Note [removed: 8] [added: 7] – Commitments and Contingent Liabilities.

For the fiscal year ended December 31, [removed: 2024,][added: 2025,]

On June 30, [removed: 2024,] [added: 2025,] the last business day of the registrant’s most recently completed second fiscal quarter, the aggregate market value of the Common Stock beneficially held by non-affiliates of the registrant was approximately [removed: $14.8] [added: $24.1] billion.

On February [removed: 13, 2025,] [added: 12, 2026,] there were [removed: 233,401,156] [added: 234,801,922] outstanding shares of the registrant’s common stock, $0.01 par value per share, including [removed: 2,288,158] [added: 2,433,682] shares of unvested restricted stock awards and excluding [removed: 408,024] [added: 574,131] shares held in treasury.

Portions of our Definitive Proxy Statement for the [removed: 2025] [added: 2026] Annual Meeting of Stockholders, expected to be filed within 120 days of our fiscal year end, are incorporated by reference into Part III.

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| ITEM 1B. | | | [UNRESOLVED STAFF [removed: COMMENTS](#id16a83bb3b7a48f59c925134d5705b64_52)] [added: COMMENTS](#i1bdca62ac50c453cab88fd2330694616_52)] | | | [removed: [26](#id16a83bb3b7a48f59c925134d5705b64_52)] [added: [25](#i1bdca62ac50c453cab88fd2330694616_52)] | | |

| ITEM 1C. | | | [removed: [CYBERSECURITY](#id16a83bb3b7a48f59c925134d5705b64_55)] [added: [CYBERSECURITY](#i1bdca62ac50c453cab88fd2330694616_55)] | | | [removed: [27](#id16a83bb3b7a48f59c925134d5705b64_55)] [added: [26](#i1bdca62ac50c453cab88fd2330694616_55)] | | |

| ITEM 2. | | | [removed: [PROPERTIES](#id16a83bb3b7a48f59c925134d5705b64_58)] [added: [PROPERTIES](#i1bdca62ac50c453cab88fd2330694616_58)] | | | [removed: [28](#id16a83bb3b7a48f59c925134d5705b64_58)] [added: [27](#i1bdca62ac50c453cab88fd2330694616_58)] | | |

| ITEM 3. | | | [LEGAL [removed: PROCEEDINGS](#id16a83bb3b7a48f59c925134d5705b64_61)] [added: PROCEEDINGS](#i1bdca62ac50c453cab88fd2330694616_61)] | | | [removed: [28](#id16a83bb3b7a48f59c925134d5705b64_61)] [added: [27](#i1bdca62ac50c453cab88fd2330694616_61)] | | |

| ITEM 5. | | | [MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY [removed: SECURITIES](#id16a83bb3b7a48f59c925134d5705b64_67)] [added: SECURITIES](#i1bdca62ac50c453cab88fd2330694616_67)] | | | [removed: [29](#id16a83bb3b7a48f59c925134d5705b64_67)] [added: [28](#i1bdca62ac50c453cab88fd2330694616_67)] | | |

| ITEM 6. | | | [removed: [\[RESERVED\]](#id16a83bb3b7a48f59c925134d5705b64_70)] [added: [\[RESERVED\]](#i1bdca62ac50c453cab88fd2330694616_70)] | | | [removed: [29](#id16a83bb3b7a48f59c925134d5705b64_70)] [added: [28](#i1bdca62ac50c453cab88fd2330694616_70)] | | |

| ITEM 7. | | | [MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF [removed: OPERATIONS](#id16a83bb3b7a48f59c925134d5705b64_76)] [added: OPERATIONS](#i1bdca62ac50c453cab88fd2330694616_76)] | | | [removed: [30](#id16a83bb3b7a48f59c925134d5705b64_76)] [added: [29](#i1bdca62ac50c453cab88fd2330694616_76)] | | |

| ITEM 7A. | | | [QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET [removed: RISK](#id16a83bb3b7a48f59c925134d5705b64_136)] [added: RISK](#i1bdca62ac50c453cab88fd2330694616_139)] | | | [removed: [47](#id16a83bb3b7a48f59c925134d5705b64_136)] [added: [46](#i1bdca62ac50c453cab88fd2330694616_139)] | | |

| ITEM 8. | | | [FINANCIAL STATEMENTS AND SUPPLEMENTARY [removed: DATA](#id16a83bb3b7a48f59c925134d5705b64_139)] [added: DATA](#i1bdca62ac50c453cab88fd2330694616_142)] | | | [removed: [48](#id16a83bb3b7a48f59c925134d5705b64_139)] [added: [47](#i1bdca62ac50c453cab88fd2330694616_142)] | | |

| ITEM 9. | | | [CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL [removed: DISCLOSURE](#id16a83bb3b7a48f59c925134d5705b64_235)] [added: DISCLOSURE](#i1bdca62ac50c453cab88fd2330694616_247)] | | | [removed: [99](#id16a83bb3b7a48f59c925134d5705b64_235)] [added: [94](#i1bdca62ac50c453cab88fd2330694616_247)] | | |

| ITEM 9A. | | | [CONTROLS AND [removed: PROCEDURES](#id16a83bb3b7a48f59c925134d5705b64_235)] [added: PROCEDURES](#i1bdca62ac50c453cab88fd2330694616_247)] | | | [removed: [99](#id16a83bb3b7a48f59c925134d5705b64_235)] [added: [94](#i1bdca62ac50c453cab88fd2330694616_247)] | | |

| ITEM 9B. | | | [OTHER [removed: INFORMATION](#id16a83bb3b7a48f59c925134d5705b64_238)] [added: INFORMATION](#i1bdca62ac50c453cab88fd2330694616_250)] | | | [removed: [101](#id16a83bb3b7a48f59c925134d5705b64_238)] [added: [96](#i1bdca62ac50c453cab88fd2330694616_250)] | | |

| ITEM 9C. | | | [DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT [removed: INSPECTIONS](#id16a83bb3b7a48f59c925134d5705b64_241)] [added: INSPECTIONS](#i1bdca62ac50c453cab88fd2330694616_253)] | | | [removed: [101](#id16a83bb3b7a48f59c925134d5705b64_241)] [added: [96](#i1bdca62ac50c453cab88fd2330694616_253)] | | |

| ITEM 10. | | | [DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE [removed: GOVERNANCE](#id16a83bb3b7a48f59c925134d5705b64_247)] [added: GOVERNANCE](#i1bdca62ac50c453cab88fd2330694616_259)] | | | [removed: [101](#id16a83bb3b7a48f59c925134d5705b64_247)] [added: [96](#i1bdca62ac50c453cab88fd2330694616_259)] | | |

| ITEM 11. | | | [EXECUTIVE [removed: COMPENSATION](#id16a83bb3b7a48f59c925134d5705b64_250)] [added: COMPENSATION](#i1bdca62ac50c453cab88fd2330694616_262)] | | | [removed: [101](#id16a83bb3b7a48f59c925134d5705b64_250)] [added: [96](#i1bdca62ac50c453cab88fd2330694616_262)] | | |

| ITEM 12. | | | [SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER [removed: MATTERS](#id16a83bb3b7a48f59c925134d5705b64_253)] [added: MATTERS](#i1bdca62ac50c453cab88fd2330694616_265)] | | | [removed: [101](#id16a83bb3b7a48f59c925134d5705b64_253)] [added: [96](#i1bdca62ac50c453cab88fd2330694616_265)] | | |

| ITEM 13. | | | [CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR [removed: INDEPENDENCE](#id16a83bb3b7a48f59c925134d5705b64_256)] [added: INDEPENDENCE](#i1bdca62ac50c453cab88fd2330694616_268)] | | | [removed: [101](#id16a83bb3b7a48f59c925134d5705b64_256)] [added: [96](#i1bdca62ac50c453cab88fd2330694616_268)] | | |

| ITEM 14. | | | [PRINCIPAL ACCOUNTING FEES AND [removed: SERVICES](#id16a83bb3b7a48f59c925134d5705b64_259)] [added: SERVICES](#i1bdca62ac50c453cab88fd2330694616_271)] | | | [removed: [101](#id16a83bb3b7a48f59c925134d5705b64_259)] [added: [96](#i1bdca62ac50c453cab88fd2330694616_271)] | | |

| ITEM 15. | | | [EXHIBITS AND FINANCIAL STATEMENT [removed: SCHEDULES](#id16a83bb3b7a48f59c925134d5705b64_262)] [added: SCHEDULES](#i1bdca62ac50c453cab88fd2330694616_274)] | | | [removed: [102](#id16a83bb3b7a48f59c925134d5705b64_262)] [added: [97](#i1bdca62ac50c453cab88fd2330694616_274)] | | |

| ITEM 16. | | | [FORM 10-K [removed: SUMMARY](#id16a83bb3b7a48f59c925134d5705b64_283)] [added: SUMMARY](#i1bdca62ac50c453cab88fd2330694616_295)] | | | [removed: [109](#id16a83bb3b7a48f59c925134d5705b64_283)] [added: [102](#i1bdca62ac50c453cab88fd2330694616_295)] | | |

| ASC | | | Accounting Standards Codification | | |

| CIE | | | Corporación Interamericana de Entretenimiento, S.A.B. de C.V. | | |

| Liberty Live | | | Liberty Live Holdings, Inc. | | |

| OCESA | | | OCESA Entretenimiento, S.A. de C.V. and certain other related subsidiaries of Corporación Interamericana de Entretenimiento, S.A.B. de C.V. | | |

| Liberty Media | | | Liberty Media Corporation | | |

Our Board of Directors (the [removed: “Board”)] [added: “Board”), in coordination with our Executive Steering Committee and the Audit Committee,] is responsible for overseeing our [removed: risk management program and] cybersecurity [removed: is a critical element of this] program.

The [removed: Information] [added: Cyber] Security [removed: and Privacy team] [added: department] leads cybersecurity risk management for our business.

Our [removed: Information Security and Privacy] [added: Cybersecurity] Risk Management program includes processes and controls for the business to ensure that cybersecurity risks are identified and responded to promptly.

These range from formal processes that are triggered in certain circumstances, [removed: to] detective [added: controls, protective] controls and [added: other] technology that we use to identify and manage risks.

[removed: Information Security and Privacy’s] [added: Cyber Security’s] Risk Management process is consistent with our Enterprise Risk Management Policy, which describes how we manage risks generally.

The [removed: Information] [added: Cyber] Security [removed: and Privacy] team also engages with external consultants to ensure best practices in our Cyber Risk Management.

[removed: The] [added: Our] program includes controls and procedures to properly identify, classify, and escalate certain cybersecurity incidents to provide management visibility and obtain an assessment from management as to the public disclosure and reporting of material incidents in a timely manner.

The [removed: Information] [added: Cyber] Security [removed: and Privacy] team’s responsibilities include:

◦Performing security architecture [removed: reviews, both of] [added: reviews in] existing enterprise systems and [added: in] those of newly acquired organizations;

- Technical Safeguards: We have implemented technical safeguards that are designed to protect our information systems from cybersecurity threats, including firewalls, intrusion prevention and detection systems, [removed: anti-malware functionality,] [added: endpoint detection] and [added: response, and] access controls, which are evaluated and improved through vulnerability assessments and cybersecurity threat intelligence, as well as [removed: outside] [added: external] audits and certifications.

The [removed: Information] [added: Cyber] Security [removed: and Privacy team] [added: department] also manages [added: security log information,] and carries out [removed: logging, and] vulnerability and application [removed: scanning,] [added: scanning] to support the identification of cyber risks.

- Education and Awareness: We provide regular, mandatory training for all levels of employees regarding cybersecurity threats to equip our employees with effective tools to address cybersecurity threats, and to communicate our evolving [removed: information security] [added: cybersecurity] policies, standards, processes, and practices.

The Board, in coordination with our [removed: Global Data Governance Board (GDGB)] [added: Executive Steering Committee] and the Audit Committee, oversees our [removed: risk management] [added: cybersecurity] program, including the management of cybersecurity threats.

The [removed: GDGB] [added: Executive Steering Committee] receives regular presentations and reports on developments in the cybersecurity space, including risk management practices, recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological [removed: trends,] [added: trends] and [removed: information security.][added: cybersecurity.]

The Chief Information Security [removed: and Privacy] Officer [removed: (CISPO)] [added: (CISO)] is the risk manager overseeing the organization’s [removed: information security] [added: cybersecurity] risk management function.

As the Risk Manager, the [removed: CISPO] [added: CISO] is responsible for the administration of the [removed: information security] [added: cybersecurity] risk management program, [removed: policy,] [added: policy] and [removed: procedures.][added: standards.]

The [removed: CISPO] [added: CISO] has direct communication with senior executives regarding cybersecurity risks and works collaboratively with our leadership to respond to and manage the response to cybersecurity incidents.

Risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have not materially affected us, including [removed: its] [added: our] business strategy, results of [removed: operations,] [added: operations] or financial condition.

Effective Cyber Risk Management is foundational to our Cybersecurity program and is informed by widely recognized industry standards and best practices.

◦Monitoring cybersecurity detective controls for alerts, responding to alerts, and managing response to cyber incidents;

◦Procuring and arranging for the implementation of both protective and detective controls across our business;

◦Monitor for cybersecurity vulnerabilities and defects, including through penetration testing assessments.

The CISO has over 30 years of experience in cybersecurity, including more than nine years serving in chief information security leadership roles.

The CISO’s background spans intelligence-driven and threat-actor focused security programs across highly regulated and complex global environments, including building and maturing enterprise capabilities such as incident response, threat intelligence, application security and vulnerability management.

Our cybersecurity organization is comprised of experienced professionals with comparable depth of expertise in their respective disciplines that supports the effective execution of our cybersecurity risk management program.

This collective experience enables effective oversight of cybersecurity risks, incident response and communication with senior leadership.

Effective Cyber Risk Management is foundational to our Information Security and Privacy program and is based on recognized frameworks established by the National Institute of Standards and Technology (NIST).

◦Conducting privacy impact assessments;

◦Conduct and supervision of penetration testing.

The CISPO has nearly 20 years of legal and data protection experience with a focus on Information Security, Privacy, and Abuse Prevention.

As of December 31, [removed: 2024,] [added: 2025,] we own, operate or lease [removed: 216] [added: 325] entertainment venues throughout North America and [removed: 105] [added: an additional 127] entertainment venues internationally.

We also lease office space and other facilities in [removed: 47] [added: 51] countries that support our Concerts, Ticketing and Sponsorship & Advertising segment operations.

These leases can typically be for terms of three to [removed: 10] [added: 18] years for our office leases and five to [removed: 25] [added: 49] years for our venue leases, and many include renewal options.

There were [removed: 2,515] [added: 2,268] stockholders of record as of February [removed: 13, 2025.][added: 12, 2026.]

The following table provides information regarding repurchases of our common stock during the quarter ended December 31, [removed: 2024.][added: 2025.]

| (1) | | | Represents shares of common stock that employees surrendered as part of the default option to satisfy withholding taxes in connection with the vesting of restricted stock awards under our stock incentive plan. Pursuant to the terms of our stock plan, such shares revert to available shares under the plan. [added: On December 15, 2025, we repurchased an aggregate of 166,107 net shares of common stock from certain executive officers upon their stock option exercise. Refer to Part II —Financial Information —Item 8.—Financial Statements and Supplementary Data—Note 8 – Certain Relationships and Related-Party Transactions for further information.] | | |

Information regarding our dividend policy can be found in Part II —Financial Information —Item 8.—Financial Statements and Supplementary Data—Note [removed: 11] [added: 10] – Equity.

| October 2025 | | | | | | — | | | | | | — | | | | | | | | | | | | | | |

| November 2025 | | | | | | 51,382 | | | | | | $129.64 | | | | | | | | | | | | | | |

| December 2025 | | | | | | 168,649 | | | | | | $141.68 | | | | | | | | | | | | | | |

| | | | | | | 220,031 | | | | | | | | | | | | | | | | | | | | |

| October 2024 | | | | | | — | | | | | | — | | | | | | | | | | | | | | |

| November 2024 | | | | | | 132,425 | | | | | | $140.50 | | | | | | | | | | | | | | |

| December 2024 | | | | | | 2,044 | | | | | | $135.95 | | | | | | | | | | | | | | |

| | | | | | | 134,469 | | | | | | | | | | | | | | | | | | | | |

We have audited the accompanying consolidated balance sheets of Live Nation Entertainment, Inc. (the Company) as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of operations, comprehensive income, changes in equity and cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] and the related notes and financial statement schedule listed in the [removed: Index] [added: index] at Item 15(a)2 (collectively referred to as the “consolidated financial statements”).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in Internal [removed: Control—Integrated] [added: Control-Integrated] Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 [removed: framework),] [added: framework)] and our report dated February [removed: 20, 2025] [added: 19, 2026] expressed an unqualified opinion thereon.

| | | | [added: | | | 2025 | | | | | |] 2024 | | | | | | 2023 | | |

| Cash and cash equivalents | | | $ | [removed: 6,095,424] [added: 7,094,200] | | | | | $ | [removed: 6,231,866] [added: 6,095,424] | |

| Accounts receivable, less allowance of [removed: $72,663] [added: $73,912] and [removed: $82,350,] [added: $72,663,] respectively | | | [removed: 1,747,316] [added: 2,009,055] | | | | | | [removed: 2,024,649] [added: 1,747,316] | | |

| Prepaid expenses | | | [removed: 1,247,184] [added: 1,453,732] | | | | | | [removed: 1,147,581] [added: 1,247,184] | | |

| Restricted [removed: cash] [added: Cash] | | | [removed: 10,685] [added: 12,786] | | | | | | [removed: 7,090] [added: 10,685] | | |

| Total current assets | | | [removed: 9,290,137] [added: 10,974,392] | | | | | | [removed: 9,533,349] [added: 9,290,137] | | |

| Property, plant and equipment, net | | | [removed: 2,441,872] [added: 3,415,771] | | | | | | [removed: 2,101,463] [added: 2,441,872] | | |

| Operating lease assets | | | [removed: 1,618,033] [added: 1,869,753] | | | | | | [removed: 1,606,389] [added: 1,618,033] | | |

| Definite-lived intangible assets, net | | | [removed: 985,812] [added: 1,078,453] | | | | | | [removed: 1,161,621] [added: 985,812] | | |

| Indefinite-lived intangible assets, net | | | [removed: 380,558] [added: 369,015] | | | | | | [removed: 377,349] [added: 380,558] | | |

| Goodwill | | | [removed: 2,620,911] [added: 2,889,178] | | | | | | [removed: 2,691,466] [added: 2,620,911] | | |

| Long-term advances | | | [removed: 520,482] [added: 631,071] | | | | | | [removed: 623,154] [added: 520,482] | | |

| Other long-term assets | | | [removed: 1,780,966] [added: 1,684,900] | | | | | | [removed: 934,849] [added: 1,780,966] | | |

| Total assets | | | $ | [removed: 19,638,771] [added: 22,912,533] | | | | | $ | [removed: 19,029,640] [added: 19,638,771] | |

| Accounts payable, client accounts | | | $ | [removed: 1,859,678] [added: 1,941,389] | | | | | $ | [removed: 1,866,864] [added: 1,859,678] | |

| Accounts payable | | | [removed: 242,978] [added: 253,261] | | | | | | [removed: 267,493] [added: 242,978] | | |

| Deferred revenue | | | [removed: 3,721,092] [added: 4,461,959] | | | | | | [removed: 3,398,028] [added: 3,721,092] | | |

| Current portion of long-term debt, net | | | [removed: 260,901] [added: 587,630] | | | | | | [removed: 1,134,386] [added: 260,901] | | |

| Current portion of operating lease liabilities | | | [removed: 153,406] [added: 167,764] | | | | | | [removed: 158,421] [added: 153,406] | | |

| Total current liabilities | | | [removed: 9,358,279] [added: 11,028,850] | | | | | | [removed: 9,984,434] [added: 9,358,279] | | |

| Long-term debt, net | | | [removed: 6,177,168] [added: 7,612,018] | | | | | | [removed: 5,459,026] [added: 6,177,168] | | |

| Long-term operating lease liabilities | | | [removed: 1,680,266] [added: 2,036,974] | | | | | | [removed: 1,686,091] [added: 1,680,266] | | |

| Other long-term liabilities | | | [removed: 477,763] [added: 415,844] | | | | | | [removed: 488,159] [added: 477,763] | | |

| Redeemable noncontrolling interests | | | [removed: 1,126,302] [added: 924,472] | | | | | | [removed: 859,930] [added: 1,126,302] | | |

| Common stock, $0.01 par value; 450,000,000 shares authorized; [removed: 234,771,759] [added: 235,995,577] and [removed: 233,711,176] [added: 234,771,759] shares issued and [removed: 234,363,735] [added: 235,421,446] and [removed: 233,303,152] [added: 234,363,735] shares outstanding in [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively | | | [removed: 2,313] [added: 2,328] | | | | | | [removed: 2,298] [added: 2,313] | | |

| Additional paid-in capital | | | [removed: 2,059,746] [added: 1,455,925] | | | | | | [removed: 2,367,918] [added: 2,059,746] | | |

| Accumulated deficit | | | [removed: (1,546,819)] [added: (1,041,978)] | | | | | | [removed: (2,443,106)] [added: (1,546,819)] | | |

| Cost of shares held in treasury | | | [removed: (6,865)] [added: (30,396)] | | | | | | (6,865) | | |

| Accumulated other comprehensive [removed: income (loss)] [added: loss] | | | [removed: (335,112)] [added: (114,872)] | | | | | | [removed: 27,450] [added: (335,112)] | | |

| Total Live Nation stockholders' equity | | | [removed: 173,263] [added: 271,007] | | | | | | [removed: (52,305)] [added: 173,263] | | |

| Noncontrolling interests | | | [removed: 645,730] [added: 623,368] | | | | | | [removed: 604,305] [added: 645,730] | | |

| Total equity | | | [removed: 818,993] [added: 894,375] | | | | | | [removed: 552,000] [added: 818,993] | | |

| Total liabilities and equity | | | $ | [removed: 19,638,771] [added: 22,912,533] | | | | | $ | [removed: 19,029,640] [added: 19,638,771] | |

| | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| | | | [added: | | |] *(in thousands except share and per share data)* | | | | | | | | | | | | | | | [removed: | | |]

| Revenue | | | | | | $ | [removed: 23,155,625] [added: 25,201,406] | | | | | $ | [removed: 22,726,317] [added: 23,155,625] | | | | | $ | [removed: 16,681,254] [added: 22,726,317] | |

| Depreciation and amortization | | | | | | [removed: 549,923] [added: 638,872] | | | | | | [removed: 516,797] [added: 549,923] | | | | | | [removed: 449,976] [added: 516,797] | | |

| | | | Income Taxes | | |

| *Description of the Matter* | | | As disclosed in Note 9 to the consolidated financial statements, the Company is subject to income taxes in jurisdictions, both domestic and foreign, which affect the Company’s provision for income taxes. The Company earns a significant amount of its operating income in certain foreign jurisdictions and the provision for foreign income taxes of $277 million for the year ended December 31, 2025, is an estimate based on management’s understanding of current enacted tax legislation and tax rates in each tax jurisdiction. As the Company operates in a multinational tax environment and incurs income tax obligations in a number of jurisdictions, complexities and uncertainties can arise in the application of tax legislation. Auditing management’s calculation of the provision for foreign income taxes was complex because it required an assessment of the Company’s application of tax laws in multiple jurisdictions. The assessment of tax positions involves the evaluation and application of complex statutes and regulations which are subject to legal and factual interpretation. | | |

| *How We Addressed the Matter in Our Audit* | | | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls related to the Company’s foreign income tax provision. For example, we tested management’s controls over the foreign income tax provisions, including return to provision reconciliations, and the evaluation of permanent and temporary differences within foreign jurisdictions. To test the Company’s provision for foreign income taxes and to address the risks associated with the complexity of the Company’s foreign tax structure, we performed audit procedures that included, among others, evaluating the Company’s determination of the income tax impact of the tax laws in foreign jurisdictions. We used our tax professionals to assist in evaluating the provision for foreign income taxes including the application of relevant foreign tax laws to management’s calculations and tax positions. Additionally, we tested the tax impact of permanent and temporary differences, and tested return to provision reconciliations. | | |

February 19, 2026

| | | | 2025 | | | | | | 2024 | | |

| Other current assets | | | 417,405 | | | | | | 200,213 | | |

| Accrued expenses and accounts payable | | | 3,555,811 | | | | | | 3,300,312 | | |

| Other current liabilities | | | 482,061 | | | | | | 216,297 | | |

| Direct operating expenses | | | | | | 18,763,356 | | | | | | 17,380,866 | | | | | | 17,290,718 | | |

| Selling, general and administrative expenses | | | | | | 4,091,759 | | | | | | 4,043,712 | | | | | | 3,516,979 | | |

| Exercise of stock options | | | | | | 172,456 | | | | | | 2 | | | | | | 5,079 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,081 | | | | | | — | | |

| Common stock repurchases | | | | | | 166,107 | | | | | | 2 | | | | | | (27,458) | | | | | | — | | | | | | (23,531) | | | | | | — | | | | | | — | | | | | | (50,987) | | | | | | — | | |

| Acquisitions | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 135,335 | | | | | | 135,335 | | | | | | 92,554 | | |

| Purchases of noncontrolling interests | | | | | | — | | | | | | — | | | | | | (32,435) | | | | | | — | | | | | | — | | | | | | — | | | | | | (156,103) | | | | | | (188,538) | | | | | | (855,926) | | |

| Cash distributions | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (177,494) | | | | | | (177,494) | | | | | | (73,502) | | |

| Other | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 677 | | | | | | 677 | | | | | | (2,013) | | |

| Net income | | | | | | — | | | | | | — | | | | | | — | | | | | | 495,972 | | | | | | — | | | | | | — | | | | | | 140,656 | | | | | | 636,628 | | | | | | 54,112 | | |

| Balances at December 31, 2025 | | | | | | 232,837,623 | | | | | | $ | 2,328 | | | | | $ | 1,455,925 | | | | | $ | (1,041,978) | | | | | $ | (30,396) | | | | | $ | (114,872) | | | | | $ | 623,368 | | | | | $ | 894,375 | | | | | $ | 924,472 | |

| Gain on sale of operating and fixed assets | | | (20,979) | | | | | | (7,887) | | | | | | (2,955) | | |

| Other, net | | | (3,052) | | | | | | (18,665) | | | | | | (9,533) | | |

| Disposal of operating assets, net of cash sold | | | 25,536 | | | | | | 7,373 | | | | | | 1,479 | | |

| Other, net | | | 13,485 | | | | | | 4,808 | | | | | | 13,649 | | |

| Common stock repurchases | | | (23,531) | | | | | | — | | | | | | — | | |

| Interest, net of interest income and capitalized interest | | | $ | 118,638 | | | | | $ | 132,758 | | | | | $ | 57,367 | |

The One Big Beautiful Bill Act (the “Act”) was enacted on July 4, 2025.

The Act makes key elements of the Tax Cuts and Jobs Act permanent, including 100% bonus depreciation, domestic research cost expensing, the business interest expense limitation and makes modifications to the international tax framework.

The financial reporting implications of the Act were recorded in the income tax provision for the year ended December 31, 2025.

For the years ended December 31, 2024 and December 31, 2023, we reclassified certain software technology costs from selling, general and administrative expenses to direct operating expenses of $52.7 million and $40.2 million, respectively, all within our Ticketing segment, due to the variable nature of these expenses.

In August 2023, the FASB issued ASU 2023-05, *“Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement,”* which requires joint ventures to initially measure all contributions received upon its formation at fair value.

We adopted this guidance prospectively for all joint venture formations with a formation date on or after January 1, 2025.

In December 2023, the FASB issued ASU 2023-08, *"Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets,"* which requires measurement of crypto assets at fair value each reporting period with changes in fair value recognized on the income statement.

This guidance also requires disclosure on significant holdings, contractual sale restrictions and changes during the reporting period of crypto assets.

We adopted ASU 2023-08 on January 1, 2025 under the modified retrospective method and recorded a $8.9 million decrease to the opening balance of accumulated deficit and a corresponding increase to intangible assets.

We do not engage in speculative investment activities related to crypto assets.

We prospectively adopted these disclosures for our annual reporting period ending December 31, 2025 within Note 9 – Income Taxes.

We are currently evaluating this guidance and we expect the adoption will result in additional disclosures.

In September 2025, the FASB issued ASU 2025-07, *“Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract,”* which expands Topic 815 scope exceptions to include contracts for which settlement is based on operations or activities specific to one of the parties to the contract.

This guidance also clarifies how Topic 606 applies for share-based payments received as noncash consideration from customers.

This guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within those annual reporting periods, with early adoption permitted and is to be applied either prospectively to new contracts entered into on or after the date of adoption, or on a modified retrospective basis through a cumulative-effect adjustment to the opening balance of retained earnings as of the beginning of the annual reporting period of adoption for contracts existing as of the beginning of the annual reporting period of adoption.

For certain projects with significant expected costs and an extended construction period, we capitalize interest.

| | | | | | |

| --- | --- | --- | --- | --- | --- |

| | | | *Goodwill impairment assessment* | | |

| *Description of the Matter* | | | As discussed in Note 1 to the consolidated financial statements, management conducts a goodwill impairment assessment annually, and when events or changes in circumstances indicate that it is more likely than not that the carrying value of a reporting unit exceeds its fair value. For one reporting unit with goodwill of $337 million, the Company performed a quantitative assessment as part of their annual impairment assessment as of October 1, 2024. No goodwill impairment charges were recorded for the year ended December 31, 2024. Auditing the Company’s annual goodwill impairment test was complex due to the significant judgment in estimating the fair value of the reporting unit when a quantitative assessment of fair value is performed. In particular, the fair value estimate was sensitive to significant assumptions, such as changes in the weighted average cost of capital and projected margins, which are affected by expectations about future market or economic conditions. | | |

| *How We Addressed the Matter in Our Audit* | | | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s goodwill impairment review process, including controls over management’s review of the significant assumptions described above. To test the estimated fair value of the Company’s reporting unit, we performed audit procedures that included, among others, assessing the valuation methodologies used, testing the significant assumptions described above and testing the completeness and accuracy of the underlying data the Company used in its analyses. For example, we compared the projected margins used in the valuation to actual historical, current industry and economic trends and assessed the historical accuracy of management’s estimates. With the assistance of our internal valuation specialists, we also developed an independent range for the weighted average cost of capital and compared it to the weighted average cost of capital determined by management. We performed sensitivity analyses of the significant assumptions to evaluate the changes in the fair value of the reporting unit that would result from changes in the assumptions. | | |

February 20, 2025

| | | | | | | | | | As Revised | | |

| Other current assets | | | 189,528 | | | | | | 122,163 | | |

| Accrued expenses | | | 3,057,334 | | | | | | 3,030,812 | | |

| Other current liabilities | | | 62,890 | | | | | | 128,430 | | |

| | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | As Revised | | | | | | As Revised | | |

| Direct operating expenses | | | | | | 17,328,154 | | | | | | 17,250,530 | | | | | | 12,347,611 | | |

| Selling, general and administrative expenses | | | | | | 4,096,424 | | | | | | 3,557,167 | | | | | | 2,955,884 | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Revised Balances at December 31, 2021 | | | | | | 221,964,734 | | | | | | $ | 2,220 | | | | | $ | 2,897,695 | | | | | $ | (3,326,961) | | | | | $ | (6,865) | | | | | $ | (152,800) | | | | | $ | 394,197 | | | | | $ | (192,514) | | | | | $ | 547,338 | |

| Exercise of stock options | | | | | | 3,934,799 | | | | | | 39 | | | | | | 5,883 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,922 | | | | | | — | | |

| Acquisitions | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,846 | | | | | | 6,846 | | | | | | 30,532 | | |

| Purchases of noncontrolling interests | | | | | | — | | | | | | — | | | | | | (64,601) | | | | | | — | | | | | | — | | | | | | — | | | | | | (7,778) | | | | | | (72,379) | | | | | | (5,848) | | |

| Sales of noncontrolling interests | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (336) | | | | | | (336) | | | | | | — | | |

| Cash distributions | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (79,887) | | | | | | (79,887) | | | | | | (20,773) | | |

| Other | | | | | | — | | | | | | — | | | | | | 36 | | | | | | — | | | | | | — | | | | | | — | | | | | | 30,580 | | | | | | 30,616 | | | | | | (46,184) | | |

| Net income | | | | | | — | | | | | | — | | | | | | — | | | | | | 266,440 | | | | | | — | | | | | | — | | | | | | 100,344 | | | | | | 366,784 | | | | | | 7,799 | | |

| | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | | | | As Revised | | | | | | As Revised | | |

| (Gain) loss on forward currency exchange contracts | | | (15,393) | | | | | | 5,635 | | | | | | 927 | | |

| Other, net | | | (11,159) | | | | | | (18,123) | | | | | | 3,785 | | |

| Other, net | | | 12,181 | | | | | | 15,128 | | | | | | 8,574 | | |

| Interest, net of interest income | | | $ | 131,234 | | | | | $ | 57,367 | | | | | $ | 180,878 | |

We generally do not utilize client cash for our own financing or investing activities as the amounts are payable to our clients on a regular basis.

conditions and the risk profile of the reporting unit.

In June 2022, the FASB issued ASU 2022-03, “*Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions*,” which clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities.

We adopted this guidance on January 1, 2024.

In November 2023, the FASB issued ASU 2023-07, “*Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures*,” which expands segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss.

We adopted this guidance as of January 1, 2024 for the year ended December 31, 2024 and retrospectively for the years ended December 31, 2023 and 2022, respectively.

The Company’s Chief Executive Officer is the CODM and evaluates the operating performance of the Company’s operating segments based on AOI.

The CODM uses segment AOI for evaluating performance of each segment and for making decisions on allocating capital and other resources to each segment.

We have not identified any segments expenses that are considered significant and segment expenses are not regularly provided to the CODM.

This guidance is effective for annual periods beginning after December 15, 2024 with early adoption permitted.

Based on their evaluation as of December 31, [removed: 2024,] [added: 2025,] our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) are effective to ensure that (1) the information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and (2) the information we are required to disclose in such reports is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Based on its evaluation, our management concluded that our internal control over financial reporting was effective as of December 31, [removed: 2024.][added: 2025.]

There have been no changes in our internal control over financial reporting during the fourth quarter of the fiscal year ended December 31, [removed: 2024] [added: 2025] that have materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

We have audited Live Nation Entertainment, Inc.’s internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria).

In our opinion, Live Nation Entertainment, Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the [removed: 2024] [added: 2025] consolidated financial statements of the Company and our report dated February [removed: 20, 2025] [added: 19, 2026] expressed an unqualified opinion thereon.

February 19, 2026

February 20, 2025

No director or officer adopted or terminated any Rule 10b5-1 plan, or any other written trading arrangement that meets the requirements of a “non-Rule 10b5-1 trading arrangement” during the fourth quarter of the fiscal year ended December 31, [removed: 2024.][added: 2025.]

| [Report of Independent Registered Public Accounting [removed: Firm](#id16a83bb3b7a48f59c925134d5705b64_142)] [added: Firm](#i1bdca62ac50c453cab88fd2330694616_145)] (PCAOB ID: 42) | | | [removed: [48](#id16a83bb3b7a48f59c925134d5705b64_142)] [added: [47](#i1bdca62ac50c453cab88fd2330694616_145)] | | |

| [Consolidated Balance Sheets as of December 31, [removed: 2024] [added: 2025] and [removed: 2023](#id16a83bb3b7a48f59c925134d5705b64_145)1] [added: 2024](#i1bdca62ac50c453cab88fd2330694616_148)] | | | [removed: [50](#id16a83bb3b7a48f59c925134d5705b64_145)] [added: [49](#i1bdca62ac50c453cab88fd2330694616_148)] | | |

| [Consolidated Statements of Operations for the Years Ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022](#id16a83bb3b7a48f59c925134d5705b64_151)1] [added: 2023](#i1bdca62ac50c453cab88fd2330694616_154)] | | | [removed: [51](#id16a83bb3b7a48f59c925134d5705b64_151)] [added: [50](#i1bdca62ac50c453cab88fd2330694616_154)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#id16a83bb3b7a48f59c925134d5705b64_154) [for] [added: Income for] the Years Ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022](#id16a83bb3b7a48f59c925134d5705b64_154)1] [added: 2023](#i1bdca62ac50c453cab88fd2330694616_157)] | | | [removed: [52](#id16a83bb3b7a48f59c925134d5705b64_154)] [added: [51](#i1bdca62ac50c453cab88fd2330694616_157)] | | |

| [Consolidated Statements of Changes in Equity for the Years Ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022](#id16a83bb3b7a48f59c925134d5705b64_157)1] [added: 2023](#i1bdca62ac50c453cab88fd2330694616_160)] | | | [removed: [53](#id16a83bb3b7a48f59c925134d5705b64_157)] [added: [52](#i1bdca62ac50c453cab88fd2330694616_160)] | | |

| [Consolidated Statements of Cash Flows for the Years Ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022](#id16a83bb3b7a48f59c925134d5705b64_160)1] [added: 2023](#i1bdca62ac50c453cab88fd2330694616_163)] | | | [removed: [54](#id16a83bb3b7a48f59c925134d5705b64_160)] [added: [53](#i1bdca62ac50c453cab88fd2330694616_163)] | | |

| [Notes to Consolidated Financial [removed: Statements](#id16a83bb3b7a48f59c925134d5705b64_163)] [added: Statements](#i1bdca62ac50c453cab88fd2330694616_166)] | | | [removed: [55](#id16a83bb3b7a48f59c925134d5705b64_163)] [added: [54](#i1bdca62ac50c453cab88fd2330694616_166)] | | |

The following financial statement schedule for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] is filed as part of this report and should be read in conjunction with the consolidated financial statements.

(1) During [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022,] [added: 2023,] the valuation allowance was adjusted for acquisitions, divestitures and foreign currency adjustments.

| 10.4 § | | | [Live Nation Entertainment, Inc. 2005 Stock Incentive Plan, as amended and restated as of [removed: March](https://www.sec.gov/Archives/edgar/data/1335258/000133525824000107/lyv-20240613x8kxex101.htm) [2](https://www.sec.gov/Archives/edgar/data/1335258/000133525824000107/lyv-20240613x8kxex101.htm)[1](https://www.sec.gov/Archives/edgar/data/1335258/000133525824000107/lyv-20240613x8kxex101.htm)[, 20](https://www.sec.gov/Archives/edgar/data/1335258/000133525824000107/lyv-20240613x8kxex101.htm)[24](https://www.sec.gov/Archives/edgar/data/1335258/000133525824000107/lyv-20240613x8kxex101.htm)[.](https://www.sec.gov/Archives/edgar/data/1335258/000133525824000107/lyv-20240613x8kxex101.htm)] [added: March 21, 2024.](https://www.sec.gov/Archives/edgar/data/1335258/000133525824000107/lyv-20240613x8kxex101.htm)] | | | 8-K | | | 001-32601 | | | 10.1 | | | 6/14/2024 | | | | | | | | |

| 10.7 § | | | [Form Stock Option Agreement for the Live Nation Entertainment, Inc. 2005 Stock Incentive Plan, as amended and restated as of [removed: March](https://www.sec.gov/Archives/edgar/data/1335258/000133525824000107/lyv-20240613x8kxex102.htm) [2](https://www.sec.gov/Archives/edgar/data/1335258/000133525824000107/lyv-20240613x8kxex102.htm)[1](https://www.sec.gov/Archives/edgar/data/1335258/000133525824000107/lyv-20240613x8kxex102.htm)[, 20](https://www.sec.gov/Archives/edgar/data/1335258/000133525824000107/lyv-20240613x8kxex102.htm)[24](https://www.sec.gov/Archives/edgar/data/1335258/000133525824000107/lyv-20240613x8kxex102.htm)[.](https://www.sec.gov/Archives/edgar/data/1335258/000133525824000107/lyv-20240613x8kxex102.htm)] [added: March 21, 2024.](https://www.sec.gov/Archives/edgar/data/1335258/000133525824000107/lyv-20240613x8kxex102.htm)] | | | 10-Q | | | 001-32601 | | | 10.2 | | | 6/14/2024 | | | | | | | | |

| 10.8 § | | | [Form Restricted Stock Award Agreement for the Live Nation Entertainment, Inc. 2005 Stock Incentive Plan, as amended and restated as of [removed: March](https://www.sec.gov/Archives/edgar/data/1335258/000133525824000107/lyv-20240613x8kxex103.htm) [21](https://www.sec.gov/Archives/edgar/data/1335258/000133525824000107/lyv-20240613x8kxex103.htm)[, 20](https://www.sec.gov/Archives/edgar/data/1335258/000133525824000107/lyv-20240613x8kxex103.htm)[24](https://www.sec.gov/Archives/edgar/data/1335258/000133525824000107/lyv-20240613x8kxex103.htm)[.](https://www.sec.gov/Archives/edgar/data/1335258/000133525824000107/lyv-20240613x8kxex103.htm)] [added: March 21, 2024.](https://www.sec.gov/Archives/edgar/data/1335258/000133525824000107/lyv-20240613x8kxex103.htm)] | | | 10-Q | | | 001-32601 | | | 10.3 | | | 6/14/2024 | | | | | | | | |

| 10.11 § | | | [Form of Performance Share Award Agreement for the Live Nation Entertainment, Inc. 2005 Stock Incentive Plan, as amended and restated as of [removed: March](https://www.sec.gov/Archives/edgar/data/1335258/000133525824000107/lyv-20240613x8kxex104.htm) [2](https://www.sec.gov/Archives/edgar/data/1335258/000133525824000107/lyv-20240613x8kxex104.htm)[1](https://www.sec.gov/Archives/edgar/data/1335258/000133525824000107/lyv-20240613x8kxex104.htm)[, 20](https://www.sec.gov/Archives/edgar/data/1335258/000133525824000107/lyv-20240613x8kxex104.htm)[24](https://www.sec.gov/Archives/edgar/data/1335258/000133525824000107/lyv-20240613x8kxex104.htm)[.](https://www.sec.gov/Archives/edgar/data/1335258/000133525824000107/lyv-20240613x8kxex104.htm)] [added: March 21, 2024.](https://www.sec.gov/Archives/edgar/data/1335258/000133525824000107/lyv-20240613x8kxex104.htm)] | | | 8-K | | | 001-32601 | | | 10.4 | | | 6/14/2024 | | | | | | | | |

| 10.19 | | | [removed: [Credit] [added: [Amended and Restated Credit] Agreement entered into as of [removed: May 6, 2010,] [added: October 21, 2015,] among Live Nation Entertainment, Inc., [removed: the Foreign Borrowers party thereto, the Guarantors identified therein, the Lenders party thereto,] JPMorgan Chase Bank, N.A., as Administrative [removed: Agent and Collateral] Agent, [removed: JPMorgan Chase Bank, N.A., Toronto Branch, as Canadian] [added: Collateral] Agent and [removed: J.P. Morgan Europe Limited, as London Agent.](https://www.sec.gov/Archives/edgar/data/1335258/000119312510179526/dex104.htm)] [added: Letter of Credit Issuer, the Other Lenders and Letter of Credit Issuers party thereto.](https://www.sec.gov/Archives/edgar/data/1335258/000133525826000009/lyv-20251231xex1019amended.htm)] | | | [removed: 10-Q] | | | [removed: 001-32601] | | | [removed: 10.4] | | | [removed: 8/5/2010] | | | | | | [added: X] | | |

| 10.33 | | | [Indenture, dated as of [removed: March 20, 2018,] [added: December 6, 2024] by and among Live Nation Entertainment, Inc., the Guarantors [removed: defined therein,] [added: identified therein] and [removed: The] [added: HSBC] Bank [removed: of New York Mellon Trust Company, N.A.,] [added: USA National Association,] as [removed: trustee.](https://www.sec.gov/Archives/edgar/data/1335258/000133525818000064/lyv-2018331xex101.htm)] [added: trustee.](https://www.sec.gov/Archives/edgar/data/1335258/000133525825000028/lyv-20241231xex1049x2875co.htm)] | | | [removed: 10-Q] [added: 10-K] | | | 001-32601 | | | [removed: 10.1] [added: 10.49] | | | [removed: 5/3/2018] [added: 2/21/2025] | | | | | | | | |

| [removed: 10.34] [added: 10.21] | | | [First Supplemental Indenture, entered into as of [removed: October 17, 2019,] [added: May 20, 2020,] among Live Nation Entertainment, Inc., the Guarantors identified therein, and [removed: The] [added: U.S.] Bank [removed: of New York Mellon Trust Company, N.A.,] [added: National Association,] as [removed: trustee](https://www.sec.gov/Archives/edgar/data/1335258/000133525820000028/lyv-20191231xex1045.htm)] [added: trustee.](https://www.sec.gov/Archives/edgar/data/1335258/000133525820000150/lyv-20200630xex105.htm)] | | | [removed: 10-K] [added: 10-Q] | | | 001-32601 | | | [removed: 10.45] [added: 10.5] | | | [removed: 2/27/2020] [added: 8/5/2020] | | | | | | | | |

| [removed: 10.35] [added: 10.22] | | | [Second Supplemental Indenture, entered into as of [removed: May 20, 2020,] [added: November 16, 2023,] among Live Nation Entertainment, Inc., the Guarantors identified therein, and [removed: The] [added: U.S.] Bank [removed: of New York Mellon] Trust Company, [removed: N.A.,] [added: National Association,] as [removed: trustee.](https://www.sec.gov/Archives/edgar/data/1335258/000133525820000150/lyv-20200630xex104.htm)] [added: trustee.](https://www.sec.gov/Archives/edgar/data/1335258/000133525824000017/lyv-20231231xex1055x475sen.htm)] | | | [removed: 10-Q] [added: 10-K] | | | 001-32601 | | | [removed: 10.4] [added: 10.55] | | | [removed: 8/5/2020] [added: 2/22/2024] | | | | | | | | |

| [removed: 10.36] [added: 10.25] | | | [removed: [Third] [added: [First] Supplemental Indenture, entered into as of November 16, 2023, among Live Nation Entertainment, Inc., the Guarantors identified therein, and [removed: The] [added: U.S.] Bank [removed: of New York Mellon] Trust Company, [removed: N.A.,] [added: National Association,] as [removed: trustee.](https://www.sec.gov/Archives/edgar/data/1335258/000133525824000017/lyv-20231231xex1051x5625se.htm)] [added: trustee and notes collateral agent.](https://www.sec.gov/Archives/edgar/data/1335258/000133525824000017/lyv-20231231xex1058x65seni.htm)] | | | 10-K | | | 001-32601 | | | [removed: 10.51] [added: 10.58] | | | 2/22/2024 | | | | | | | | |

| [removed: 10.37] [added: 10.30] | | | [Indenture, dated as of [removed: March 20, 2018, between] [added: January 12, 2023 by and among] Live Nation Entertainment, Inc., [added: the Guarantors identified therein] and HSBC Bank [removed: USA,] [added: USA] National Association, as [removed: trustee.](https://www.sec.gov/Archives/edgar/data/1335258/000133525818000064/lyv-2018331xex102.htm)] [added: trustee.](https://www.sec.gov/Archives/edgar/data/1335258/000133525823000055/ex101indenture3125converti.htm)] | | | 10-Q | | | 001-32601 | | | [removed: 10.2] [added: 10.1] | | | [removed: 5/3/2018] [added: 5/4/2023] | | | | | | | | |

| [removed: 10.38] [added: 10.20] | | | [Indenture dated as of October 17, 2019 by and among Live Nation Entertainment, Inc., the Guarantors and U.S. Bank National Association, as trustee.](https://www.sec.gov/Archives/edgar/data/1335258/000133525820000028/lyv-20191231xex1047.htm) | | | 10-K | | | 001-32601 | | | 10.47 | | | 2/27/2020 | | | | | | | | |

| [removed: 10.39] [added: 10.24] | | | [removed: [First Supplemental Indenture, entered into] [added: [Indenture, dated] as of May 20, [removed: 2020,] [added: 2020 by and] among Live Nation Entertainment, Inc., the Guarantors identified [removed: therein,] [added: therein] and U.S. Bank National Association, as [removed: trustee.](https://www.sec.gov/Archives/edgar/data/1335258/000133525820000150/lyv-20200630xex105.htm)] [added: trustee and notes collateral agent.](https://www.sec.gov/Archives/edgar/data/1335258/000133525820000150/lyv-20200630xex102.htm)] | | | 10-Q | | | 001-32601 | | | [removed: 10.5] [added: 10.2] | | | 8/5/2020 | | | | | | | | |

| [removed: 10.40] [added: 10.28] | | | [removed: [Second] [added: [First] Supplemental Indenture, entered into as of November 16, 2023, among Live Nation Entertainment, Inc., the Guarantors identified therein, and U.S. Bank Trust Company, National Association, as [removed: trustee.](https://www.sec.gov/Archives/edgar/data/1335258/000133525824000017/lyv-20231231xex1055x475sen.htm)] [added: trustee and notes collateral agent.](https://www.sec.gov/Archives/edgar/data/1335258/000133525824000017/lyv-20231231xex1060x375sen.htm)] | | | 10-K | | | 001-32601 | | | [removed: 10.55] [added: 10.60] | | | 2/22/2024 | | | | | | | | |

| [removed: 10.41] [added: 10.34] | | | [removed: [Indenture] [added: [Indenture,] dated as of [removed: February 3, 2020 between] [added: October 10, 2025 by and among] Live Nation Entertainment, [removed: Inc.] [added: Inc., the Guarantors identified therein] and HSBC Bank [removed: USA,] [added: USA] National Association, as [removed: trustee.](https://www.sec.gov/Archives/edgar/data/1335258/000133525820000081/lyv-20200331xex101.htm)] [added: trustee.](https://www.sec.gov/Archives/edgar/data/1335258/000133525826000009/lyv-20251231xex1034xindent.htm)] | | | [removed: 10-Q] | | | [removed: 001-32601] | | | [removed: 10.1] | | | [removed: 5/7/2020] | | | | | | [added: X] | | |

| [removed: 10.42] [added: 10.27] | | | [Indenture, dated as of [removed: May 20, 2020] [added: January 4, 2021] by and among Live Nation Entertainment, Inc., the Guarantors identified therein and U.S. Bank National Association, as trustee and notes collateral [removed: agent.](https://www.sec.gov/Archives/edgar/data/1335258/000133525820000150/lyv-20200630xex102.htm)] [added: agent.](https://www.sec.gov/Archives/edgar/data/1335258/000133525821000058/a375seniorsecurednotesinde.htm)] | | | 10-Q | | | 001-32601 | | | [removed: 10.2] [added: 10.1] | | | [removed: 8/5/2020] [added: 5/6/2021] | | | | | | | | |

| [removed: 10.43] [added: 10.26] | | | [removed: [First] [added: [Second] Supplemental Indenture, entered into as of [removed: November 16, 2023,] [added: October 21, 2025,] among Live Nation Entertainment, Inc., the Guarantors identified therein, and U.S. Bank Trust Company, National Association, as trustee and notes collateral [removed: agent.](https://www.sec.gov/Archives/edgar/data/1335258/000133525824000017/lyv-20231231xex1058x65seni.htm)] [added: agent.](https://www.sec.gov/Archives/edgar/data/1335258/000133525826000009/lyv-20251231xex1026xsecond.htm)] | | | [removed: 10-K] | | | [removed: 001-32601] | | | [removed: 10.58] | | | [removed: 2/22/2024] | | | | | | [added: X] | | |

| [removed: 10.44] [added: 10.29] | | | [removed: [Indenture, dated] [added: [Second Supplemental Indenture, entered into] as [removed: of January 4, 2021 by and] [added: of](https://www.sec.gov/Archives/edgar/data/1335258/000133525826000009/lyv-20251231xex1029xsecond.htm) [October 21](https://www.sec.gov/Archives/edgar/data/1335258/000133525826000009/lyv-20251231xex1029xsecond.htm)[, 2025,] among Live Nation Entertainment, Inc., the Guarantors identified [removed: therein] [added: therein,] and U.S. Bank [added: Trust Company,] National Association, as trustee and notes collateral [removed: agent.](https://www.sec.gov/Archives/edgar/data/1335258/000133525821000058/a375seniorsecurednotesinde.htm)] [added: agent.](https://www.sec.gov/Archives/edgar/data/1335258/000133525826000009/lyv-20251231xex1029xsecond.htm)] | | | [removed: 10-Q] | | | [removed: 001-32601] | | | [removed: 10.1] | | | [removed: 5/6/2021] | | | | | | [added: X] | | |

| [removed: 10.45] [added: 10.23] | | | [removed: [First] [added: [Third] Supplemental Indenture, entered into as of [removed: November 16, 2023,] [added: October 21, 2025,] among Live Nation Entertainment, Inc., the Guarantors identified therein, and U.S. Bank Trust Company, National Association, as [removed: trustee and notes collateral agent.](https://www.sec.gov/Archives/edgar/data/1335258/000133525824000017/lyv-20231231xex1060x375sen.htm)] [added: trustee.](https://www.sec.gov/Archives/edgar/data/1335258/000133525826000009/lyv-20251231xex1023xthirds.htm)] | | | [removed: 10-K] | | | [removed: 001-32601] | | | [removed: 10.60] | | | [removed: 2/22/2024] | | | | | | [added: X] | | |

| [removed: 10.47] [added: 10.31] | | | [Form of Base Capped Call Confirmation.](https://www.sec.gov/Archives/edgar/data/1335258/000133525823000055/ex102formofbasecappedcallc.htm) | | | 10-Q | | | 001-32601 | | | 10.2 | | | 5/4/2023 | | | | | | | | |

| [removed: 10.48] [added: 10.32] | | | [Form of Additional Capped Call Confirmation.](https://www.sec.gov/Archives/edgar/data/1335258/000133525823000055/ex103formofadditionalcappe.htm) | | | 10-Q | | | 001-32601 | | | 10.3 | | | 5/4/2023 | | | | | | | | |

| 21.1 | | | [Subsidiaries of the [removed: Company.](https://www.sec.gov/Archives/edgar/data/1335258/000133525825000028/lyv-20241231xex211subsidia.htm)] [added: Company.](https://www.sec.gov/Archives/edgar/data/1335258/000133525826000009/lyv-20251231xex211subsidia.htm)] | | | | | | | | | | | | | | | | | | X | | |

| 23.1 | | | [Consent of Ernst & Young [removed: LLP.](https://www.sec.gov/Archives/edgar/data/1335258/000133525825000028/lyv-20241231xex231consent.htm)] [added: LLP.](https://www.sec.gov/Archives/edgar/data/1335258/000133525826000009/lyv-20251231xex231consent.htm)] | | | | | | | | | | | | | | | | | | X | | |

| 31.1 | | | [Certification of Chief Executive [removed: Officer.](https://www.sec.gov/Archives/edgar/data/1335258/000133525825000028/lyv-20241231xex311.htm)] [added: Officer.](https://www.sec.gov/Archives/edgar/data/1335258/000133525826000009/lyv-20251231xex311.htm)] | | | | | | | | | | | | | | | | | | X | | |

| 31.2 | | | [Certification of Chief Financial [removed: Officer.](https://www.sec.gov/Archives/edgar/data/1335258/000133525825000028/lyv-20241231xex312.htm)] [added: Officer.](https://www.sec.gov/Archives/edgar/data/1335258/000133525826000009/lyv-20251231xex312.htm)] | | | | | | | | | | | | | | | | | | X | | |

| 32.1 | | | [Section 1350 Certification of Chief Executive [removed: Officer.](https://www.sec.gov/Archives/edgar/data/1335258/000133525825000028/lyv-20241231xex321.htm)] [added: Officer.](https://www.sec.gov/Archives/edgar/data/1335258/000133525826000009/lyv-20251231xex321.htm)] | | | | | | | | | | | | | | | | | | X | | |

| 32.2 | | | [Section 1350 Certification of Chief Financial [removed: Officer.](https://www.sec.gov/Archives/edgar/data/1335258/000133525825000028/lyv-20241231xex322.htm)] [added: Officer.](https://www.sec.gov/Archives/edgar/data/1335258/000133525826000009/lyv-20251231xex322.htm)] | | | | | | | | | | | | | | | | | | X | | |

| Year ended December 31, 2025 | | | | | | $ | 72,663 | | | | | $ | 16,330 | | | | | $ | (17,647) | | | | | $ | 2,566 | | | | | $ | 73,912 | |

| Year ended December 31, 2025 | | | | | | $ | 569,495 | | | | | $ | 18,040 | | | | | $ | — | | | | | $ | (250) | | | | | $ | 587,285 | |

(1) Prior period financial statements were revised as further discussed in Part II — Financial Information—Item 8.—Financial Statements—Note 2 – Correction of Errors in Previously Reported Consolidated Financial Statements.

| Year ended December 31, 2022 | | | | | | $ | 50,491 | | | | | $ | 29,281 | | | | | $ | (10,364) | | | | | $ | (6,114) | | | | | $ | 63,294 | |

| Year ended December 31, 2022 | | | | | | $ | 1,219,496 | | | | | $ | 38,811 | | | | | $ | — | | | | | $ | (17,426) | | | | | $ | 1,240,881 | |

| | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | Incorporated by Reference | | | | | | | | | | | | | | | | | |

| Exhibit No. | | | Exhibit Description | | | Form | | | File No. | | | Exhibit No. | | | Filing Date | | | | | | Filed Herewith | | |

| 10.20 | | | [Amendment No. 1, to the Credit Agreement, dated as of June 29, 2012, entered into by and among Live Nation Entertainment, Inc., the relevant Credit Parties identified therein, the Lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent for the Lenders.](https://www.sec.gov/Archives/edgar/data/1335258/000119312512341040/d377556dex102.htm) | | | 10-Q | | | 001-32601 | | | 10.2 | | | 8/7/2012 | | | | | | | | |

| 10.21 | | | [Amendment No. 2 to the Credit Agreement, dated as of August 16, 2013, entered into by and among Live Nation Entertainment, Inc., the Guarantors identified therein, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent for the Lenders, JPMorgan Chase Bank, N.A., Toronto Branch, as Canadian agent and J.P. Morgan Europe Limited, as London agent.](https://www.sec.gov/Archives/edgar/data/1335258/000133525814000049/lyv-2014331xex102.htm) | | | 10-Q | | | 001-32601 | | | 10.2 | | | 5/6/2014 | | | | | | | | |

| 10.22 | | | [Amendment No. 3 to the Credit Agreement, dated as of October 31, 2016, entered into by and among Live Nation Entertainment, Inc., the Guarantors identified therein, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, JPMorgan Chase Bank, N.A., Toronto Branch, as Canadian agent, J.P. Morgan Europe Limited, as London agent and the lenders from time to time party thereto.](https://www.sec.gov/Archives/edgar/data/1335258/000133525817000031/lyv-20161231xex1026.htm) | | | 10-K | | | 001-32601 | | | 10.26 | | | 2/23/2017 | | | | | | | | |

| 10.23 | | | [Amendment No. 4 to the Credit Agreement, dated June 27, 2017, entered into by Live Nation Entertainment, Inc., the Guarantors identified therein, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, JPMorgan Chase Bank, N.A., Toronto Branch, as Canadian agent, J. P. Morgan Europe Limited, as London agent and the lenders from time to time party thereto.](https://www.sec.gov/Archives/edgar/data/1335258/000133525817000116/lyv-2017630xex102.htm) | | | 10-Q | | | 001-32601 | | | 10.2 | | | 8/9/2017 | | | | | | | | |

| 10.24 | | | [Amendment No. 5 to the Credit Agreement, dated as of March 28, 2018, among Live Nation Entertainment, Inc., the Guarantors identified therein, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, JPMorgan Chase Bank, N.A., Toronto Branch, as Canadian agent, J.P. Morgan Europe Limited, as London agent and the lenders from time to time party thereto.](https://www.sec.gov/Archives/edgar/data/1335258/000133525818000064/lyv-2018331xex103.htm) | | | 10-Q | | | 001-32601 | | | 10.3 | | | 5/3/2018 | | | | | | | | |

| 10.25 | | | [Amendment No. 6 to the Credit Agreement, dated as of October 17, 2019, among Live Nation Entertainment, Inc., the Guarantors identified therein, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, JPMorgan Chase Bank, N.A., Toronto Branch, as Canadian agent, J.P. Morgan Europe Limited, as London agent and the lenders from time to time party thereto](https://www.sec.gov/Archives/edgar/data/1335258/000133525820000028/lyv-20191231xex1028.htm). | | | 10-K | | | 001-32601 | | | 10.28 | | | 2/27/2020 | | | | | | | | |

| 10.26 | | | [Amendment No. 7 to the Credit Agreement, dated as of April 9, 2020, among Live Nation Entertainment, Inc., the Guarantors identified therein, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, JPMorgan Chase Bank, N.A., Toronto Branch as Canadian Agent, J.P. Morgan Europe Limited, as London Agent and the lenders from time to time party thereto.](https://www.sec.gov/Archives/edgar/data/1335258/000133525820000150/lyv-20200630xex101.htm) | | | 10-Q | | | 001-32601 | | | 10.1 | | | 8/5/2020 | | | | | | | | |

| 10.27 | | | [Amendment No. 8 to the Credit Agreement, dated as of July 29, 2020, among Live Nation Entertainment, Inc., the Guarantors identified therein, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, JPMorgan Chase Bank, N.A., Toronto Branch as Canadian Agent, J.P. Morgan Europe Limited, as London Agent and the lenders from time to time party thereto.](https://www.sec.gov/Archives/edgar/data/1335258/000133525820000163/lyv-20200930xex101.htm) | | | 10-Q | | | 001-32601 | | | 10.1 | | | 11/5/2020 | | | | | | | | |

| 10.28 | | | [Amendment No. 9 to the Credit Agreement, dated as of January 26, 2022, among Live Nation Entertainment, Inc., the Guarantors identified therein, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, JPMorgan Chase Bank, N.A., Toronto Branch as Canadian Agent, J.P. Morgan Europe Limited, as London Agent and the lenders from time to time party thereto.](https://www.sec.gov/Archives/edgar/data/1335258/000133525822000019/lyv-20211231xex1031.htm) | | | 10-K | | | 001-32601 | | | 10.31 | | | 2/23/2022 | | | | | | | | |

| 10.29 | | | [Amendment No. 10 to the Credit Agreement, dated as of February 8, 2023, among Live Nation Entertainment, Inc., the Guarantors identified therein, and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, JPMorgan Chase Bank, N.A., Toronto Branch as Canadian Agent, J.P. Morgan Europe Limited, as London Agent and the lenders from time to time party thereto.](https://www.sec.gov/Archives/edgar/data/1335258/000133525823000055/ex104amendment10tocreditag.htm) | | | 10-Q | | | 001-32601 | | | 10.4 | | | 5/4/2023 | | | | | | | | |

| 10.30 | | | [Amendment No. 11 to the Credit Agreement, dated as of November 16, 2023, among Live Nation Entertainment, Inc., the Guarantors identified therein, and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, JPMorgan Chase Bank, N.A., Toronto Branch as Canadian Agent, J.P. Morgan Europe Limited, as London Agent and the lenders from time to time party thereto.](https://www.sec.gov/Archives/edgar/data/1335258/000133525824000017/lyv-20231231xex1030xamendm.htm) | | | 10-K | | | 001-32601 | | | 10.30 | | | 2/22/2024 | | | | | | | | |

| 10.31 | | | [Amendment No. 12 to the Credit Agreement, dated as of November 5, 2024, among Live Nation Entertainment, Inc., the Guarantors identified therein, and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, JPMorgan Chase Bank, N.A., Toronto Branch as Canadian Agent, J.P. Morgan Europe Limited, as London Agent and the lenders from time to time party thereto.](https://www.sec.gov/Archives/edgar/data/1335258/000133525825000028/lyv-20241231xex1031xamendm.htm) | | | | | | | | | | | | | | | | | | X | | |

| 10.32 | | | [Incremental Term Loan Joinder Agreement No. 1, dated August 20, 2012, by and among Live Nation Entertainment, Inc., JPMorgan](https://www.sec.gov/Archives/edgar/data/1335258/000119312512451958/d406890dex102.htm) [](https://www.sec.gov/Archives/edgar/data/1335258/000119312512451958/d406890dex102.htm)[Chase Bank, N.A., as administrative agent, each Incremental Term Loan Lender defined therein and the relevant Credit Parties identified therein.](https://www.sec.gov/Archives/edgar/data/1335258/000119312512451958/d406890dex102.htm) | | | 10-Q | | | 001-32601 | | | 10.2 | | | 11/5/2012 | | | | | | | | |

| 10.46 | | | [Indenture, dated as of January 12, 2023 by and among Live Nation Entertainment, Inc., the Guarantors identified therein and HSBC Bank USA National Association, as trustee.](https://www.sec.gov/Archives/edgar/data/1335258/000133525823000055/ex101indenture3125converti.htm) | | | 10-Q | | | 001-32601 | | | 10.1 | | | 5/4/2023 | | | | | | | | |

| 10.49 | | | [Indenture, dated as of December 6, 2024 by and among Live Nation Entertainment, Inc., the Guarantors identified therein and HSBC Bank USA National Association, as trustee.](https://www.sec.gov/Archives/edgar/data/1335258/000133525825000028/lyv-20241231xex1049x2875co.htm) | | | | | | | | | | | | | | | | | | X | | |

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on February [removed: 20, 2025.][added: 19, 2026.]

| /s/ Michael Rapino Michael Rapino | | | | | | President, Chief Executive Officer and Director | | | | | | February [removed: 20, 2025] [added: 19, 2026] | | |

| /s/ Joe Berchtold Joe Berchtold | | | | | | Chief Financial Officer | | | | | | February [removed: 20, 2025] [added: 19, 2026] | | |

| /s/ Brian Capo Brian Capo | | | | | | Chief Accounting Officer | | | | | | February [removed: 20, 2025] [added: 19, 2026] | | |

| /s/ Maverick Carter Maverick Carter | | | | | | Director | | | | | | February [removed: 20, 2025] [added: 19, 2026] | | |

| /s/ Ping Fu Ping Fu | | | | | | Director | | | | | | February [removed: 20, 2025] [added: 19, 2026] | | |

| /s/ Jeffrey T. Hinson Jeffrey T. Hinson | | | | | | Director | | | | | | February [removed: 20, 2025] [added: 19, 2026] | | |

| /s/ Chad Hollingsworth Chad Hollingsworth | | | | | | Director | | | | | | February [removed: 20, 2025] [added: 19, 2026] | | |

| /s/ Jimmy Iovine Jimmy Iovine | | | | | | Director | | | | | | February [removed: 20, 2025] [added: 19, 2026] | | |

| /s/ James S. Kahan James S. Kahan | | | | | | Director | | | | | | February [removed: 20, 2025] [added: 19, 2026] | | |

| /s/ Randall T. Mays Randall T. Mays | | | | | | Director | | | | | | February [removed: 20, 2025] [added: 19, 2026] | | |

| /s/ Richard A. Paul Richard A. Paul | | | | | | Director | | | | | | February [removed: 20, 2025] [added: 19, 2026] | | |

| /s/ Latriece Watkins Latriece Watkins | | | | | | Director | | | | | | February [removed: 20, 2025] [added: 19, 2026] | | |

| /s/ Richard A Grenell Richard A. Grenell | | | | | | Director | | | | | | February 19, 2026 | | |

| /s/ Carl E. Vogel Carl E. Vogel | | | | | | Director | | | | | | February 19, 2026 | | |

| | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | |

| /s/ Gregory B. Maffei Gregory B. Maffei | | | | | | Director | | | | | | February 20, 2025 | | |