Liberty Media (FWONA) director trades FWONK stock after option exercise

Rhea-AI Filing Summary

Liberty Media Corp director trade in Series C Liberty Formula One stock was reported for mid-December. On December 16, 2025, the reporting person exercised stock options to buy 83,500 shares of Series C Liberty Formula One Common Stock (FWONK) at an exercise price of $33.22 per share, then sold 2,013 shares at a weighted average price of $96.163 and 81,487 shares at a weighted average price of $95.7802. On December 17, 2025, they exercised options for another 83,536 shares at $33.22 and sold 25,700 shares at a weighted average price of $97.3621 and 57,836 shares at a weighted average price of $96.7613. After these transactions, the director directly beneficially owned 94,356 shares of Series C Liberty Formula One Common Stock. The filing notes that the sale prices are weighted averages of multiple trades within narrow price ranges and that full trade details are available on request.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

CAREY CHASE

(Last) (First) (Middle)

12300 LIBERTY BOULEVARD

(Street)

ENGLEWOOD CO 80112

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Liberty Media Corp [ FWONK ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
12/16/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Series C Liberty Formula One Common Stock	12/16/2025		M		83,500	A	$33.22	177,856	D
Series C Liberty Formula One Common Stock	12/16/2025		S		2,013	D	$96.163(1)	175,843	D
Series C Liberty Formula One Common Stock	12/16/2025		S		81,487	D	$95.7802(2)	94,356	D
Series C Liberty Formula One Common Stock	12/17/2025		M		83,536	A	$33.22	177,892	D
Series C Liberty Formula One Common Stock	12/17/2025		S		25,700	D	$97.3621(3)	152,192	D
Series C Liberty Formula One Common Stock	12/17/2025		S		57,836	D	$96.7613(4)	94,356	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy) - FWONK	$33.22	12/16/2025		M			83,500	(5)	03/06/2026	Series C Liberty Formula One Common Stock	83,500	$0.0000	83,536	D
Stock Option (Right to Buy) - FWONK	$33.22	12/17/2025		M			83,536	(5)	03/06/2026	Series C Liberty Formula One Common Stock	83,536	$0.0000	0.0000	D

Explanation of Responses:

1. The price is a weighted average price. These shares were sold in multiple transactions ranging from $96.160 to $96.170, inclusive. The reporting person undertakes to provide to the Securities and Exchange Commission, the Issuer, or any security holder of the Issuer, upon request, full information regarding the number of shares sold at each separate price within the range.

2. The price is a weighted average price. These shares were sold in multiple transactions ranging from $95.155 to $96.110, inclusive. The reporting person undertakes to provide to the Securities and Exchange Commission, the Issuer, or any security holder of the Issuer, upon request, full information regarding the number of shares sold at each separate price within the range.

3. The price is a weighted average price. These shares were sold in multiple transactions ranging from $97.150 to $97.795, inclusive. The reporting person undertakes to provide to the Securities and Exchange Commission, the Issuer, or any security holder of the Issuer, upon request, full information regarding the number of shares sold at each separate price within the range.

4. The price is a weighted average price. These shares were sold in multiple transactions ranging from $96.155 to $97.130, inclusive. The reporting person undertakes to provide to the Securities and Exchange Commission, the Issuer, or any security holder of the Issuer, upon request, full information regarding the number of shares sold at each separate price within the range.

5. This option award is fully exercisable.

	/s/ Brittany A. Uthoff as Attorney-in-Fact for Chase Carey	12/18/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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