[Form 4] Liberty Media Corp Insider Trading Activity

Rhea-AI Filing Summary

Liberty Media Corporation’s Chief Legal and Administrative Officer, Renee L. Wilm, reported changes in her holdings tied to Liberty Live tracking stock following a corporate reorganization on December 15, 2025. The company redeemed each share of its Series A, B and C Liberty Live common stock for one share of the corresponding series of Liberty Live Group common stock of Liberty Live Holdings, Inc.

Wilm’s 13,401 shares of Series C Liberty Live common stock were disposed of at a reported price of $0.0000, reflecting the non-cash share-for-share redemption. Her restricted stock units covering 2,210 and 5,942 shares of Series C Liberty Live common stock and several stock options (including awards for 16,434, 604 and 4,295 underlying shares) were adjusted under anti-dilution provisions into equivalent awards over Liberty Live Holdings stock, with one RSU grant vesting on December 9, 2026 and one option award expiring on December 8, 2030. The company’s board approved these actions under Rule 16b-3.

Insider Trade Summary

6 transactions reported

Mixed 6 txns

Insider Wilm Renee L

Role Chief Legal/Admin Officer

Type	Security	Shares	Price	Value
Other	Restricted Stock Units - LLYVK	2,210	$0.00	--
Other	Restricted Stock Units - LLYVK	5,942	$0.00	--
Other	Stock Option (Right to Buy) - LLYVK	16,434	$0.00	--
Other	Stock Option (Right to Buy) - LLYVK	604	$0.00	--
Other	Stock Option (Right to Buy) - LLYVK	4,295	$0.00	--
Other	Series C Liberty Live Common Stock	13,401	$0.00	--

Holdings After Transaction: Restricted Stock Units - LLYVK — 0 shares (Direct); Stock Option (Right to Buy) - LLYVK — 0 shares (Direct); Series C Liberty Live Common Stock — 0 shares (Direct)

Footnotes (1)

1. On December 15, 2025, Liberty Media Corporation (the "Issuer") redeemed (the "Redemption") each share of its Series A Liberty Live common stock, Series B Liberty Live common stock and Series C Liberty Live common stock for one share of the corresponding series of Liberty Live Group common stock of Liberty Live Holdings, Inc. ("Liberty Live Holdings"). Each restricted stock unit represents a contingent right to receive one share of Series C Liberty Live common stock. In connection with the Redemption, all restricted stock units held by the reporting person with respect to the Issuer's Liberty Live common stock (each, a "Live RSU") were adjusted pursuant to the anti-dilution provisions of the incentive plan under which the Live RSUs were granted, such that each Live RSU was exchanged for a restricted stock unit with respect to an equivalent number of shares of the corresponding series of Liberty Live Group common stock of Liberty Live Holdings. This restricted stock unit award will vest on December 9, 2026. In connection with the Redemption, all option awards held by the reporting person with respect to the Issuer's Liberty Live common stock (each, a "Live Award") were adjusted pursuant to the anti-dilution provisions of the incentive plan under which the Live Awards were granted, such that each Live Award was exchanged for an option to purchase an equivalent number of shares of the corresponding series of Liberty Live Group common stock of Liberty Live Holdings. This option award vests in three substantially equal installments on December 8, 2024, 2025, and 2026. This option award is fully exercisable.

Form 4 Insider Transactions: What Each Field Means →

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

OMB APPROVAL

OMB Number:			3235-0287
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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^*

Wilm Renee L

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Legal/Admin Officer

3. Date of Earliest Transaction (Month/Day/Year)
12/15/2025

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 Live Common Stock	12/15/2025		J(1)		13,401	D	$0.0000(1)	0.0000	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
Restricted Stock Units - LLYVK	(2)	12/15/2025		J(3)	V		2,210	(4)	(4)	Series C Liberty Live Common Stock	2,210	$0.0000(3)	0.0000	D
Restricted Stock Units - LLYVK	(2)	12/15/2025		J(3)	V		5,942	12/03/2026	12/03/2026	Series C Liberty Live Common Stock	5,942	$0.0000(3)	0.0000	D
Stock Option (Right to Buy) - LLYVK	$33.97	12/15/2025		J(5)	V		16,434	(6)	12/08/2030	Series C Liberty Live Common Stock	16,434	$0.0000(5)	0.0000	D
Stock Option (Right to Buy) - LLYVK	$20.03	12/15/2025		J(5)	V		604	(7)	12/10/2027	Series C Liberty Live Common Stock	604	$0.0000(5)	0.0000	D
Stock Option (Right to Buy) - LLYVK	$45.33	12/15/2025		J(5)	V		4,295	(7)	12/10/2027	Series C Liberty Live Common Stock	4,295	$0.0000(5)	0.0000	D

Explanation of Responses:

1. On December 15, 2025, Liberty Media Corporation (the "Issuer") redeemed (the "Redemption") each share of its Series A Liberty Live common stock, Series B Liberty Live common stock and Series C Liberty Live common stock for one share of the corresponding series of Liberty Live Group common stock of Liberty Live Holdings, Inc. ("Liberty Live Holdings").

2. Each restricted stock unit represents a contingent right to receive one share of Series C Liberty Live common stock.

3. In connection with the Redemption, all restricted stock units held by the reporting person with respect to the Issuer's Liberty Live common stock (each, a "Live RSU") were adjusted pursuant to the anti-dilution provisions of the incentive plan under which the Live RSUs were granted, such that each Live RSU was exchanged for a restricted stock unit with respect to an equivalent number of shares of the corresponding series of Liberty Live Group common stock of Liberty Live Holdings.

4. This restricted stock unit award will vest on December 9, 2026.

5. In connection with the Redemption, all option awards held by the reporting person with respect to the Issuer's Liberty Live common stock (each, a "Live Award") were adjusted pursuant to the anti-dilution provisions of the incentive plan under which the Live Awards were granted, such that each Live Award was exchanged for an option to purchase an equivalent number of shares of the corresponding series of Liberty Live Group common stock of Liberty Live Holdings.

6. This option award vests in three substantially equal installments on December 8, 2024, 2025, and 2026.

7. This option award is fully exercisable.

Remarks:

The transactions and adjustments described above were approved by the Issuer's board of directors pursuant to Rule 16b-3 under the Securities Exchange Act of 1934, as amended.

	/s/ Brittany A. Uthoff as Attorney-in-Fact for Renee L. Wilm	12/17/2025
	** Signature of Reporting Person	Date
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