John Malone writes FWONK put options on 250K shares

MALONE JOHN C reported open-market sale transactions in this Form 4 filing.

Rhea-AI Filing Summary

MALONE JOHN C reported open-market sale transactions in this Form 4 filing.

Liberty Media Corp insider John C. Malone entered into a derivative transaction involving Series A Liberty Formula One Common Stock. On March 30, 2026, he wrote over-the-counter put options with an aggregate underlying 250,000 shares at a strike price of $71.7531 per share.

Malone received an aggregate premium of approximately $1,284,000 in connection with these put options. The options are European style and may be settled physically or in cash at his option, and they expire in three approximately equal components on March 29, 2027, March 30, 2027 and March 31, 2027.

Insider Trade Summary

Net Seller: 250,000 shares

Net Sell 1 txn

Insider MALONE JOHN C

Role 10% Owner

Sold 250,000 shs ($1.28M)

Type	Security	Shares	Price	Value
Sale	Put Option (obligation to buy)	250,000	$5.136	$1.28M

Holdings After Transaction: Put Option (obligation to buy) — 250,000 contracts (Direct)

Footnotes (1)

1. F1. On March 30, 2026, Mr. Malone wrote over-the-counter put options to a financial institution counterparty representing the obligation by the financial institution to sell to Mr. Malone an aggregate of 250,000 shares of Series A Liberty Formula One Common Stock at a strike price of $71.7531, which was determined pursuant to a formula based on the weighted average prices of the Series A Liberty Formula One Common Stock at which the financial institution established its initial hedge position in respect of the put options. Mr. Malone received, in the aggregate, a premium of approximately $1,284,000 in connection with entering into the put options. The put options are European style and may be settled physically or in cash at the option of Mr. Malone. The put options expire in three approximately equal components on March 29, 2027, March 30, 2027 and March 31, 2027.

Key Figures

Underlying shares: 250,000 shares Strike price: $71.7531 per share Premium received: approximately $1,284,000 +3 more

6 metrics

Underlying shares 250,000 shares Aggregate Series A Liberty Formula One Common Stock referenced by put options

Strike price $71.7531 per share Strike price for the written put options

Premium received approximately $1,284,000 Aggregate premium Malone received for entering into the put options

Transaction date March 30, 2026 Date the over-the-counter put options were written

Option expirations March 29–31, 2027 Three approximately equal components expiring on March 29, 30 and 31, 2027

Reported derivative position 250,000 units Total derivative position following transaction, tied to 250,000 underlying shares

Key Terms

over-the-counter put options, strike price, European style, initial hedge position, +1 more

5 terms

over-the-counter put options financial

"Mr. Malone wrote over-the-counter put options to a financial institution counterparty"

strike price financial

"at a strike price of $71.7531, which was determined pursuant to a formula"

The strike price is the fixed price at which an option gives its holder the right to buy or sell an underlying stock. Think of it like a coupon that lets you transact at a pre-agreed price regardless of the market; for investors it determines whether an option will be profitable, influences potential gains or losses, and is a key factor in the option’s market value and risk profile.

European style financial

"The put options are European style and may be settled physically or in cash"

initial hedge position financial

"based on the weighted average prices ... at which the financial institution established its initial hedge position"

premium financial

"Mr. Malone received, in the aggregate, a premium of approximately $1,284,000"

A premium is the extra amount paid above a standard or reference value — for example, paying more than a stock’s current market price, the face value of a bond, or the base cost of an insurance policy. Investors care because a premium signals that buyers expect something extra (better growth, lower risk, or immediate access), and it affects returns and valuation much like paying a surcharge for faster service or higher quality.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What derivative transaction did John C. Malone report in FWONK on this Form 4?

John C. Malone reported writing over-the-counter put options on 250,000 shares of Series A Liberty Formula One Common Stock. These options create an obligation for the counterparty to sell him shares at a fixed strike price if exercised at expiration.

How many FWONK shares are covered by John C. Malone’s reported put options?

The reported put options reference an aggregate underlying 250,000 shares of Series A Liberty Formula One Common Stock. This means the options exposure is tied to 250,000 shares, though actual settlement can be in shares or cash at Malone’s choice.

What strike price applies to John C. Malone’s FWONK put options?

The put options have a strike price of $71.7531 per share, determined by a formula using weighted average prices of FWONK where the financial institution set its initial hedge. This strike defines the effective share purchase level if exercised.

How much premium did John C. Malone receive for the FWONK put options?

Malone received an aggregate premium of approximately $1,284,000 for entering into the put options. This premium compensates him for assuming potential future obligation related to 250,000 underlying FWONK shares at the stated strike price.

When do John C. Malone’s FWONK put options expire?

The put options expire in three approximately equal components on March 29, 2027, March 30, 2027 and March 31, 2027. Each date represents one portion of the overall 250,000-share exposure rolling off at the respective 2027 maturities.

How can John C. Malone’s FWONK put options be settled at expiration?

The put options are European style and may be settled either physically or in cash, at John C. Malone’s option. Physical settlement would involve share delivery, while cash settlement would use the difference between market price and strike.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 03/31/2026 - 07:27 PM Learn about SEC filing dates

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
Estimated average burden
hours per response:			0.5

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^*

MALONE JOHN C

(Last) (First) (Middle)

12300 LIBERTY BOULEVARD

(Street)

ENGLEWOOD COLORADO 80112

(City) (State) (Zip)

UNITED STATES

(Country)

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

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/30/2026

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

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

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

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

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
Put Option (obligation to buy)	$71.7531(1)	03/30/2026		S/K(1)			250,000	(1)	(1)	Series A Liberty Formula One Common Stock	250,000	$5.136(1)	250,000	D

Explanation of Responses:

1. On March 30, 2026, Mr. Malone wrote over-the-counter put options to a financial institution counterparty representing the obligation by the financial institution to sell to Mr. Malone an aggregate of 250,000 shares of Series A Liberty Formula One Common Stock at a strike price of $71.7531, which was determined pursuant to a formula based on the weighted average prices of the Series A Liberty Formula One Common Stock at which the financial institution established its initial hedge position in respect of the put options. Mr. Malone received, in the aggregate, a premium of approximately $1,284,000 in connection with entering into the put options. The put options are European style and may be settled physically or in cash at the option of Mr. Malone. The put options expire in three approximately equal components on March 29, 2027, March 30, 2027 and March 31, 2027.

	/s/ Brittany A. Uthoff as Attorney-in-Fact for John C. Malone	03/31/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)