[Form 4] Liberty Media Corp Insider Trading Activity

Rhea-AI Filing Summary

Larry E. Romrell, a director of Liberty Media Corp (FWONA), reported multiple transactions on 10/08/2025. He acquired 1,552 Series C Liberty Live common shares at an implied price of $42.26 and acquired 166 Series C shares via option exercise at a $14.23 strike, for a total of 1,718 shares acquired. The filing also shows a disposition of 762 Series C shares sold at $89.26, leaving 11,572 Series C shares beneficially owned after the transactions. The Form 4 is signed by an attorney-in-fact on behalf of Mr. Romrell on 10/10/2025.

Positive

• Director purchased a total of 1,718 Series C shares through option exercises on 10/08/2025
• Remaining beneficial ownership of 11,572 Series C shares indicates continued material holdings

Negative

• Sale of 762 Series C shares at $89.26 on 10/08/2025 reduced direct holdings
• Options exercised have expiration on 12/06/2025, creating time-limited concentration risk

Insights

Corporate Insider Transactions Analyst

Director added net exposure of 956 Series C shares on 10/08/2025.

The reporting shows two option exercises totaling 1,718 Series C shares acquired (strikes $14.23 and $42.26) and a sale of 762 Series C shares at $89.26, leaving 11,572 shares beneficially owned. The mix of exercises plus a sale indicates simultaneous portfolio rebalancing rather than a single-direction trade.

This activity depends on the exercisability and expiration dates noted for the options (12/06/2019 exercisable through 12/06/2025) and the reported prices. Watch short-term filings for additional buys or sells within the next 30–90 days to confirm a pattern.

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^*

ROMRELL LARRY E

(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)
10/08/2025

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	10/08/2025		M		1,552	A	$42.26	12,168	D
Series C Liberty Live Common Stock	10/08/2025		M		166	A	$14.23	12,334	D
Series C Liberty Live Common Stock	10/08/2025		F		762	D	$89.26	11,572	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) - LLYVK	$14.23	10/08/2025		M			166	12/06/2019	12/06/2025	Series C Liberty Live Common Stock	166	$0.0000	0.0000	D
Stock Option (Right to Buy) - LLYVK	$42.26	10/08/2025		M			1,552	12/06/2019	12/06/2025	Series C Liberty Live Common Stock	1,552	$0.0000	0.0000	D

Explanation of Responses:

	/s/ Brittany A. Uthoff as Attorney-in-Fact for Larry E. Romrell	10/10/2025
	** 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.

FAQ

What did Larry E. Romrell report on Form 4 for Liberty Media (FWONA)?

The Form 4 reports acquisitions of 1,552 Series C shares at $42.26 and 166 Series C shares via option exercise at $14.23, and a sale of 762 Series C shares at $89.26 on 10/08/2025.

How many Series C shares does the reporting person own after the transactions?

The filing shows 11,572 Series C Liberty Live common shares beneficially owned following the reported transactions.

Were any options exercised in these transactions for FWONA?

Yes. The filing shows exercises of stock options totaling 1,718 underlying Series C shares with strike prices of $14.23 and $42.26, exercisable through 12/06/2025.

When were the reported transactions executed?

All transactions reported on the Form 4 have a transaction date of 10/08/2025 and the Form 4 was signed on 10/10/2025.

Who signed the Form 4 for Larry E. Romrell?

The Form 4 is signed by Brittany A. Uthoff as Attorney-in-Fact for Larry E. Romrell on 10/10/2025.