Liberty Media (FWONA) director Bennett reports Liberty Live share redemption, option adjustment

Rhea-AI Filing Summary

Liberty Media Corporation director Robert R. Bennett reported a restructuring of his Liberty Live-related holdings. On December 15, 2025, Liberty Media 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. In connection with this redemption, Bennett's reported holdings of Series A and Series C Liberty Live common stock, including shares held through entities such as Hilltop Investments, LLC, Hilltop Investments III, LLC and the Deborah Bennett Revocable Trust, were removed from this issuer's table, leaving zero shares beneficially owned after the transactions.

At the same time, Bennett's option awards tied to Liberty Media’s Liberty Live common stock were adjusted so that each option now covers an equivalent number of shares of the corresponding series of Liberty Live Group common stock of Liberty Live Holdings. One reported stock option covers 100,000 shares of Series A Liberty Live common stock at an exercise price of $78.57 per share, expiring on December 3, 2032, and vests in five substantially equal installments on December 3 of 2026, 2027, 2028, 2029 and 2030. All transactions and adjustments were approved by Liberty Media’s board of directors under Rule 16b-3.

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^*

BENNETT ROBERT R

(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)
12/15/2025

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 A Liberty Live Common Stock	12/15/2025		J(1)		859	D	$0.0000(1)	0.0000	D
Series C Liberty Live Common Stock	12/15/2025		J(1)		2,083(2)	D	$0.0000(1)	0.0000	D
Series A Liberty Live Common Stock	12/15/2025		J(1)		5,626	D	$0.0000(1)	0.0000	I	By Hilltop Investments, LLC
Series C Liberty Live Common Stock	12/15/2025		J(1)		10,792	D	$0.0000(1)	0.0000	I	By Hilltop Investments, LLC
Series A Liberty Live Common Stock	12/15/2025		J(1)		114	D	$0.0000(1)	0.0000	I	Deborah Bennett Revocable Trust(3)
Series C Liberty Live Common Stock	12/15/2025		J(1)		229	D	$0.0000(1)	0.0000	I	Deborah Bennett Revocable Trust(3)
Series A Liberty Live Common Stock	12/15/2025		J(1)		191,741	D	$0.0000(1)	0.0000	I	Hilltop Investments III, LLC
Series C Liberty Live Common Stock	12/15/2025		J(1)		399,160(2)	D	$0.0000(1)	0.0000	I	Hilltop Investments III, LLC

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) - LLYVA	$78.57	12/15/2025		J(4)	V		100,000	(5)	12/03/2032	Series A Liberty Live Common Stock	100,000	$0.0000(4)	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. On December 12, 2025, the reporting person transferred 454 shares of Series C Liberty Live common stock to Hilltop Investments III, LLC, which is wholly owned by the reporting person and his spouse.

3. The reporting person disclaims beneficial ownership of these shares.

4. 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.

5. This option award vests in five substantially equal installments on December 3, 2026, 2027, 2028, 2029 and 2030.

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 Robert R. Bennett	12/17/2025
	** Signature of Reporting Person	Date
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FAQ

What insider activity did Liberty Media Corp (FWONA) report for Robert R. Bennett?

The filing reports that director Robert R. Bennett had all reported holdings of Liberty Media’s Series A and Series C Liberty Live common stock redeemed on December 15, 2025, as Liberty Media exchanged each share for one share of the corresponding series of Liberty Live Group common stock of Liberty Live Holdings, Inc. Following these transactions, the table shows zero shares beneficially owned of Liberty Media’s Liberty Live common stock.

How were Liberty Media Corp (FWONA) Liberty Live shares exchanged in this transaction?

On December 15, 2025, Liberty Media Corporation redeemed each share of its Series A, Series B 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. This redemption applied to Bennett’s directly and indirectly held Liberty Live shares reported in the form.

What happened to Robert R. Bennett’s Liberty Media Liberty Live stock options?

All option awards held by Bennett with respect to Liberty Media’s Liberty Live common stock (each a “Live Award”) were adjusted under the incentive plan’s anti-dilution provisions. 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, Inc.

What are the key terms of the 100,000-share option reported for Liberty Media Corp (FWONA)?

The filing reports a stock option (right to buy) covering 100,000 shares of Series A Liberty Live common stock with an exercise price of $78.57 per share and an expiration date of December 3, 2032. This option vests in five substantially equal installments on December 3, 2026, 2027, 2028, 2029 and 2030.

Were the insider transactions for Liberty Media Corp (FWONA) board approved?

Yes. The filing states that the transactions and adjustments described, including the share redemption and option adjustments, were approved by Liberty Media Corporation’s board of directors pursuant to Rule 16b-3 under the Securities Exchange Act of 1934, as amended.

How were indirect Liberty Media Liberty Live holdings treated for Robert R. Bennett?

The form lists indirect holdings through entities such as Hilltop Investments, LLC, Hilltop Investments III, LLC, and the Deborah Bennett Revocable Trust. These Liberty Live shares were subject to the same December 15, 2025 redemption into Liberty Live Group common stock of Liberty Live Holdings. The filing also notes that Bennett disclaims beneficial ownership of the shares held by the Deborah Bennett Revocable Trust.