FWONK director exercises 3,885 options; post-trade holds 19,381 shares

Rhea-AI Filing Summary

Liberty Media Corporation (FWONK) director Larry E. Romrell reported transactions on 11/10/2025. He exercised 3,885 Series C Liberty Formula One shares via stock options at $29.92 (code M) and disposed of 1,133 shares at $102.65 (code F). After these moves, he directly owns 19,381 FWONK shares. The exercised option became exercisable on 12/06/2019 and expires on 12/06/2025.

Insider Trade Summary

3,885 shares exercised/converted

Mixed 3 txns

Insider ROMRELL LARRY E

Role Director

Type	Security	Shares	Price	Value
Exercise	Stock Option (Right to Buy) - FWONK	3,885	$0.00	--
Exercise	Series C Liberty Formula One Common Stock	3,885	$29.92	$116K
Tax Withholding	Series C Liberty Formula One Common Stock	1,133	$102.65	$116K

Holdings After Transaction: Stock Option (Right to Buy) - FWONK — 0 shares (Direct); Series C Liberty Formula One Common Stock — 20,514 shares (Direct)

Footnotes (1)

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
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^*

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)
11/10/2025

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	11/10/2025		M		3,885	A	$29.92	20,514	D
Series C Liberty Formula One Common Stock	11/10/2025		F		1,133	D	$102.65	19,381	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	$29.92	11/10/2025		M			3,885	12/06/2019	12/06/2025	Series C Liberty Formula One Common Stock	3,885	$0.0000	0.0000	D

Explanation of Responses:

	/s/ Brittany A. Uthoff as Attorney-in-Fact for Larry E. Romrell	11/12/2025
	** 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 insider transaction did Liberty Media (FWONK) report?

Director Larry E. Romrell exercised 3,885 stock options at $29.92 (code M) and disposed of 1,133 shares at $102.65 (code F) on 11/10/2025.

How many FWONK shares does the director own after the transactions?

He directly owns 19,381 FWONK shares following the reported transactions.

What were the terms of the exercised FWONK stock option?

The option covered 3,885 shares at an exercise price of $29.92, became exercisable on 12/06/2019, and expires on 12/06/2025.

What do the Form 4 transaction codes M and F mean here?

Code M indicates an option exercise; code F indicates a disposition to satisfy obligations such as taxes per Form 4 coding.

Was the transaction under a Rule 10b5-1 plan?

The excerpt includes the Rule 10b5-1 checkbox language, but it does not indicate that the box was checked.