Liberty Media Corp (FWONK) director reports Liberty Live redemption and option adjustments

Rhea-AI Filing Summary

Liberty Media Corporation director Brian Deevy reported structural equity changes tied to the company’s Liberty Live tracking stock. On December 15, 2025, Liberty Media 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.

For Deevy, the filing shows the disposition of 2,607 shares of Series A Liberty Live common stock and 6,517 shares of Series C Liberty Live common stock at a stated price of $0.0000 per share, leaving 0 shares of these Liberty Live series beneficially owned afterward. Multiple stock options over Liberty Media’s Liberty Live common stock were also adjusted under anti-dilution provisions so that each became an option over an equivalent number of Liberty Live Group common shares of Liberty Live Holdings, with the number of these Liberty Media options shown as 0 following the adjustments. The company’s board of directors approved these transactions 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

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^*

DEEVY BRIAN

(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)		2,607	D	$0.0000(1)	0.0000	D
Series C Liberty Live Common Stock	12/15/2025		J(1)		6,517	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
Stock Option (Right to Buy) - LLYVK	$28.89	12/15/2025		J(2)	V		51	12/06/2022	12/06/2028	Series C Liberty Live Common Stock	51	$0.0000(2)	0.0000	D
Stock Option (Right to Buy) - LLYVK	$53.46	12/15/2025		J(2)	V		542	12/06/2022	12/06/2028	Series C Liberty Live Common Stock	542	$0.0000(2)	0.0000	D
Stock Option (Right to Buy) - LLYVK	$72.91	12/15/2025		J(2)	V		570	12/06/2025	12/06/2031	Series C Liberty Live Common Stock	570	$0.0000(2)	0.0000	D
Stock Option (Right to Buy) - LLYVK	$27.92	12/15/2025		J(2)	V		54	12/08/2023	12/08/2029	Series C Liberty Live Common Stock	54	$0.0000(2)	0.0000	D
Stock Option (Right to Buy) - LLYVK	$44.85	12/15/2025		J(2)	V		581	12/08/2023	12/08/2029	Series C Liberty Live Common Stock	581	$0.0000(2)	0.0000	D
Stock Option (Right to Buy) - LLYVK	$33.97	12/15/2025		J(2)	V		576	12/08/2024	12/08/2030	Series C Liberty Live Common Stock	576	$0.0000(2)	0.0000	D
Stock Option (Right to Buy) - LLYVK	$20.86	12/15/2025		J(2)	V		81	12/09/2020	12/09/2026	Series C Liberty Live Common Stock	81	$0.0000(2)	0.0000	D
Stock Option (Right to Buy) - LLYVK	$50.88	12/15/2025		J(2)	V		781	12/09/2020	12/09/2026	Series C Liberty Live Common Stock	781	$0.0000(2)	0.0000	D
Stock Option (Right to Buy) - LLYVK	$20.03	12/15/2025		J(2)	V		72	12/10/2021	12/10/2027	Series C Liberty Live Common Stock	72	$0.0000(2)	0.0000	D
Stock Option (Right to Buy) - LLYVK	$45.33	12/15/2025		J(2)	V		717	12/10/2021	12/10/2027	Series C Liberty Live Common Stock	717	$0.0000(2)	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. 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.

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 Brian Deevy	12/17/2025
	** 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 Corp (FWONK) report for Brian Deevy?

The filing reports that director Brian Deevy had his Liberty Live tracking stock and related options restructured. On December 15, 2025, Liberty Media redeemed each share of its Series A, B, and C Liberty Live common stock in exchange for corresponding shares of Liberty Live Group common stock of Liberty Live Holdings, Inc., and Deevy’s option awards were adjusted into options over Liberty Live Holdings shares.

How many Liberty Live shares did Brian Deevy dispose of in this Form 4 for Liberty Media (FWONK)?

The report shows Deevy disposed of 2,607 shares of Series A Liberty Live common stock and 6,517 shares of Series C Liberty Live common stock, each at a stated price of $0.0000 per share in connection with the redemption into Liberty Live Holdings stock.

What happened to Brian Deevy’s Liberty Live stock options in the Liberty Media (FWONK) transaction?

All option awards over Liberty Media’s Liberty Live common stock (each a Live Award) were adjusted under 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., with the Form 4 showing 0 derivative securities of the Liberty Media options remaining afterward.

What is the nature of the transaction code "J" in Brian Deevy’s Liberty Media Form 4?

The transactions in both the non-derivative and derivative tables use transaction code "J", which the explanation describes as related to the redemption of Liberty Media’s Liberty Live common stock into Liberty Live Group common stock of Liberty Live Holdings and the associated anti-dilution adjustments to option awards.

What role does Brian Deevy have at Liberty Media Corp (FWONK)?

The filing identifies the reporting person as a Director of Liberty Media Corporation. The form is filed by one reporting person and reflects his holdings and award adjustments tied to the Liberty Live tracking stock.

Were the Liberty Media Liberty Live transactions for Brian Deevy board-approved under Rule 16b-3?

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

What securities does Brian Deevy show as beneficially owned after the Liberty Media Liberty Live restructuring?

In the non-derivative table, the amount of Series A Liberty Live common stock and Series C Liberty Live common stock beneficially owned following the reported transactions is listed as 0.0000. In the derivative table, the number of the reported Liberty Media stock options beneficially owned after the adjustments is also shown as 0.0000.