STOCK TITAN
  1. Home
  2. Sec-filings
  3. FWONA
  4. [Form 4] Liberty Media Corp Insider Trading Activity

Liberty Media (FWONA) adjusts Derek Chang’s Liberty Live RSUs and options

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Liberty Media Corporation insider Derek Chang reported equity award adjustments tied to Liberty Live’s corporate restructuring. On December 15, 2025, each share of Liberty Media’s Series A, B, and C Liberty Live common stock was redeemed for one share of the corresponding series of Liberty Live Group common stock of Liberty Live Holdings, Inc.

As part of this redemption, Chang’s restricted stock units covering 62,051 shares of Series C Liberty Live common stock and multiple stock option awards were adjusted under anti-dilution provisions. Each Liberty Live restricted stock unit and option award was exchanged for an equivalent award over the corresponding series of Liberty Live Group common stock, with existing vesting schedules (including multi-year vesting through 2030 and 2032) preserved. No cash consideration was reported, and the transaction codes reflect these as non-market, compensatory adjustments approved by the board under Rule 16b-3.

Positive

  • None.

Negative

  • None.
Insider CHANG DEREK
Role President & CEO
Type Security Shares Price Value
Other Restricted Stock Units - LLYVK 62,051 $0.00 --
Other Stock Option (Right to Buy) - LLYVK 23,628 $0.00 --
Other Stock Option (Right to Buy) - LLYVK 88,584 $0.00 --
Other Stock Option (Right to Buy) - LLYVK 51 $0.00 --
Other Stock Option (Right to Buy) - LLYVK 542 $0.00 --
Other Stock Option (Right to Buy) - LLYVK 54 $0.00 --
Other Stock Option (Right to Buy) - LLYVK 581 $0.00 --
Other Stock Option (Right to Buy) - LLYVK 52 $0.00 --
Other Stock Option (Right to Buy) - LLYVK 538 $0.00 --
Other Series C Liberty Live Common Stock 1,024 $0.00 --
Holdings After Transaction: Restricted Stock Units - LLYVK — 0 shares (Direct); Stock Option (Right to Buy) - LLYVK — 0 shares (Direct); Series C Liberty Live Common Stock — 0 shares (Direct)
Footnotes (1)
  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"). Each restricted stock unit represents a contingent right to receive one share of Series C Liberty Live common stock. In connection with the Redemption, all restricted stock units held by the reporting person with respect to the Issuer's Liberty Live common stock (each, a "Live RSU") were adjusted pursuant to the anti-dilution provisions of the incentive plan under which the Live RSUs were granted, such that each Live RSU was exchanged for a restricted stock unit with respect to an equivalent number of shares of the corresponding series of Liberty Live Group common stock of Liberty Live Holdings. 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. This option award vests in five substantially equal installments on March 14, 2026, 2027, 2028, 2029 and 2030. This option award will vest in accordance with the following schedule: (i) 25% of the award will vest in four substantially equal tranches on December 3, 2026, 2027, 2028 and 2029; (ii) 25% of the award will vest inthree substantially equal tranches on December 3, 2027, 2028 and 2029; (iii) 25% of the award will vest in two substantially equal tranches on December 3, 2028 and 2029; and (iv) 25% of the award will vest on December3, 2029.
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*
CHANG DEREK
(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
X Officer (give title below) Other (specify below)
President & CEO
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 C Liberty Live Common Stock 12/15/2025 J(1) 1,024 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
Restricted Stock Units - LLYVK (2) 12/15/2025 J(3) V 62,051 12/15/2029 12/15/2029 Series C Liberty Live Common Stock 62,051 $0.0000(3) 0.0000 D
Stock Option (Right to Buy) - LLYVK $76.45 12/15/2025 J(4) V 23,628 (5) 05/12/2032 Series C Liberty Live Common Stock 23,628 $0.0000(4) 0.0000 D
Stock Option (Right to Buy) - LLYVK $81.03 12/15/2025 J(4) V 88,584 (6) 12/03/2032 Series C Liberty Live Common Stock 88,584 $0.0000(4) 0.0000 D
Stock Option (Right to Buy) - LLYVK $28.89 12/15/2025 J(4) V 51 12/06/2022 12/06/2028 Series C Liberty Live Common Stock 51 $0.0000(4) 0.0000 D
Stock Option (Right to Buy) - LLYVK $53.46 12/15/2025 J(4) V 542 12/06/2022 12/06/2028 Series C Liberty Live Common Stock 542 $0.0000(4) 0.0000 D
Stock Option (Right to Buy) - LLYVK $27.92 12/15/2025 J(4) V 54 12/08/2023 12/08/2029 Series C Liberty Live Common Stock 54 $0.0000(4) 0.0000 D
Stock Option (Right to Buy) - LLYVK $44.85 12/15/2025 J(4) V 581 12/08/2023 12/08/2029 Series C Liberty Live Common Stock 581 $0.0000(4) 0.0000 D
Stock Option (Right to Buy) - LLYVK $21.36 12/15/2025 J(4) V 52 12/10/2021 12/10/2027 Series C Liberty Live Common Stock 52 $0.0000(4) 0.0000 D
Stock Option (Right to Buy) - LLYVK $48.78 12/15/2025 J(4) V 538 12/10/2021 12/10/2027 Series C Liberty Live Common Stock 538 $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. Each restricted stock unit represents a contingent right to receive one share of Series C Liberty Live common stock.
3. In connection with the Redemption, all restricted stock units held by the reporting person with respect to the Issuer's Liberty Live common stock (each, a "Live RSU") were adjusted pursuant to the anti-dilution provisions of the incentive plan under which the Live RSUs were granted, such that each Live RSU was exchanged for a restricted stock unit with respect to an equivalent number of shares of the corresponding series of Liberty Live Group common stock of Liberty Live Holdings.
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 March 14, 2026, 2027, 2028, 2029 and 2030.
6. This option award will vest in accordance with the following schedule: (i) 25% of the award will vest in four substantially equal tranches on December 3, 2026, 2027, 2028 and 2029; (ii) 25% of the award will vest inthree substantially equal tranches on December 3, 2027, 2028 and 2029; (iii) 25% of the award will vest in two substantially equal tranches on December 3, 2028 and 2029; and (iv) 25% of the award will vest on December3, 2029.
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 Derek Chang 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.

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Liberty Media Corp (FWONA) disclose for Liberty Live on December 15, 2025?

The company reported that Derek Chang, a director and President & CEO, had his Liberty Live equity awards adjusted on December 15, 2025. Shares of Liberty Media’s Liberty Live common stock were redeemed for corresponding shares of Liberty Live Group common stock of Liberty Live Holdings, Inc., and his restricted stock units and options were exchanged into equivalent awards over Liberty Live Holdings stock.

How many Liberty Live restricted stock units were adjusted for Derek Chang at Liberty Media (FWONA)?

The filing reports 62,051 restricted stock units tied to Series C Liberty Live common stock. Each unit represents a contingent right to receive one share, and all such units were exchanged for restricted stock units over the corresponding series of Liberty Live Group common stock of Liberty Live Holdings.

Were Derek Chang’s Liberty Media (FWONA) stock options changed by the Liberty Live redemption?

Yes. All Liberty Live-related option awards (each a “Live Award”) held by Derek Chang were adjusted under anti-dilution provisions. Each option 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, retaining their original exercise prices and expiration dates.

Did the Liberty Live equity award adjustments involve a purchase or sale at a market price?

No market purchase or sale price is reported. The transactions are shown with a $0.0000 price and coded as “J” transactions, indicating non-market, compensatory or adjustment-type events rather than open-market trades.

Who approved the Liberty Live equity award adjustments for Derek Chang at Liberty Media (FWONA)?

The filing notes that the transactions and adjustments described for the Liberty Live awards were approved by the issuer’s board of directors pursuant to Rule 16b-3 under the Securities Exchange Act of 1934.