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

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.

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^*

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
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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.

How do the vesting terms change for Derek Chang’s adjusted options related to Liberty Live?

The filing states that vesting terms were preserved and provides examples. One option award vests in five substantially equal installments on March 14 of 2026, 2027, 2028, 2029 and 2030. Another award vests in tranches between December 3, 2026 and December 3, 2029 under a detailed multi-step schedule.

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.