Liberty Media (FWONK) director exercises 100K options at $28, sells shares

Rhea-AI Filing Summary

Liberty Media Corp director Chase Carey executed an exercise-and-sell transaction in Series C Common Stock (FWONK) on May 27, 2026. He exercised stock options for 100,000 shares at an exercise price of $28.00 per share and, on the same day, sold 100,000 shares in open-market trades.

The sales were reported in two blocks: 98,546 shares at a weighted average price of $90.2691 per share and 1,454 shares at a weighted average price of $91.1225 per share, across multiple transactions within stated price ranges. Following these transactions, he continues to hold a direct equity position in Liberty Media’s Series C Common Stock.

Insights

Equity compensation and insider-trading analyst

Director exercised 100K options at $28 and sold the same number of shares around $90–$91, a classic exercise-and-sell pattern.

Chase Carey, a director of Liberty Media Corp, exercised stock options covering 100,000 shares of Series C Common Stock at $28.00 per share. This is a derivative exercise (code M), converting an option award into common stock, consistent with compensation-related activity.

On the same May 27, 2026, he reported open-market sales (code S) totaling 100,000 shares at weighted average prices of $90.2691 and $91.1225 per share, across price ranges disclosed in the footnotes. The filing’s transaction summary shows net-sell of 100,000 shares, but the paired exercise and sale suggest a liquidity event rather than a directional bet on the stock.

The derivative section indicates this option award is fully exercisable and was exercised for 100,000 shares, with no remaining position from that specific option in the filing’s derivative summary. Carey still reports direct ownership of Series C Common Stock after these trades. Overall, this looks like a routine monetization of vested equity rather than a transformational change in his exposure.

Insider Trade Summary

Net Seller: 100,000 shares ($9,028,151)

Net Sell 4 txns

Insider CAREY CHASE

Role null

Sold 100,000 shs ($9.03M)

Type	Security	Shares	Price	Value
Exercise	Stock Option (Right to Buy) - FWONK	100,000	$0.00	--
Exercise	Series C Common Stock	100,000	$28.00	$2.80M
Sale	Series C Common Stock	1,454	$91.1225	$132K
Sale	Series C Common Stock	98,546	$90.2691	$8.90M

Holdings After Transaction: Stock Option (Right to Buy) - FWONK — 574,331 shares (Direct, null); Series C Common Stock — 194,356 shares (Direct, null)

Footnotes (1)

1. On May 12, 2026, the Issuer reincorporated from a corporation incorporated under the laws of the State of Delaware to a corporation incorporated under the laws of the State of Nevada by means of a plan of conversion. At the effective time of the conversion, (i) each outstanding share of Series C Liberty Formula One Common Stock of the Delaware corporation ("FWONK") automatically converted into one outstanding share of Series C Common Stock of the Nevada corporation ("FWONK-NV") and (ii) any option to purchase shares of FWONK automatically converted into a corresponding award with respect to the same number of shares of FWONK-NV with the same terms. The conversion did not alter the proportionate interests of security holders. The price is a weighted average price. These shares were sold in multiple transactions ranging from $91.0789 to $91.3800, inclusive. The reporting person undertakes to provide to the Securities and Exchange Commission, the Issuer, or any security holder of the Issuer, upon request, full information regarding the number of shares sold at each separate price within the range. The price is a weighted average price. These shares were sold in multiple transactions ranging from $90.0200 to $90.6800, inclusive. The reporting person undertakes to provide to the Securities and Exchange Commission, the Issuer, or any security holder of the Issuer, upon request, full information regarding the number of shares sold at each separate price within the range. This option award is fully exercisable.

Key Figures

Options exercised: 100,000 shares Option exercise price: $28.00 per share Shares sold (block 1): 98,546 shares +3 more

6 metrics

Options exercised 100,000 shares Series C Common Stock options exercised on May 27, 2026

Option exercise price $28.00 per share Strike price for 100,000 FWONK options

Shares sold (block 1) 98,546 shares Open-market sale at $90.2691 weighted average price

Shares sold (block 2) 1,454 shares Open-market sale at $91.1225 weighted average price

Net shares sold 100,000 shares Transaction summary net-sell direction

Option expiration March 11, 2027 Expiration date for exercised stock option award

Key Terms

open-market sale, derivative exercise/conversion, weighted average price, Series C Common Stock, +2 more

6 terms

open-market sale financial

"transaction_action: "open-market sale" for the two S-code stock transactions"

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

derivative exercise/conversion financial

"transaction_action: "derivative exercise/conversion" for the M-code entries"

weighted average price financial

"The price is a weighted average price. These shares were sold in multiple transactions..."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

Series C Common Stock financial

"security_title: "Series C Common Stock" for the non-derivative entries"

Series C common stock is a specific class of a company’s ordinary shares that is labeled “Series C” to distinguish its rights and history from other share classes. Investors should care because these shares can carry different voting power, dividend rules, or priority if the company is sold, so owning Series C is like having a particular model of a product with slightly different features that affect control, payout and value compared with other share classes.

Stock Option (Right to Buy) financial

"security_title: "Stock Option (Right to Buy) - FWONK" for the derivative entry"

plan of conversion regulatory

"by means of a plan of conversion. At the effective time of the conversion..."

A plan of conversion is a legal blueprint that lays out how a company or a class of securities will be changed from one form into another — for example converting a business type or swapping one kind of share or note for another — listing the steps, approvals required and what each owner will receive. Investors care because it can change ownership percentages, voting rights, tax treatment and whether shares remain tradable; think of it like a remodeling plan that shows who keeps which rooms and how the house will function afterwards.

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^*

CAREY CHASE

(Last) (First) (Middle)

12300 LIBERTY BOULEVARD

(Street)

ENGLEWOOD COLORADO 80112

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/27/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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 Common Stock(1)	05/27/2026		M		100,000	A	$28	194,356	D
Series C Common Stock(1)	05/27/2026		S		1,454	D	$91.1225(2)	192,902	D
Series C Common Stock(1)	05/27/2026		S		98,546	D	$90.2691(3)	94,356	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	$28	05/27/2026		M			100,000	(4)	03/11/2027	Series C Common Stock(1)	100,000	$0.0000	574,331	D

Explanation of Responses:

1. On May 12, 2026, the Issuer reincorporated from a corporation incorporated under the laws of the State of Delaware to a corporation incorporated under the laws of the State of Nevada by means of a plan of conversion. At the effective time of the conversion, (i) each outstanding share of Series C Liberty Formula One Common Stock of the Delaware corporation ("FWONK") automatically converted into one outstanding share of Series C Common Stock of the Nevada corporation ("FWONK-NV") and (ii) any option to purchase shares of FWONK automatically converted into a corresponding award with respect to the same number of shares of FWONK-NV with the same terms. The conversion did not alter the proportionate interests of security holders.

2. The price is a weighted average price. These shares were sold in multiple transactions ranging from $91.0789 to $91.3800, inclusive. The reporting person undertakes to provide to the Securities and Exchange Commission, the Issuer, or any security holder of the Issuer, upon request, full information regarding the number of shares sold at each separate price within the range.

3. The price is a weighted average price. These shares were sold in multiple transactions ranging from $90.0200 to $90.6800, inclusive. The reporting person undertakes to provide to the Securities and Exchange Commission, the Issuer, or any security holder of the Issuer, upon request, full information regarding the number of shares sold at each separate price within the range.

4. This option award is fully exercisable.

	/s/ Brittany A. Uthoff as Attorney-in-Fact for Chase Carey	05/28/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transactions did Chase Carey report for Liberty Media FWONK?

Chase Carey reported exercising stock options for 100,000 FWONK Series C shares at $28.00, then selling 100,000 shares in open-market trades at weighted average prices around $90–$91 on May 27, 2026.

How many Liberty Media FWONK shares did Chase Carey sell in this Form 4?

Chase Carey sold a total of 100,000 FWONK Series C Common Stock shares. The sales were split into 98,546 shares at a weighted average price of $90.2691 and 1,454 shares at a weighted average price of $91.1225 per share.

At what price did Chase Carey exercise his Liberty Media FWONK stock options?

He exercised stock options for 100,000 FWONK Series C Common Stock shares at an exercise price of $28.00 per share. These options were fully exercisable and converted into common stock before the reported open-market sales.

What were the price ranges for Chase Carey’s FWONK share sales?

The 1,454-share block was sold in multiple trades between $91.0789 and $91.3800. The 98,546-share block was sold in trades between $90.0200 and $90.6800, with each block reported at a weighted average sale price.

Does Chase Carey still hold Liberty Media FWONK shares after these transactions?

Yes. The Form 4 shows that after exercising options and selling 100,000 FWONK shares, Chase Carey continues to hold a direct equity position in Liberty Media’s Series C Common Stock, though the filing lists holdings in multiple lines.

What does the net-sell direction mean in Chase Carey’s Liberty Media Form 4?

The transaction summary shows a net-sell of 100,000 shares, meaning his reported sales exceeded acquisitions from this option exercise by that amount. This reflects a liquidity event rather than a pure share accumulation transaction.