Liberty Media insider exercises options, reports FWONK & LLYVK sales

Rhea-AI Filing Summary

Liberty Media’s Chief Legal/Admin Officer reported insider transactions. On 11/07/2025, the officer exercised 14,116 options for Series C Liberty Formula One Common Stock (FWONK) at $42.10, sold 4,676 FWONK shares at a weighted average price of $102.4219, and had 9,440 FWONK shares withheld for taxes at $102.43. Following these, FWONK shares beneficially owned were 11,597, direct.

For Series C Liberty Live Common Stock (LLYVK), on 11/07/2025 the officer exercised 22,855 options at $50.55 and 3,211 options at $20.01, had 1,834 shares withheld for taxes at $84.34, sold 6,524 shares at a weighted average price of $84.3408, and had 7,749 shares withheld for taxes at $84.28. On 11/10/2025, an additional 9,959 shares were withheld for taxes at $84.33. LLYVK shares beneficially owned after the reported transactions were 10,925, direct.

Weighted average sale prices reflect multiple trades; the officer undertakes to provide detailed trade breakdowns upon request.

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
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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^*

Wilm Renee L

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Legal/Admin Officer

3. Date of Earliest Transaction (Month/Day/Year)
11/07/2025

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	11/07/2025		M		14,116	A	$42.1	25,713	D
Series C Liberty Formula One Common Stock	11/07/2025		S		4,676	D	$102.4219(1)	21,037	D
Series C Liberty Formula One Common Stock	11/07/2025		F		9,440	D	$102.43	11,597	D
Series C Liberty Live Common Stock	11/07/2025		M		22,855	A	$50.55	33,780	D
Series C Liberty Live Common Stock	11/07/2025		M		3,211	A	$20.01	36,991	D
Series C Liberty Live Common Stock	11/07/2025		F		1,834	D	$84.34	35,157	D
Series C Liberty Live Common Stock	11/07/2025		S		6,524	D	$84.3408(2)	28,633	D
Series C Liberty Live Common Stock	11/07/2025		F		7,749	D	$84.28	20,884	D
Series C Liberty Live Common Stock	11/10/2025		F		9,959	D	$84.33	10,925	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	$42.1	11/07/2025		M			14,116	(3)	12/10/2027	Series C Liberty Formula One Common Stock	14,116	$0.0000	0.0000	D
Stock Option (Right to Buy) - LLYVK	$20.01	11/07/2025		M			3,211	(3)	11/13/2026	Series C Liberty Live Common Stock	3,211	$0.0000	0.0000	D
Stock Option (Right to Buy) - LLYVK	$50.55	11/07/2025		M			22,855	(3)	11/13/2026	Series C Liberty Live Common Stock	22,855	$0.0000	0.0000	D

Explanation of Responses:

1. The price is a weighted average price. These shares were sold in multiple transactions ranging from $102.260 to $102.530, 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.

2. The price is a weighted average price. These shares were sold in multiple transactions ranging from $84.295 to $84.373, 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. This option award is fully exercisable.

	/s/ Brittany A. Uthoff as Attorney-in-Fact for Renee L. Wilm	11/10/2025
	** 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.
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FAQ

What insider transactions did Liberty Media (FWONK) report?

On 11/07/2025, the officer exercised 14,116 FWONK options at $42.10, sold 4,676 shares at a weighted average $102.4219, and had 9,440 shares withheld for taxes at $102.43.

What were the resulting FWONK holdings after the transactions?

FWONK shares beneficially owned following the reported transactions were 11,597, held directly.

What insider transactions affected Liberty Live (LLYVK)?

On 11/07/2025, 22,855 options were exercised at $50.55 and 3,211 at $20.01; sales included 6,524 shares at a weighted average $84.3408, with multiple tax withholdings.

What were the resulting LLYVK holdings after the transactions?

LLYVK shares beneficially owned following the reported transactions were 10,925, held directly.

What dates are covered by the reported insider trades?

Transactions occurred on 11/07/2025 and a tax withholding occurred on 11/10/2025.

How are the weighted average sale prices described?

FWONK sales averaged $102.4219 and LLYVK sales averaged $84.3408, reflecting multiple trades within stated price ranges; detailed breakdowns are available upon request.