Liberty Media (FWONA) director reports Liberty Live stock and option changes

Rhea-AI Filing Summary

Liberty Media Corporation director Evan Daniel Malone reported changes in his Liberty Live holdings after a share redemption and related option adjustment.

On December 15, 2025, the company redeemed each share of its Series A, B and C Liberty Live common stock for one share of the corresponding series of Liberty Live Group common stock of Liberty Live Holdings, Inc. Malone reported dispositions at a reported price of $0.0000 per share of 2,819 shares of Series A Liberty Live common stock, 12,399 shares of Series C Liberty Live common stock held directly, and 1,591 Series C shares held through the Evan D. Malone Trust A.

He also reported a transaction involving a stock option to buy 1,152 shares of Series C Liberty Live common stock with a $33.97 exercise price, which was exchanged into an option over Liberty Live Holdings shares pursuant to anti-dilution provisions. Following these transactions, the Form 4 shows zero Liberty Live shares and options of the issuer beneficially owned, with the 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^*

MALONE EVAN DANIEL

(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)		2,819	D	$0.0000(1)	0.0000	D
Series C Liberty Live Common Stock	12/15/2025		J(1)		12,399	D	$0.0000(1)	0.0000	D
Series C Liberty Live Common Stock	12/15/2025		J(1)		1,591	D	$0.0000(1)	0.0000	I	Evan D. Malone Trust A(2)

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	$33.97	12/15/2025		J(3)	V		1,152	12/08/2024	12/08/2030	Series C Liberty Live Common Stock	1,152	$0.0000(3)	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. Such shares are held by a trust of which the reporting person is the beneficiary and which is managed by an independent trustee and the reporting person.

3. 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 ofthe 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 Evan Daniel Malone	12/17/2025
	** Signature of Reporting Person	Date
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FAQ

What insider transaction did Liberty Media (FWONA) report for Evan Daniel Malone?

The filing reports that director Evan Daniel Malone disposed of his Series A and Series C Liberty Live common shares and related stock options of Liberty Media Corporation in connection with a share redemption and award adjustment.

How many Liberty Live shares did Evan Daniel Malone dispose of in this Form 4?

Malone reported dispositions of 2,819 shares of Series A Liberty Live common stock, 12,399 shares of Series C Liberty Live common stock held directly, and 1,591 Series C shares held indirectly through the Evan D. Malone Trust A, all at a reported price of $0.0000 per share.

What was the Liberty Live share redemption described in the Form 4 for Liberty Media (FWONA)?

On December 15, 2025, Liberty Media Corporation redeemed each share of its Series A, B and C Liberty Live common stock for one share of the corresponding series of Liberty Live Group common stock of Liberty Live Holdings, Inc.

What happened to Evan Daniel Malones Liberty Live stock options in this transaction?

All option awards held by Malone with respect to Liberty Medias Liberty Live common stock were adjusted under anti-dilution provisions so that 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, Inc.

How many Liberty Live stock options were affected for Evan Daniel Malone?

The Form 4 shows a transaction in a stock option (Right to Buy) over 1,152 shares of Series C Liberty Live common stock with a $33.97 exercise price, reported at a derivative security price of $0.0000 in connection with the adjustment.

What is Evan Daniel Malones relationship to Liberty Media Corporation?

Malone is reported as a director of Liberty Media Corporation, filing the Form 4 as one reporting person.

Were the Liberty Live transactions for Evan Daniel Malone board approved?

The filing states that the transactions and adjustments were approved by the Issuers board of directors pursuant to Rule 16b-3 under the Securities Exchange Act of 1934.