Insider Exercise and Sales: 3,885 FWONK Sold at $102.44; 1,781 LLYVK Remain

Rhea-AI Filing Summary

Reporting person: Malcolm Ian Grant Gilchrist, identified as a Director. The Form 4 reports transactions dated 08/25/2025 in Series C Liberty Formula One Common Stock (FWONK) and Series C Liberty Live Common Stock (LLYVK).

For FWONK the filing shows a purchase of 3,885 shares at a weighted average price of $29.92 and contemporaneous sales of 3,885 shares at a weighted average price of $102.4435, leaving 0 shares beneficially owned. For LLYVK the filing records multiple buys and sales: acquisitions of 1,552 shares at $42.26 and 166 shares at $14.23, and disposals of 25 and 684 shares at prices near $95.98 and $95.95, plus a sale of 868 shares at a weighted average of $97.106, resulting in 1,781 LLYVK shares beneficially owned after the reported transactions.

The filer also holds stock options exercisable into 3,885 FWONK shares (exercise $29.92, expiring 12/06/2025) and options exercisable into 1,552 and 166 LLYVK shares (exercises $42.26 and $14.23, expiring 12/06/2025). The form is signed by an attorney-in-fact on 08/27/2025.

Insights

Financial Analyst

TL;DR: Insider executed same-day option exercise/purchase and high-price sales, reducing FWONK holdings to zero and leaving modest LLYVK exposure.

The transactions show option-related activity and market disposals on 08/25/2025. The reporter acquired 3,885 FWONK shares at $29.92 and sold the same number at a weighted average of $102.4435, resulting in no net FWONK holdings. For LLYVK the mix of purchases and multiple disposals produced a net holding of 1,781 shares. The presence of exercisable options expiring 12/06/2025 suggests these transactions are tied to option exercise and subsequent market sales but the filing only states quantities, prices, and option terms. No revenue or company operational metrics are provided in this Form 4; the events are routine insider trading disclosures.

Corporate Governance Expert

TL;DR: Routine Section 16 disclosure of exercised options and open-market sales; no governance action or unusual control change reported.

The Form 4 identifies Malcolm Ian Grant Gilchrist as a director and discloses option exercises and multiple open-market dispositions and purchases on a single date. The filing includes weighted-average sale price ranges for the FWONK and LLYVK sales in the explanatory footnotes and is signed by an attorney-in-fact. There is no indication in the form of a change in control, new affiliations, or transactions outside standard option exercise and market trades. Material governance events or compliance issues are not evident from this disclosure alone.

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

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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^*

Gilchrist Malcolm Ian Grant

(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)
08/25/2025

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	08/25/2025		M		3,885	A	$29.92	3,885	D
Series C Liberty Formula One Common Stock	08/25/2025		S		3,885	D	$102.4435(1)	0.0000	D
Series C Liberty Live Common Stock	08/25/2025		M		1,552	A	$42.26	3,192	D
Series C Liberty Live Common Stock	08/25/2025		M		166	A	$14.23	3,358	D
Series C Liberty Live Common Stock	08/25/2025		F		25	D	$95.98	3,333	D
Series C Liberty Live Common Stock	08/25/2025		F		684	D	$95.95	2,649	D
Series C Liberty Live Common Stock	08/27/2025		S		868	D	$97.106(2)	1,781	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	$29.92	08/25/2025		M			3,885	12/06/2019	12/06/2025	Series C Liberty Formula One Common Stock	3,885	$0.0000	0.0000	D
Stock Option (Right to Buy) - LLYVK	$14.23	08/25/2025		M			166	12/06/2019	12/06/2025	Series C Liberty Live Common Stock	166	$0.0000	0.0000	D
Stock Option (Right to Buy) - LLYVK	$42.26	08/25/2025		M			1,552	12/06/2019	12/06/2025	Series C Liberty Live Common Stock	1,552	$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 $102.441 to $102.540, 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 $97.097 to $97.230, 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.

	/s/ Brittany A. Uthoff as Attorney-in-Fact for Malcolm Ian Grant Gilchrist	08/27/2025
	** 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 Malcolm Ian Grant Gilchrist report on the Form 4?

The Form 4 reports option exercises and market trades on 08/25/2025: acquisition of 3,885 FWONK shares at $29.92 then sale of 3,885 FWONK shares at a weighted average of $102.4435; multiple LLYVK buys and sells resulting in 1,781 LLYVK shares held.

How many FWONK shares did the reporting person hold after the transactions?

The filing shows 0 FWONK shares beneficially owned after the reported transactions.

What stock options are disclosed on the Form 4 and when do they expire?

Options exercisable into 3,885 FWONK shares at $29.92 and options exercisable into 1,552 and 166 LLYVK shares at $42.26 and $14.23 respectively; all options list an expiration date of 12/06/2025.

What prices were the LLYVK shares bought and sold at in this filing?

The filing records LLYVK purchases at $42.26 (1,552 shares) and $14.23 (166 shares), and disposals at prices including $95.98, $95.95, and a weighted average sale price of $97.106 for certain sales.

Who signed the Form 4 and when was it signed?

The Form 4 is signed by /s/ Brittany A. Uthoff as Attorney-in-Fact for Malcolm Ian Grant Gilchrist on 08/27/2025.