Malcolm Gilchrist Files Form 4: Exercises Options, Sells Liberty Media Shares

Rhea-AI Filing Summary

Malcolm Ian Grant Gilchrist, identified as a director, filed a Form 4 reporting multiple transactions in Series C Liberty Live common stock of Liberty Media Corp on 09/08/2025. The filing shows two acquisitions via Code M: 1,563 shares at a weighted average $50.88 and 163 shares at $20.86, and two dispositions: 828 shares sold at $100.16 and 898 shares sold at a weighted-average price in a range near $100.20. Reported beneficial ownership totals change across transactions, ending with 1,781 shares owned after the final reported sale. Two stock options (LLYVK) corresponding to 1,563 and 163 underlying shares are listed with exercise prices matching the acquisition prices and exercisable/expiration dates noted. The form is signed by an attorney-in-fact on behalf of the reporting person.

Positive

• Transparent disclosure of multiple transactions with weighted-average sale-price range provided
• Detailed option information including exercise prices, exercisable and expiration dates
• Form filed by an authorized attorney-in-fact, indicating proper execution of reporting obligations

Negative

• Net reduction in direct beneficial ownership from earlier lines to an ending balance of 1,781 shares
• Multiple sales at prices near $100.20 reduced the reporting person's share count despite contemporaneous acquisitions

Insights

Securities Analyst

TL;DR: Mixed insider activity: small option exercises and partial sales, resulting in a net decrease in beneficial holdings.

The reported transactions combine option exercises or similar acquisition events (Code M) and stock sales (Codes F and S) executed on the same date, 09/08/2025. Exercising 1,563 and 163 options at $50.88 and $20.86 respectively increased direct holdings before subsequent sales of 828 and 898 shares at ~ $100.16–$100.27. The filings show updated beneficial ownership counts after each line, culminating at 1,781 shares. This pattern is consistent with an insider exercising equity awards and immediately selling a portion to cover taxes, costs, or to realize gains. Impact is routine rather than material to company capital structure given the small absolute share counts disclosed.

Corporate Governance Expert

TL;DR: Disclosure is timely and detailed; transactions include weighted-average sale pricing and option details.

The Form 4 discloses both non-derivative and derivative transactions with clear identification of transaction codes, exercise prices, exercisability and expiration dates for the stock options (LLYVK). The explanatory note provides a weighted average sale-price range for multiple sale tranches, and the form is signed by an attorney-in-fact, indicating an authorized filing. From a governance and compliance standpoint the filing appears complete and transparent for the transactions reported on the indicated date.

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)
09/08/2025

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	09/08/2025		M		1,563	A	$50.88	3,344	D
Series C Liberty Live Common Stock	09/08/2025		M		163	A	$20.86	3,507	D
Series C Liberty Live Common Stock	09/08/2025		F		828	D	$100.16	2,679	D
Series C Liberty Live Common Stock	09/08/2025		S		898	D	$100.2023(1)	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) - LLYVK	$20.86	09/08/2025		M			163	12/09/2020	12/09/2026	Series C Liberty Live Common Stock	163	$0.0000	0.0000	D
Stock Option (Right to Buy) - LLYVK	$50.88	09/08/2025		M			1,563	12/09/2020	12/09/2026	Series C Liberty Live Common Stock	1,563	$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 $100.193 to $100.270, 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	09/10/2025
	** 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 transactions did Malcolm Ian Grant Gilchrist report on the Form 4 for Liberty Media (LSXMA)?

The Form 4 reports acquisitions of 1,563 shares at $50.88 and 163 shares at $20.86 (Code M), and sales of 828 shares at $100.16 and 898 shares at about $100.20, all dated 09/08/2025.

How many shares does the reporting person own after the transactions?

The filing shows an ending direct beneficial ownership of 1,781 shares after the reported transactions.

Are there derivative holdings reported for the reporting person?

Yes. Two stock options (LLYVK) are listed: one for 1,563 underlying shares at $50.88 and one for 163 underlying shares at $20.86, with exercisable and expiration dates disclosed.

What price range was reported for the shares sold?

The explanatory note states the shares were sold in multiple transactions with a weighted average sale-price range of $100.193 to $100.270.

Who signed the Form 4 filing?

The Form 4 is signed by Brittany A. Uthoff as attorney-in-fact for Malcolm Ian Grant Gilchrist on 09/10/2025.