Malcolm Ian Grant Gilchrist - Jul 18, 2023 Form 4 Insider Report for Liberty Media Corp (LSXMA)

Role: Director
Signature: /s/ Brittany A. Uthoff as Attorney-in-Fact for Malcolm Ian Grant Gilchrist
Stock symbol: LSXMA
Transactions as of: Jul 18, 2023
Transactions value $: $0
Form type: 4
Date filed: 7/20/2023, 05:11 PM
Previous filing: Dec 12, 2022
Next filing: Jul 28, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	LSXMA	Series A Liberty Braves Common Stock	Other	$0	-106	-100%	$0.00^*	0	Jul 18, 2023	Direct	F1
transaction	LSXMA	Series C Liberty Braves Common Stock	Other	$0	-627	-100%	$0.00^*	0	Jul 18, 2023	Direct	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Shares	Change %	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	LSXMA	Stock Option (Right to Buy) - BATRK	Other	-888	-100%	Jul 18, 2023	Series C Liberty Braves Common Stock	888	$25.46	Direct	F2
transaction	LSXMA	Stock Option (Right to Buy) - BATRK	Other	-596	-100%	Jul 18, 2023	Series C Liberty Braves Common Stock	596	$27.89	Direct	F2
transaction	LSXMA	Stock Option (Right to Buy) - BATRK	Other	-630	-100%	Jul 18, 2023	Series C Liberty Braves Common Stock	630	$32.76	Direct	F2
transaction	LSXMA	Stock Option (Right to Buy) - BATRK	Other	-980	-100%	Jul 18, 2023	Series C Liberty Braves Common Stock	980	$28.72	Direct	F2
transaction	LSXMA	Stock Option (Right to Buy) - BATRK	Other	-704	-100%	Jul 18, 2023	Series C Liberty Braves Common Stock	704	$20.13	Direct	F2
transaction	LSXMA	Stock Option (Right to Buy) - BATRK	Other	-932	-100%	Jul 18, 2023	Series C Liberty Braves Common Stock	932	$22.56	Direct	F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	On July 18, 2023, Liberty Media Corporation (the "Issuer") redeemed (the "Redemption") each share of its Liberty Braves common stock for shares of common stock of Atlanta Braves Holdings, Inc. ("Atlanta Braves Holdings"). In the Redemption, the Issuer redeemed (i) each outstanding share of its Series A Liberty Braves common stock for one share of Atlanta Braves Holdings' Series A common stock, (ii) each outstanding share of its Series B Liberty Braves common stock for one share of Atlanta Braves Holdings' Series B common stock and (iii) each outstanding share of its Series C Liberty Braves common stock for one share of Atlanta Braves Holdings' Series C common stock. Such transactions were approved by the Issuer's board of directors pursuant to Rule 16b-3 under the Securities Exchange Act of 1934, as amended.
F2	In connection with the Redemption, all option awards held by the reporting person with respect to Issuer's Liberty Braves common stock (each, a "Braves Award") were adjusted pursuant to the anti-dilution provisions of the incentive plan under which the option awards were granted, such that each Braves Award was exchanged for an option to purchase an equivalent number of shares of the corresponding series of Atlanta Braves Holdings' common stock. These adjustments were approved by the Issuer's board of directors pursuant to Rule 16b-3 under the Securities Exchange Act of 1934, as amended.

Content

On July 18, 2023, Liberty Media Corporation (the "Issuer") redeemed (the "Redemption") each share of its Liberty Braves common stock for shares of common stock of Atlanta Braves Holdings, Inc. ("Atlanta Braves Holdings"). In the Redemption, the Issuer redeemed (i) each outstanding share of its Series A Liberty Braves common stock for one share of Atlanta Braves Holdings' Series A common stock, (ii) each outstanding share of its Series B Liberty Braves common stock for one share of Atlanta Braves Holdings' Series B common stock and (iii) each outstanding share of its Series C Liberty Braves common stock for one share of Atlanta Braves Holdings' Series C common stock. Such transactions were approved by the Issuer's board of directors pursuant to Rule 16b-3 under the Securities Exchange Act of 1934, as amended.

In connection with the Redemption, all option awards held by the reporting person with respect to Issuer's Liberty Braves common stock (each, a "Braves Award") were adjusted pursuant to the anti-dilution provisions of the incentive plan under which the option awards were granted, such that each Braves Award was exchanged for an option to purchase an equivalent number of shares of the corresponding series of Atlanta Braves Holdings' common stock. These adjustments were approved by the Issuer's board of directors pursuant to Rule 16b-3 under the Securities Exchange Act of 1934, as amended.