DEREK CHANG - 03 Dec 2025 Form 4 Insider Report for Liberty Media Corp (FWONA)

Role: President & CEO, Director
Signature: /s/ Brittany A. Uthoff as Attorney-in-Fact for Derek Chang
Issuer symbol: FWONA
Transactions as of: 03 Dec 2025
Net transactions value: $0
Form type: 4
Filing time: 05 Dec 2025, 17:24:40 UTC
Previous filing: 27 May 2025
Next filing: 17 Dec 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
CHANG DEREK	President & CEO, Director	12300 LIBERTY BOULEVARD, ENGLEWOOD	/s/ Brittany A. Uthoff as Attorney-in-Fact for Derek Chang	05 Dec 2025	0001271943

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

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	FWONK	Stock Option (Right to Buy) - FWONK	Award	$0	+287,504		$0.000000	287,504	03 Dec 2025	Series C Liberty Formula One Common Stock	287,504	$92.29	Direct	F1
transaction	FWONK	Stock Option (Right to Buy) - LLYVK	Award	$0	+88,584		$0.000000	88,584	03 Dec 2025	Series C Liberty Live Common Stock	88,584	$81.03	Direct	F1

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

Explanation of Responses:

Id	Content
F1	This option award will vest in accordance with the following schedule: (i) 25% of the award will vest in four substantially equal tranches on December 3, 2026, 2027, 2028 and 2029; (ii) 25% of the award will vest in three substantially equal tranches on December 3, 2027, 2028 and 2029; (iii) 25% of the award will vest in two substantially equal tranches on December 3, 2028 and 2029; and (iv) 25% of the award will vest on December 3, 2029.

Content

This option award will vest in accordance with the following schedule: (i) 25% of the award will vest in four substantially equal tranches on December 3, 2026, 2027, 2028 and 2029; (ii) 25% of the award will vest in three substantially equal tranches on December 3, 2027, 2028 and 2029; (iii) 25% of the award will vest in two substantially equal tranches on December 3, 2028 and 2029; and (iv) 25% of the award will vest on December 3, 2029.