CHANG DEREK 4

4 · Liberty Media Corp · Filed Dec 17, 2025

Insider Transaction Report

Form 4

Period: 2025-12-15

Liberty Media CorpFWONK

CHANG DEREK

DirectorPresident & CEO

Transactions

Other
Series C Liberty Live Common Stock
2025-12-15−1,024→ 0 total
Other
Restricted Stock Units - LLYVK
2025-12-15−62,051→ 0 total
From: 2029-12-15Exp: 2029-12-15→ Series C Liberty Live Common Stock (62,051 underlying)
Other
Stock Option (Right to Buy) - LLYVK
2025-12-15−23,628→ 0 total
Exercise: $76.45Exp: 2032-05-12→ Series C Liberty Live Common Stock (23,628 underlying)
Other
Stock Option (Right to Buy) - LLYVK
2025-12-15−88,584→ 0 total
Exercise: $81.03Exp: 2032-12-03→ Series C Liberty Live Common Stock (88,584 underlying)
Other
Stock Option (Right to Buy) - LLYVK
2025-12-15−51→ 0 total
Exercise: $28.89From: 2022-12-06Exp: 2028-12-06→ Series C Liberty Live Common Stock (51 underlying)
Other
Stock Option (Right to Buy) - LLYVK
2025-12-15−542→ 0 total
Exercise: $53.46From: 2022-12-06Exp: 2028-12-06→ Series C Liberty Live Common Stock (542 underlying)
Other
Stock Option (Right to Buy) - LLYVK
2025-12-15−54→ 0 total
Exercise: $27.92From: 2023-12-08Exp: 2029-12-08→ Series C Liberty Live Common Stock (54 underlying)
Other
Stock Option (Right to Buy) - LLYVK
2025-12-15−581→ 0 total
Exercise: $44.85From: 2023-12-08Exp: 2029-12-08→ Series C Liberty Live Common Stock (581 underlying)
Other
Stock Option (Right to Buy) - LLYVK
2025-12-15−52→ 0 total
Exercise: $21.36From: 2021-12-10Exp: 2027-12-10→ Series C Liberty Live Common Stock (52 underlying)
Other
Stock Option (Right to Buy) - LLYVK
2025-12-15−538→ 0 total
Exercise: $48.78From: 2021-12-10Exp: 2027-12-10→ Series C Liberty Live Common Stock (538 underlying)

Footnotes (6)

[F1]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").
[F2]Each restricted stock unit represents a contingent right to receive one share of Series C Liberty Live common stock.
[F3]In connection with the Redemption, all restricted stock units held by the reporting person with respect to the Issuer's Liberty Live common stock (each, a "Live RSU") were adjusted pursuant to the anti-dilution provisions of the incentive plan under which the Live RSUs were granted, such that each Live RSU was exchanged for a restricted stock unit with respect to an equivalent number of shares of the corresponding series of Liberty Live Group common stock of Liberty Live Holdings.
[F4]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 of the 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.
[F5]This option award vests in five substantially equal installments on March 14, 2026, 2027, 2028, 2029 and 2030.
[F6]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 inthree 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 December3, 2029.

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