Sec Form 4 Filing - CHANG DEREK @ Liberty Media Corp - 2023-08-03

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

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, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person CHANG DEREK 2. Issuer Name and Ticker or Trading Symbol Liberty Media Corp [ LSXMA] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X __ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 12300 LIBERTY BOULEVARD 3. Date of Earliest Transaction (MM/DD/YY) 08/03/2023 (Street) ENGLEWOOD, CO80112 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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 08/03/2023 J( 1 ) V 858 A $ 0 ( 1 ) 858 D Series C Liberty Formula One Common Stock 08/03/2023 J( 1 ) V 858 D $ 0 ( 1 ) 0 D Series C Liberty Live Common Stock 08/03/2023 J( 1 ) V 356 A $ 0 ( 1 ) 356 D Series C Liberty SiriusXM Common Stock 08/03/2023 J( 1 ) V 1,281 A $ 0 ( 1 ) 1,281 D Series C Liberty SiriusXM Common Stock 08/03/2023 J( 1 ) V 1,281 D $ 0 ( 1 ) 0 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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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 (MM/DD/YY) 7. Title and Amount of Underlying Securities (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 of Derivative Security: 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 Restricted Stock Units - LLYVK ( 2 ) 08/08/2023 J( 3 ) V 203 ( 3 ) 12/08/2023 12/08/2023 Series C Liberty Live Common Stock 203 ( 3 ) $ 0 203 D Restricted Stock Units-FWONK ( 4 ) 08/08/2023 J( 3 ) V 526 ( 3 ) 12/08/2023 12/08/2023 Series C Liberty Formula One Common Stock 526 ( 3 ) $ 0 526 D Restricted Stock Units-FWONK ( 4 ) 08/08/2023 J( 3 ) V 526 ( 3 ) 12/08/2023 12/08/2023 Series C Liberty Formula One Common Stock 526 ( 3 ) $ 0 0 D Restricted Stock Units-LSXMK ( 5 ) 08/08/2023 J( 3 ) V 725 ( 3 ) 12/08/2023 12/08/2023 Series C Liberty SiriusXM Common Stock 725 ( 3 ) $ 0 725 D Restricted Stock Units-LSXMK ( 5 ) 08/08/2023 J( 3 ) V 725 ( 3 ) 12/08/2023 12/08/2023 Series C Liberty SiriusXM Common Stock 725 ( 3 ) $ 0 0 D Stock Option (Right to Buy) - FWONK $ 60.73 ( 3 ) 08/08/2023 J( 3 ) V 1,212 ( 3 ) 12/06/2022 12/06/2028 Series C Liberty Formula One Common Stock 1,212 ( 3 ) $ 0 1,212 D Stock Option (Right to Buy) - FWONK $ 60.27 ( 3 ) 08/08/2023 J( 3 ) V 1,246 ( 3 ) 12/06/2022 12/06/2028 Series C Liberty Formula One Common Stock 1,246 ( 3 ) $ 0 0 D Stock Option (Right to Buy) - FWONK $ 58.69 ( 3 ) 08/08/2023 J( 3 ) V 1,280 ( 3 ) 12/08/2023 12/08/2029 Series C Liberty Formula One Common Stock 1,280 ( 3 ) $ 0 1,280 D Stock Option (Right to Buy) - FWONK $ 58.25 ( 3 ) 08/08/2023 J( 3 ) V 1,316 ( 3 ) 12/08/2023 12/08/2029 Series C Liberty Formula One Common Stock 1,316 ( 3 ) $ 0 0 D Stock Option (Right to Buy) - FWONK $ 44.9 ( 3 ) 08/08/2023 J( 3 ) V 1,230 ( 3 ) 12/10/2021 12/10/2027 Series C Liberty Formula One Common Stock 1,230 ( 3 ) $ 0 1,230 D Stock Option (Right to Buy) - FWONK $ 44.56 ( 3 ) 08/08/2023 J( 3 ) V 1,265 ( 3 ) 12/10/2021 12/10/2027 Series C Liberty Formula One Common Stock 1,265 ( 3 ) $ 0 0 D Stock Option (Right to Buy) - LLYVK $ 53.46 ( 3 ) 08/08/2023 J( 3 ) V 542 ( 3 ) 12/06/2022 12/06/2028 Series C Liberty Live Common Stock 542 ( 3 ) $ 0 542 D Stock Option (Right to Buy) - LLYVK $ 28.89 ( 3 ) 08/08/2023 J( 3 ) V 51 ( 3 ) 12/06/2022 12/06/2028 Series C Liberty Live Common Stock 51 ( 3 ) $ 0 51 D Stock Option (Right to Buy) - LLYVK $ 44.85 ( 3 ) 08/08/2023 J( 3 ) V 581 ( 3 ) 12/08/2023 12/08/2029 Series C Liberty Live Common Stock 581 ( 3 ) $ 0 581 D Stock Option (Right to Buy) - LLYVK $ 27.92 ( 3 ) 08/08/2023 J( 3 ) V 54 ( 3 ) 12/08/2023 12/08/2029 Series C Liberty Live Common Stock 54 ( 3 ) $ 0 54 D Stock Option (Right to Buy) - LLYVK $ 48.78 ( 3 ) 08/08/2023 J( 3 ) V 538 ( 3 ) 12/10/2021 12/10/2027 Series C Liberty Live Common Stock 538 ( 3 ) $ 0 538 D Stock Option (Right to Buy) - LLYVK $ 21.36 ( 3 ) 08/08/2023 J( 3 ) V 52 ( 3 ) 12/10/2021 12/10/2027 Series C Liberty Live Common Stock 52 ( 3 ) $ 0 52 D Stock Option (Right to Buy) - LSXMK $ 34.95 ( 3 ) 08/08/2023 J( 3 ) V 2,170 ( 3 ) 12/06/2022 12/06/2028 Series C Liberty SiriusXM Common Stock 2,170 ( 3 ) $ 0 2,170 D Stock Option (Right to Buy) - LSXMK $ 49.69 ( 3 ) 08/08/2023 J( 3 ) V 2,111 ( 3 ) 12/06/ 2022 12/06/2028 Series C Liberty SiriusXM Common Stock 2,111 ( 3 ) $ 0 0 D Stock Option (Right to Buy) - LSXMK $ 29.32 ( 3 ) 08/08/2023 J( 3 ) V 2,325 ( 3 ) 12/08/2023 12/08/2029 Series C Liberty SiriusXM Common Stock 2,325 ( 3 ) $ 0 2,325 D Stock Option (Right to Buy) - LSXMK $ 41.69 ( 3 ) 08/08/2023 J( 3 ) V 2,261 ( 3 ) 12/08/2023 12/08/2029 Series C Liberty SiriusXM Common Stock 2,261 ( 3 ) $ 0 0 D Stock Option (Right to Buy) - LSXMK $ 31.89 ( 3 ) 08/08/2023 J( 3 ) V 2,155 ( 3 ) 12/10/2021 12/10/2027 Series C Liberty SiriusXM Common Stock 2,155 ( 3 ) $ 0 2,155 D Stock Option (Right to Buy) - LSXMK $ 45.34 ( 3 ) 08/08/2023 J( 3 ) V 2,096 ( 3 ) 12/10/2021 12/10/2027 Series C Liberty SiriusXM Common Stock 2,096 ( 3 ) $ 0 0 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other CHANG DEREK 12300 LIBERTY BOULEVARD ENGLEWOOD, CO80112 X Signatures /s/ Brittany A. Uthoff as Attorney-in-Fact for Derek Chang 08/16/2023 Signature of Reporting Person Date

Explanation of Responses:

( 1 )On August 3, 2023, the Issuer effected a reclassification and exchange (the "Reclassification and Exchange"), pursuant to which: (i) each outstanding share of Liberty SiriusXM Common Stock was reclassified into and exchanged for one share of the corresponding series of new Liberty SiriusXM Common Stock and 0.2500 of a share of the corresponding series of new Liberty Live Common Stock, and (ii) each outstanding share of Liberty Formula One Common Stock was reclassified into and exchanged for one share of the corresponding series of new Liberty Formula One Common Stock and 0.0428 of a share of the corresponding series of new Liberty Live Common Stock. The Reclassification and Exchange was exempt pursuant to Rule 16b-7 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and such transactions were approved by the Issuer's board of directors pursuant to Rule 16b-3 under the Exchange Act ("Rule 16b-3"). ( 2 )Each restricted stock unit represents a contingent right to receive one share of Series C Liberty Live Common Stock. ( 3 )In connection with the Reclassification and Exchange, each outstanding option award and restricted stock unit held by the reporting person with respect to the Issuer's Liberty SiriusXM Common Stock and/or with respect to the Issuer's Liberty Formula One Common Stock (together, the "original awards") was reclassified into and exchanged for a new option award or restricted stock unit, as applicable, with respect to shares of the corresponding series of new Liberty SiriusXM Common Stock or new Liberty Formula One Common Stock, as applicable (together, the "new awards"), and a new Liberty Live option award or restricted stock unit for the corresponding series of Liberty Live Common Stock. See remarks section for additional information regarding the new awards. ( 4 )Each restricted stock unit represents a contingent right to receive one share of Series C Liberty Formuala One Common Stock. ( 5 )Each restricted stock unit represents a contingent right to receive one share of Series C Liberty SiriusXM Common Stock.

Remarks: The number of shares and the exercise price of each new award were determined on August 8, 2023, and such adjustments were designed to preserve the value associated with the original awards prior to the Reclassification and Exchange. Otherwise such new award remains subject to the terms and conditions of the corresponding original award. Such adjustments were approved by the Issuer's board of directors pursuant to Rule 16b-3.

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).

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