Form 4: Director Deevy's Liberty Media Stock Exchange
Insider Transaction Report
Liberty Media Director Brian Deevy exchanged his Liberty Live common stock and options for equivalent shares and options in Liberty Live Holdings as part of a corporate redemption.
Summary
- Brian Deevy, a Director of Liberty Media Corp (FWONK), reported changes in his beneficial ownership of securities.
- On December 15, 2025, Liberty Media Corporation redeemed all shares of its Series A Liberty Live common stock, Series B Liberty Live common stock, and Series C Liberty Live common stock.
- Each share was exchanged for one share of the corresponding series of Liberty Live Group common stock of Liberty Live Holdings, Inc.
- Deevy disposed of 2,607 shares of Series A Liberty Live Common Stock and 6,517 shares of Series C Liberty Live Common Stock, with a transaction price of $0.0000 per share, resulting in zero beneficial ownership of these specific Liberty Media shares post-transaction.
- All option awards related to Liberty Media's Liberty Live common stock were adjusted due to the redemption.
- These Live Awards were exchanged for options to purchase an equivalent number of shares of the corresponding series of Liberty Live Group common stock of Liberty Live Holdings, pursuant to anti-dilution provisions.
- Deevy disposed of various stock options for Liberty Live common stock (LLYVK) with exercise prices ranging from $20.03 to $72.91, all at a transaction price of $0.0000, resulting in zero beneficial ownership of these specific derivative securities post-transaction.
Sentiment
Score: 5
Explanation: The filing is neutral as it reports a mandatory corporate action (redemption and exchange of securities) rather than financial performance or new strategic initiatives.
Future Outlook
No forward-looking statements or guidance are provided in this filing, as it reports a past corporate action.
Industry Context
This filing details a specific corporate restructuring event for Liberty Media Corporation, involving the redemption and exchange of its Liberty Live common stock and related derivatives for shares and options in Liberty Live Holdings, Inc. This type of corporate action is typically driven by strategic decisions to reorganize business segments or simplify corporate structures, rather than reflecting broader industry trends.
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Board Approval | The transactions and adjustments described were approved by Liberty Media Corporation's board of directors pursuant to Rule 16b-3 under the Securities Exchange Act of 1934, as amended. | 12/15/2025 | Ensures compliance with SEC regulations for insider transactions related to corporate reorganizations. |
Stakeholder Impact
- Shareholders of Liberty Media's Liberty Live common stock (including the reporting person) have had their shares redeemed and exchanged for equivalent shares in Liberty Live Group common stock of Liberty Live Holdings, Inc., directly impacting their holdings and the entity they are invested in.
Key Dates
| Date | Description |
|---|---|
| 12/09/2020 | Date exercisable for certain stock options. |
| 12/10/2021 | Date exercisable for certain stock options. |
| 12/06/2022 | Date exercisable for certain stock options. |
| 12/08/2023 | Date exercisable for certain stock options. |
| 12/08/2024 | Date exercisable for certain stock options. |
| 12/06/2025 | Date exercisable for certain stock options. |
| 12/15/2025 | Date of the redemption transaction for common stock and adjustment of derivative securities. |
| 12/17/2025 | Signature date of the reporting person's attorney-in-fact. |
| 12/09/2026 | Expiration date for certain stock options. |
| 12/10/2027 | Expiration date for certain stock options. |
| 12/06/2028 | Expiration date for certain stock options. |
| 12/08/2029 | Expiration date for certain stock options. |
| 12/08/2030 | Expiration date for certain stock options. |
| 12/06/2031 | Expiration date for certain stock options. |
Keywords
Liberty Media, FWONK, Form 4, Insider Transaction, Stock Exchange, Corporate Action, Liberty Live Holdings, Brian Deevy, Redemption, Derivative Securities
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