Form 4: Liberty Media CAO Receives Equity Awards

Brian J. Wendling, Liberty Media's CAO/PFO, was granted restricted stock units tied to both Liberty Live and Liberty Formula One common stock.

Summary

• Brian J. Wendling, the Chief Accounting Officer and Principal Financial Officer (CAO/PFO) of Liberty Media Corp, reported an acquisition of restricted stock units (RSUs).
• On December 3, 2025, Mr. Wendling was granted 3,046 Restricted Stock Units related to Series C Liberty Live Common Stock (LLYVK).
• Each LLYVK RSU represents a contingent right to receive one share of Series C Liberty Live Common Stock.
• Additionally, on December 3, 2025, Mr. Wendling was granted 5,094 Restricted Stock Units related to Series C Liberty Formula One Common Stock (FWONK).
• Each FWONK RSU represents a contingent right to receive one share of Series C Liberty Formula One Common Stock.
• Both sets of restricted stock units have a vesting/expiration date of December 3, 2026.
• The acquisition price for these RSUs was $0.0000 per unit, which is typical for equity grants.

Sentiment

Score: 6

Explanation: The grant of restricted stock units to a key executive is a standard compensation practice, fostering alignment between management and shareholder interests, which is generally viewed as a positive for corporate governance and long-term value creation.

Positives

• The grant of restricted stock units aligns executive compensation with shareholder interests, incentivizing long-term performance.
• The equity awards demonstrate continued commitment to the executive team through standard compensation practices.

Risks

• The ultimate value of the restricted stock units is contingent on the future market performance of Liberty Live and Liberty Formula One common stock.
• There is no guarantee that the stock price will increase or maintain its current value by the vesting date, potentially reducing the realized value of the compensation.

Future Outlook

This filing does not contain specific forward-looking statements or guidance regarding the company's financial performance or strategic direction, focusing solely on an executive's equity compensation.

Industry Context

Executive equity grants, such as restricted stock units, are a standard component of compensation packages across various industries, particularly in publicly traded companies. They are designed to align the interests of key management personnel with those of shareholders by tying a portion of their compensation to the company's stock performance. This practice is common in media and entertainment conglomerates like Liberty Media.

Stakeholder Impact

• Shareholders: Increased alignment of executive incentives with shareholder value, as a portion of the executive's compensation is tied to the company's stock performance.

Next Steps

• The restricted stock units are scheduled to vest on December 3, 2026, at which point Mr. Wendling will receive the underlying shares of Series C Liberty Live Common Stock and Series C Liberty Formula One Common Stock.

Key Dates

Keywords

Liberty Media, FWONK, LLYVK, Restricted Stock Units, RSU, Executive Compensation, Insider Transaction, Equity Grant, Brian J. Wendling, CAO, PFO