FWONK: Material agreement · Termination of an agreement · Unregistered securities sale · Leadership change · Company disclosure

Item 1.01 Entry into a Material Definitive Agreement. Exchange Agreement On November 4, 2026, Liberty Media Corporation (the “Company”) entered into an Exchange Agreement (the “Exchange Agreement”) with John C. Malone, a significant stockholder of the Company, and certain related entities (the “Malone Holders”). Pursuant to the Exchange Agreement, the Malone Holders transferred to the Company an aggregate of 2,316,537 shares of Series B Common Stock of the Company, par value $0.01 per share (the “Series B Common Stock”), and, in exchange therefor (the “Exchange”), the Company issued to the Malone Holders an aggregate of 602,302 shares of Series A Common Stock of the Company, par value $0.01 per share (the “Series A Common Stock”), and 5,420,699 shares of Series C Common Stock of the Company, par value $0.01 per share (the “Series C Common Stock” and, together with the Series A Common Stock and the Series B Common Stock, the “Common Stock”). The shares of Series B Common Stock transferred to the Company in the Exchange were cancelled and retired. Immediately following the Exchange, the Company issued to a revocable trust of which Dr. Malone is the sole trustee and beneficiary (the “JM Trust”) an additional 12,298 shares of Series A Common Stock and 63,378 shares of Series C Common Stock (collectively, the “Adjustment Shares”) with respect to the 47,297 shares of Series C Common Stock held by the JM Trust that were exchangeable into Series B Common Stock in certain circumstances under the Existing Exchange Agreement (as defined below). Those 47,297 shares of Series C Common Stock remain outstanding and were retained by the JM Trust. The Exchange and the issuance of the Adjustment Shares were completed concurrently with execution of the Exchange Agreement. The Exchange Agr