Sec Form 4 Filing - ROMRELL LARRY E @ Liberty Media Corp - 2023-07-18

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 ROMRELL LARRY E 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) 07/18/2023 (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 A Liberty Braves Common Stock 07/18/2023 J( 1 ) 1,987 D $ 0 ( 1 ) 0 D Series B Liberty Braves Common Stock ( 2 ) 07/18/2023 J( 1 ) 21 D $ 0 ( 1 ) 0 D Series C Liberty Braves Common Stock 07/18/2023 J( 1 ) 3,953 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 Stock Option (Right to Buy) - BATRK ( 3 ) $ 25.46 07/18/2023 J( 3 ) V 888 12/06/2019 12/06/2025 Series C Liberty Braves Common Stock 888 ( 3 ) 0 D Stock Option (Right to Buy) - BATRK ( 3 ) $ 27.89 07/18/2023 J( 3 ) V 596 12/06/2022 12/06/2028 Series C Liberty Braves Common Stock 596 ( 3 ) 0 D Stock Option (Right to Buy) - BATRK ( 3 ) $ 32.76 07/18/2023 J( 3 ) V 630 12/08/2023 12/08/2029 Series C Liberty Braves Common Stock 630 ( 3 ) 0 D Stock Option (Right to Buy) - BATRK ( 3 ) $ 28.72 07/18/2023 J( 3 ) V 980 12/09/2020 12/09/2026 Series C Liberty Braves Common Stock 980 ( 3 ) 0 D Stock Option (Right to Buy) - BATRK ( 3 ) $ 26.36 07/18/2023 J( 3 ) V 793 12/10/2021 12/10/2027 Series C Liberty Braves Common Stock 793 ( 3 ) 0 D Stock Option (Right to Buy) - BATRK ( 3 ) $ 20.13 07/18/2023 J( 3 ) V 1,409 12/12/2017 12/12/2023 Series C Liberty Braves Common Stock 1,409 ( 3 ) 0 D Stock Option (Right to Buy) - BATRK ( 3 ) $ 22.56 07/18/2023 J( 3 ) V 932 12/12/2018 12/12/2024 Series C Liberty Braves Common Stock 932 ( 3 ) 0 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other ROMRELL LARRY E 12300 LIBERTY BOULEVARD ENGLEWOOD, CO80112 X Signatures /s/ Brittany A. Uthoff as Attorney-in-Fact for Larry E. Romrell 07/20/2023 Signature of Reporting Person Date

Explanation of Responses:

( 1 )On July 18, 2023, Liberty Media Corporation (the "Issuer") redeemed (the "Redemption") each share of its Liberty Braves common stock for shares of common stock of Atlanta Braves Holdings, Inc. ("Atlanta Braves Holdings"). In the Redemption, the Issuer redeemed (i) each outstanding share of its Series A Liberty Braves common stock for one share of Atlanta Braves Holdings' Series A common stock, (ii) each outstanding share of its Series B Liberty Braves common stock for one share of Atlanta Braves Holdings' Series B common stock and (iii) each outstanding share of its Series C Liberty Braves common stock for one share of Atlanta Braves Holdings' Series C common stock. Such transactions were approved by the Issuer's board of directors pursuant to Rule 16b-3 under the Securities Exchange Act of 1934, as amended. ( 2 )Each share of Series B Liberty Braves common stock is convertible, at the holder's election, into one share of Series A Liberty Braves common stock, at any time for no consideration other than the surrender of the share of Series B Liberty Braves common stockfor each share of Series A Liberty Braves common stock. ( 3 )In connection with the Redemption, all option awards held by the reporting person with respect to Issuer's Liberty Braves common stock (each, a "Braves Award") were adjusted pursuant to the anti-dilution provisions of the incentive plan under which the option awards were granted, such that each Braves Award was exchanged for an option to purchase an equivalent number of shares of the corresponding series of Atlanta Braves Holdings' common stock. These adjustments were approved by the Issuer's board of directors pursuant to Rule 16b-3 under the Securities Exchange Act of 1934, as amended.

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