Sec Form 4 Filing - MAFFEI GREGORY B @ Liberty Media Corp - 2020-12-10

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 MAFFEI GREGORY B 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 X __ Officer (give title below) _____ Other (specify below) President, CEO (Last) (First) (Middle) 12300 LIBERTY BOULEVARD 3. Date of Earliest Transaction (MM/DD/YY) 12/10/2020 (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 Braves Common Stock 12/10/2020 M 3,057 A $ 0 ( 1 ) 661,170 D Series C Liberty Formula One Common Stock 12/10/2020 M 6,959 A $ 0 ( 2 ) 870,147 D Series C Liberty Formula One Common Stock 12/10/2020 F 3,061 D $ 43.15 867,086 D Series C Liberty SiriusXM Common Stock 12/10/2020 M 8,571 A $ 0 ( 3 ) 3,319,244 D Series C Liberty Braves Common Stock 3,811 ( 4 ) I By 401(k) Savings Plan Series C Liberty Formula One Common Stock 9,541 ( 4 ) I By 401(k) Savings Plan Series C Liberty SiriusXM Common Stock 38,683 ( 4 ) I By 401(k) Savings Plan Series C Liberty SiriusXM Common Stock 388,030 I Maven 2017 - 2 GRAT ( 5 )

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-BATRK ( 6 ) 12/10/2020 M 3,057 12/10/2020 12/10/2020 Series C Liberty Braves Common Stock 3,057 $ 0 0 D Restricted Stock Units-FWONK ( 7 ) 12/10/2020 M 6,959 12/10/2020 12/10/2020 Series C Liberty Formula One Common Stock 6,959 $ 0 0 D Restricted Stock Units-LSXMK ( 8 ) 12/10/2020 M 8,571 12/10/2020 12/10/2020 Series C Liberty SiriusXM Common Stock 8,571 $ 0 0 D Stock Option (Right to Buy) - BATRK $ 26.36 12/10/2020 A 352,224 ( 9 ) 12/31/2024 12/10/2027 Series C Liberty Braves Common Stock 352,224 $ 0 352,224 D Stock Option (Right to Buy) - FWONK $ 43.01 12/10/2020 A 544,508 ( 9 ) 12/31/2024 12/10/2027 Series C Liberty Formula One Common Stock 544,508 $ 0 544,508 D Stock Option (Right to Buy) - LSXMK $ 42.13 12/10/2020 A 665,140 ( 9 ) 12/31/2024 12/10/2027 Series C Liberty SiriusXM Common Stock 665,140 $ 0 665,140 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other MAFFEI GREGORY B 12300 LIBERTY BOULEVARD ENGLEWOOD, CO80112 X President, CEO Signatures /s/ Craig Troyer as Attorney-in-Fact for Gregory B. Maffei 12/14/2020 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Each restricted stock unit converted into one share of Series C Liberty Braves common stock. ( 2 )Each restricted stock unit converted into one share of Series C Liberty Formula One common stock. ( 3 )Each restricted stock unit converted into one share of Series C Liberty SiriusXM common stock. ( 4 )The number of shares reported as held in the reporting person's 401(k) is based on a statement from the Plan Administrator dated as of November 30, 2020. ( 5 )The reporting person is the sole trustee of the grantor retained annuity trust, for the benefit of himself, his spouse and his children. ( 6 )Each restricted stock unit represents a contingent right to receive one share of Series C Liberty Braves common stock. ( 7 )Each restricted stock unit represents a contingent right to receive one share of Series C Liberty Formula One common stock. ( 8 )Each restricted stock unit represents a contingent right to receive one share of Series C Liberty SiriusXM common stock. ( 9 )This grant is made pursuant to the employment agreement between the reporting person and Liberty Media Corporation ("LMC"), effective December 13, 2019 (the "Agreement"). Pursuant to the Agreement, the reporting person is entitled to receive term equity awards with an aggregate grant date fair value of $90 million, granted in two equal tranches. The first tranche was granted in December 2019. The second tranche consists of time-vested stock options from each of LMC, Qurate Retail, Inc., Liberty Broadband Corporation and GCI Liberty, Inc., and time-vested restricted stock units (the "RSUs") from Liberty TripAdvisor Holdings, Inc. ("LTAH") (collectively, the "2020 term awards"). The 2020 term awards vest, in each case, on December 31, 2024, subject to the reporting person's continued employment (except LTAH's award of time-vested RSUs which vests on the fourth anniversary of its grant date), except as described in the Agreement.

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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