Sec Form 4 Filing - Ancient Art, L.P. @ Liberty Media Corp - 2020-06-03

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 Ancient Art, L.P. 2. Issuer Name and Ticker or Trading Symbol Liberty Media Corp [ FWONA] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director X __ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 500 WEST 5TH STREET, STE 1110 3. Date of Earliest Transaction (MM/DD/YY) 06/03/2020 (Street) AUSTIN, TX78701 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) _____ Form filed by One Reporting Person __ X __ 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 Formula One Common Stock 06/03/2020 S 7,304 D $ 35.6924 ( 1 ) 2,586,124 ( 2 ) I See Footnote ( 3 )

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

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Ancient Art, L.P. 500 WEST 5TH STREET STE 1110 AUSTIN, TX78701 X LEE QUINCY J 500 WEST 5TH STREET SUITE 1110 AUSTIN, TX78701 X Trango II, L.L.C. 500 WEST 5TH STREET SUITE 1110 AUSTIN, TX78701 X Signatures ANCIENT ART, L.P., By: Trango II, L.L.C., its general partner, /s/ Quincy J. Lee, Manager 06/05/2020 Signature of Reporting Person Date TRIANGO II, L.L.C., By /s/ Quincy J. Lee, Manager 06/05/2020 Signature of Reporting Person Date /s/ Quincy J. Lee 06/05/2020 Signature of Reporting Person Date

Explanation of Responses:

( 1 )The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $35.69 to $35.71, inclusive. The reporting persons undertake to provide to Liberty Media Corporation (the "Issuer"), any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. ( 2 )The filing of this Form 4 shall not be construed as an admission that Ancient Art, L.P. ("Ancient Art"), Trango II, L.L.C. (Trango"), the general partner of Ancient Art, and Quincy J. Lee, the principal of Trango, is or was for the purposes of Section 16(a) of the Securities Exchange Act of 1934, as amended, or otherwise the beneficial owner of any of the Series A Liberty Formula One Common Stock, par value $0.01 per share (the "Common Stock"), of the Issuer purchased by Teton Capital Partners, L.P. (the "Fund"). Pursuant to Rule 16a-1, Ancient Art, Trango and Mr. Lee disclaim such beneficial ownership except to the extent of its or his respective pecuniary interest therein. ( 3 )The Fund, for which Ancient Art is the investment manager, holds 2,586,124 shares of Common Stock of the Issuer. Trango is the general partner of Ancient Art. Quincy J. Lee reports the Common Stock held indirectly by Ancient Art and Trango because, as the principal of Trango at the time of purchase, he controlled the disposition and voting of the securities.

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).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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