---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-002027"
form_type: "8-K"
ticker: "FWONA"
cik: "0001560385"
company_name: "Liberty Media Corp"
filed_at: "2025-01-08T23:59:59+00:00"
generated_at: "2026-05-28T06:38:55.149890+00:00"
event_type: "leadership"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Liberty Media names Derek Chang as President & CEO effective Feb 1, 2025; Malone remains Chairman

## Summary
- Derek Chang appointed President & CEO, effective Feb 1, 2025; John Malone resigns as CEO, stays Chairman.
- Chang receives $2.5M base salary, $150k signing bonus, one-time RSUs of $5M and $15M in FWONK, each vesting Feb 2030.
- Eligible for annual $3M FWONK option grants on declining vest schedule (5 years to 1 year); severance provides 12-month salary if terminated without cause.
- Chang steps down from Audit and Governance Committees; Gilchrist added to Audit, Bennett to Governance as Chair; Chang joins Executive Committee.

## SEC filing metadata
- accession: 0001104659-25-002027
- form_type: 8-K
- ticker: FWONA
- cik: 0001560385
- company_name: Liberty Media Corp
- filed_at: 2025-01-08T23:59:59+00:00
- event_type: leadership
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1560385/000110465925002027/0001104659-25-002027-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1560385/000110465925002027/tm252278d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-002027
- JSON: https://secwatch.observer/filing/0001104659-25-002027.json
- Plain text: https://secwatch.observer/filing/0001104659-25-002027.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.