---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-118925"
form_type: "8-K"
ticker: "FWONA"
cik: "0001560385"
company_name: "Liberty Media Corp"
filed_at: "2025-12-05T23:59:59+00:00"
generated_at: "2026-05-16T14:14:57.367046+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.4
calibrated_materiality_score: 0.4
confidence: "high"
source: SEC EDGAR
---

# Liberty Media grants Bennett 500K options for Executive Chairman role, accelerates CEO Chang's equity

## Summary
- Robert R. Bennett receives 400,000 FWONB and 100,000 LLYVA options upon becoming Executive Chairman Jan 1, 2026.
- CEO Derek Chang receives 287,504 FWONK and 88,584 LLYVK options covering 2026-2029; vests in tranches through Dec 3, 2029.
- All new awards provide single-trigger vesting on change in control; Chang's May 2025 awards amended to match.
- John C. Malone becomes Chairman Emeritus effective Jan 1, 2026 under amended employment agreement.

## SEC filing metadata
- accession: 0001104659-25-118925
- form_type: 8-K
- ticker: FWONA
- cik: 0001560385
- company_name: Liberty Media Corp
- filed_at: 2025-12-05T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.4
- calibrated_materiality_score: 0.4
- confidence: high
- sec_items: 5.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1560385/000110465925118925/0001104659-25-118925-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1560385/000110465925118925/tm2532872d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-118925
- JSON: https://secwatch.observer/filing/0001104659-25-118925.json
- Plain text: https://secwatch.observer/filing/0001104659-25-118925.txt

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