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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934 (Amendment No.   )
Filed by the Registrant ☒
Filed by a Party other than the Registrant ☐
Check the appropriate box:

Preliminary Proxy Statement

Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

Definitive Proxy Statement

Definitive Additional Materials

Soliciting Material under §240.14a-12
Liberty Media Corporation
(Name of Registrant as Specified In Its Charter)
N/A
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):

No fee required.

Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.
(1)
Title of each class of securities to which transaction applies:
(2)
Aggregate number of securities to which transaction applies:
(3)
Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):
(4)
Proposed maximum aggregate value of transaction:
(5)
Total fee paid:

Fee paid previously with preliminary materials.

Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.
(1)
Amount Previously Paid:
(2)
Form, Schedule or Registration Statement No.:
(3)
Filing Party:
(4)
Date Filed:

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LIBERTY MEDIA CORPORATION
12300 Liberty Boulevard
Englewood, Colorado 80112
(720) 875-5400
April 14, 2021
Dear Stockholder:
You are cordially invited to attend the 2021 annual meeting of stockholders of Liberty Media Corporation (Liberty Media) to be held at 8:00 a.m., Mountain time, on May 25, 2021. Due to concerns about the coronavirus, this year the annual meeting will be held via the Internet and will be a completely virtual meeting of stockholders. You may attend the meeting, submit questions and vote your shares electronically during the meeting via the Internet by visiting www.virtualshareholdermeeting.com/LMC2021. To enter the annual meeting, you will need the 16-digit control number that is printed on your Notice of Internet Availability of Proxy Materials or proxy card. We recommend logging in at least fifteen minutes before the meeting to ensure that you are logged in when the meeting starts. Online check-in will start shortly before the meeting on May 25, 2021.
At the annual meeting, you will be asked to consider and vote on the proposals described in the accompanying notice of annual meeting and proxy statement, as well as on such other business as may properly come before the meeting.
Your vote is important, regardless of the number of shares you own. Whether or not you plan to attend the annual meeting, please read the enclosed proxy materials and then promptly vote via the Internet or telephone or by completing, signing and returning the proxy card if you received a paper copy of the proxy materials by mail. Doing so will not prevent you from later revoking your proxy or changing your vote at the meeting.
Thank you for your cooperation and continued support and interest in Liberty Media.
Very truly yours,
[MISSING IMAGE: sg_gregorybmaffei.jpg]
Gregory B. Maffei
President and Chief Executive Officer
The Notice of Internet Availability of Proxy Materials is first being mailed on or about April 15, 2021, and the proxy materials relating to the annual meeting will first be made available on or about the same date.

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LIBERTY MEDIA CORPORATION
12300 Liberty Boulevard
Englewood, Colorado 80112
(720) 875-5400
NOTICE OF ANNUAL MEETING OF STOCKHOLDERS
to be Held on May 25, 2021
NOTICE IS HEREBY GIVEN of the annual meeting of stockholders of Liberty Media Corporation (Liberty Media) to be held at 8:00 a.m., Mountain time, on May 25, 2021. Due to concerns about the coronavirus (COVID-19), this year the annual meeting will be held via the Internet and will be a completely virtual meeting of stockholders. You may attend the meeting, submit questions and vote your shares electronically during the meeting via the Internet by visiting www.virtualshareholdermeeting.com/LMC2021. To enter the annual meeting, you will need the 16-digit control number that is printed on your Notice of Internet Availability of Proxy Materials or proxy card. We recommend logging in at least fifteen minutes before the meeting to ensure that you are logged in when the meeting starts. Online check-in will start shortly before the meeting on May 25, 2021. At the annual meeting, you will be asked to consider and vote on the following proposals:
1.
A proposal (which we refer to as the election of directors proposal) to elect Brian M. Deevy, Gregory B. Maffei and Andrea L. Wong to continue serving as Class II members of our board until the 2024 annual meeting of stockholders or their earlier resignation or removal;
2.
A proposal (which we refer to as the auditors ratification proposal) to ratify the selection of KPMG LLP as our independent auditors for the fiscal year ending December 31, 2021; and
3.
A proposal (which we refer to as the say-on-pay proposal) to approve, on an advisory basis, the compensation of our named executive officers as described in this proxy statement under the heading “Executive Compensation.”
You may also be asked to consider and vote on such other business as may properly come before the annual meeting.
Holders of record of our Series A Liberty SiriusXM common stock, par value $0.01 per share, Series A Liberty Braves common stock, par value $0.01 per share, Series A Liberty Formula One common stock, par value $0.01 per share, Series B Liberty SiriusXM common stock, par value $0.01 per share, Series B Liberty Braves common stock, par value $0.01 per share, and Series B Liberty Formula One common stock, par value $0.01 per share, in each case, outstanding as of 5:00 p.m., New York City time, on March 31, 2021, the record date for the annual meeting, will be entitled to notice of the annual meeting and to vote at the annual meeting or any adjournment or postponement thereof. These holders will vote together as a single class on each proposal. A list of stockholders entitled to vote at the annual meeting will be available at our offices at 12300 Liberty Boulevard, Englewood, Colorado 80112 for review by our stockholders for any purpose germane to the annual meeting for at least ten days prior to the annual meeting. If you have any questions with respect to accessing this list, please contact Liberty Media Investor Relations at (877) 772-1518. The holders of record of our Series C Liberty SiriusXM common stock, par value $0.01 per share, Series C Liberty Braves common stock, par value $0.01 per share, and Series C Liberty Formula One common stock, par value $0.01 per share, are not entitled to any voting powers, except as required by Delaware law, and may not vote on the proposals to be presented at the annual meeting.
We describe the proposals in more detail in the accompanying proxy statement. We encourage you to read the proxy statement in its entirety before voting.
Our board of directors has unanimously approved each proposal for inclusion in the proxy materials and recommends that you vote “FOR” the election of each director nominee, “FOR” the auditors ratification proposal and “FOR” the say-on-pay proposal.

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Votes may be cast electronically during the annual meeting via the Internet or by proxy prior to the meeting by telephone, via the Internet, or by mail.
Important Notice Regarding the Availability of Proxy Materials For the Annual Meeting of Stockholders to be Held on May 25, 2021: our Notice of Annual Meeting of Stockholders, Proxy Statement, and 2020 Annual Report to Stockholders are available at www.proxyvote.com.
YOUR VOTE IS IMPORTANT. Voting promptly, regardless of the number of shares you own, will aid us in reducing the expense of any further proxy solicitation in connection with the annual meeting.
By order of the board of directors,
[MISSING IMAGE: sg_michael-hurelbrink.jpg]
Michael E. Hurelbrink
Assistant Vice President and Secretary
Englewood, Colorado
April 14, 2021
WHETHER OR NOT YOU PLAN TO ATTEND THE ANNUAL MEETING, PLEASE VOTE PROMPTLY VIA TELEPHONE OR ELECTRONICALLY VIA THE INTERNET. ALTERNATIVELY, PLEASE COMPLETE, SIGN AND RETURN THE PROXY CARD IF YOU RECEIVED A PAPER COPY OF THE PROXY MATERIALS BY MAIL.

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PROXY STATEMENT SUMMARY
2021 ANNUAL MEETING OF STOCKHOLDERS
WHEN
8:00 a.m., Mountain time, on May 25, 2021
WHERE
The annual meeting can be accessed virtually via the Internet by visiting www.virtualshareholdermeeting.com/LMC2021
RECORD DATE
5:00 p.m., New York City time, on March 31, 2021
ITEMS OF BUSINESS
1.
Election of directors proposal—To elect Brian M. Deevy, Gregory B. Maffei and Andrea L. Wong to continue serving as Class II members of our board until the 2024 annual meeting of stockholders or their earlier resignation or removal.
2.
Auditors ratification proposal—To ratify the selection of KPMG LLP as our independent auditors for the fiscal year ending December 31, 2021.
3.
Say-on-pay proposal—To approve, on an advisory basis, the compensation of our named executive officers as described in this proxy statement under the heading “Executive Compensation.”
Such other business as may properly come before the annual meeting.
WHO MAY VOTE
Holders of shares of LSXMA, LSXMB, BATRA, BATRB, FWONA and FWONB. Holders of shares of LSXMK, FWONK, and BATRK are NOT eligible to vote at the annual meeting.
PROXY VOTING
Stockholders of record on the record date are entitled to vote by proxy in the following ways:
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By calling 1-800-690-6903
(toll free) in the United States or
Canada
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Online at
www.proxyvote.com
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By returning a properly
completed, signed and dated
proxy card
ANNUAL MEETING AGENDA AND VOTING RECOMMENDATIONS
Proposal
Voting
Recommendation
Page Reference
(for more detail)
Election of directors proposal FOR EACH NOMINEE
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LIBERTY MEDIA CORPORATION
a Delaware corporation
12300 Liberty Boulevard
Englewood, Colorado 80112
(720) 875-5400
PROXY STATEMENT FOR ANNUAL MEETING OF STOCKHOLDERS
We are furnishing this proxy statement in connection with the board of directors’ solicitation of proxies for use at our 2021 Annual Meeting of Stockholders to be held at 8:00 a.m., Mountain time, on May 25, 2021, or at any adjournment or postponement of the annual meeting. Due to concerns about COVID-19, this year the annual meeting will be held via the Internet and will be a completely virtual meeting of stockholders. You may attend the meeting, submit questions and vote your shares electronically during the meeting via the Internet by visiting www.virtualshareholdermeeting.com/LMC2021. At the annual meeting, we will ask you to consider and vote on the proposals described in the accompanying Notice of Annual Meeting of Stockholders. The proposals are described in more detail in this proxy statement. We are soliciting proxies from holders of our Series A Liberty SiriusXM common stock, par value $0.01 per share (LSXMA), Series A Liberty Braves common stock, par value $0.01 per share (BATRA), Series A Liberty Formula One common stock, par value $0.01 per share (FWONA), Series B Liberty SiriusXM common stock, par value $0.01 per share (LSXMB), Series B Liberty Braves common stock, par value $0.01 per share (BATRB), and Series B Liberty Formula One common stock, par value $0.01 per share (FWONB). The holders of our Series C Liberty SiriusXM common stock, par value $0.01 per share (LSXMK), Series C Liberty Braves common stock, par value $0.01 per share (BATRK), and Series C Liberty Formula One common stock, par value $0.01 per share (FWONK), are not entitled to any voting powers, except as required by Delaware law, and may not vote on the proposals to be presented at the annual meeting. We refer to LSXMA, LSXMB, LSXMK, BATRA, BATRB, BATRK, FWONA, FWONB and FWONK together as our common stock.
THE ANNUAL MEETING
Notice and Access of Proxy Materials
We have elected, in accordance with the Securities and Exchange Commission’s “Notice and Access” rule, to deliver a Notice of Internet Availability of Proxy Materials (the Notice) to our stockholders and to post our proxy statement and our annual report to our stockholders (collectively, the proxy materials) electronically. The Notice is first being mailed to our stockholders on or about April 15, 2021. The proxy materials will first be made available to our stockholders on or about the same date.
The Notice instructs you how to access and review the proxy materials and how to submit your proxy via the Internet. The Notice also instructs you how to request and receive a paper copy of the proxy materials, including a proxy card or voting instruction form, at no charge. We will not mail a paper copy of the proxy materials to you unless specifically requested to do so.
Electronic Delivery
Registered stockholders may elect to receive future notices and proxy materials by e-mail. To sign up for electronic delivery, go to www.proxyvote.com. Stockholders who hold shares through a bank, brokerage firm or other nominee may sign up for electronic delivery when voting by Internet at www.proxyvote.com, by following the prompts. Also, stockholders who hold shares through a bank, brokerage firm or other nominee may sign up for electronic delivery by contacting their nominee. Once you sign up, you will not receive a printed copy of the notices and proxy materials, unless you request them. If you are a registered stockholder, you may suspend electronic delivery of the notices and proxy materials at any time by contacting our transfer agent, Broadridge, at (888) 789-8415 (outside the United States (303) 562-9273). Stockholders who hold shares through a bank, brokerage firm or other nominee should contact their nominee to suspend electronic delivery.
Time, Place and Date
The annual meeting of stockholders is to be held at 8:00 a.m., Mountain time, on May 25, 2021. Due to concerns about COVID-19, this year the annual meeting will be held via the Internet and will be a completely virtual meeting of stockholders. You may attend the meeting, submit questions and vote your shares electronically during the meeting
LIBERTY MEDIA CORPORATION  2021 PROXY STATEMENT | 1

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via the Internet by visiting www.virtualshareholdermeeting.com/LMC2021. To enter the annual meeting, you will need the 16-digit control number that is printed on your Notice or proxy card. We recommend logging in at least fifteen minutes before the meeting to ensure that you are logged in when the meeting starts. Online check-in will start shortly before the meeting on May 25, 2021.
Purpose
At the annual meeting, you will be asked to consider and vote on each of the following:

the election of directors proposal, to elect Brian M. Deevy, Gregory B. Maffei and Andrea L. Wong to continue serving as Class II members of our board until the 2024 annual meeting of stockholders or their earlier resignation or removal;

the auditors ratification proposal, to ratify the selection of KPMG LLP as our independent auditors for the fiscal year ending December 31, 2021; and

the say-on-pay proposal, to approve, on an advisory basis, the compensation of our named executive officers as described in this proxy statement under the heading “Executive Compensation.”
You may also be asked to consider and vote on such other business as may properly come before the annual meeting, although we are not aware at this time of any other business that might come before the annual meeting.
Quorum
In order to conduct the business of the annual meeting, a quorum must be present. This means that the holders of at least a majority of the aggregate voting power represented by the shares of our common stock outstanding on the record date and entitled to vote at the annual meeting must be represented at the annual meeting either in person or by proxy. Virtual attendance at the annual meeting also constitutes presence in person for purposes of quorum at the meeting. For purposes of determining a quorum, your shares will be included as represented at the meeting even if you indicate on your proxy that you abstain from voting. If a broker, who is a record holder of shares, indicates on a form of proxy that the broker does not have discretionary authority to vote those shares on a particular proposal or proposals, or if those shares are voted in circumstances in which proxy authority is defective or has been withheld, those shares (broker non-votes) will nevertheless be treated as present for purposes of determining the presence of a quorum. See “—Voting Procedures for Shares Held in Street Name—Effect of Broker Non-Votes” below.
Who May Vote
Holders of shares of LSXMA, LSXMB, BATRA, BATRB, FWONA and FWONB, as recorded in our stock register as of 5:00 p.m., New York City time, on March 31, 2021 (such date and time, the record date for the annual meeting), will be entitled to notice of the annual meeting and to vote at the annual meeting or any adjournment or postponement thereof.
Votes Required
Each director nominee who receives a plurality of the combined voting power of the outstanding shares of our common stock present in person or represented by proxy at the annual meeting and entitled to vote on the election of directors at the annual meeting, voting together as a single class, will be elected to office.
Approval of each of the auditors ratification proposal and the say-on-pay proposal requires the affirmative vote of a majority of the combined voting power of the outstanding shares of our common stock that are present in person or by proxy, and entitled to vote at the annual meeting, voting together as a single class.
Virtual attendance at the annual meeting also constitutes presence in person for purposes of each required vote.
Votes You Have
At the annual meeting, holders of shares of LSXMA, BATRA and FWONA will have one vote per share, and holders of shares of LSXMB, BATRB and FWONB will have ten votes per share, in each case, that our records show are owned as of the record date. Holders of LSXMK, BATRK and FWONK will not be eligible to vote at the annual meeting.
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THE ANNUAL MEETING
Recommendation of Our
Board of Directors
Our board of directors has unanimously approved each of the proposals for inclusion in the proxy materials and recommends that you vote “FOR” the election of each director nominee and “FOR” each of the auditors ratification proposal and the say-on-pay proposal.
Shares Outstanding
As of the record date, 98,816,785 shares of LSXMA, 9,802,232 shares of LSXMB, 10,312,954 shares of BATRA, 981,494 shares of BATRB, 25,836,549 shares of FWONA and 2,445,895 shares of FWONB were issued and outstanding and entitled to vote at the annual meeting.
Number of Holders
There were, as of the record date, 1,019 and 56 record holders of LSXMA and LSXMB, respectively, 1,995 and 34 record holders of BATRA and BATRB, respectively, and 708 and 52 record holders of FWONA and FWONB, respectively (which amounts do not include the number of stockholders whose shares are held of record by banks, brokers or other nominees, but include each such institution as one holder).
Voting Procedures for Record Holders
Holders of record of LSXMA, LSXMB, BATRA, BATRB, FWONA and FWONB as of the record date may vote via the Internet at the annual meeting or prior to the annual meeting by telephone or through the Internet. Alternatively, if they received a paper copy of the proxy materials by mail, they may give a proxy by completing, signing, dating and returning the proxy card by mail.
Holders of record may vote their shares electronically during the meeting via the Internet by visiting www.virtualshareholdermeeting.com/LMC2021. To enter the annual meeting, holders will need the 16-digit control number that is printed on their Notice or proxy card. We recommend logging in at least fifteen minutes before the meeting to ensure that they are logged in when the meeting starts. Online check-in will start shortly before the meeting on May 25, 2021.
Instructions for voting prior to the annual meeting by using the Internet are printed on the Notice or the proxy voting instructions attached to the proxy card. In order to vote prior to the annual meeting through the Internet, holders should have their Notices or proxy cards available so they can input the required information from the Notice or proxy card, and log onto the Internet website address shown on the Notice or proxy card. When holders log onto the Internet website address, they will receive instructions on how to vote their shares. The Internet voting procedures are designed to authenticate votes cast by use of a personal identification number, which will be provided to each voting stockholder separately. Unless subsequently revoked, shares of our common stock represented by a proxy submitted as described herein and received at or before the annual meeting will be voted in accordance with the instructions on the proxy.
YOUR VOTE IS IMPORTANT. It is recommended that you vote by proxy even if you plan to attend the annual meeting. You may change your vote at the annual meeting.
If you submit a properly executed proxy without indicating any voting instructions as to a proposal enumerated in the Notice of Annual Meeting of Stockholders, the shares represented by the proxy will be voted “FOR” the election of each director nominee and “FOR” each of the auditors ratification proposal and the say-on-pay proposal.
If you submit a proxy indicating that you abstain from voting as to a proposal, it will have no effect on the election of directors proposal and will have the same effect as a vote “AGAINST” each of the other proposals.
If you do not submit a proxy or you do not vote at the annual meeting, your shares will not be counted as present and entitled to vote for purposes of determining a quorum, and your failure to vote will have no effect on determining whether any of the proposals are approved (if a quorum is present).
Voting Procedures for Shares Held in Street Name
General
If you hold your shares in the name of a broker, bank or other nominee, you should follow the instructions provided by your broker, bank or other nominee when voting your shares or to grant or revoke a proxy. The rules and regulations
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of the New York Stock Exchange and The Nasdaq Stock Market LLC (Nasdaq) prohibit brokers, banks and other nominees from voting shares on behalf of their clients without specific instructions from their clients with respect to numerous matters, including, in our case, the election of directors proposal and the say-on-pay proposal. Accordingly, to ensure your shares held in street name are voted on these matters, we encourage you to provide promptly specific voting instructions to your broker, bank or other nominee.
Effect of Broker Non-Votes
Broker non-votes are counted as shares of our common stock present and entitled to vote for purposes of determining a quorum but will have no effect on any of the proposals. You should follow the directions your broker, bank or other nominee provides to you regarding how to vote your shares of LSXMA, BATRA, FWONA, LSXMB, BATRB or FWONB or how to change your vote or revoke your proxy.
Revoking a Proxy
If you submitted a proxy prior to the start of the annual meeting, you may change your vote by attending the annual meeting online and voting via the Internet at the annual meeting or by delivering a signed proxy revocation or a new signed proxy with a later date to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717. Any signed proxy revocation or later-dated proxy must be received before the start of the annual meeting. In addition, you may change your vote through the Internet or by telephone (if you originally voted by the corresponding method) not later than 11:59 p.m., New York City time, on May 24, 2021 for shares held directly.
Your attendance at the annual meeting will not, by itself, revoke a prior vote or proxy from you.
If your shares are held in an account by a broker, bank or other nominee, you should contact your nominee to change your vote or revoke your proxy.
Solicitation of Proxies
We are soliciting proxies by means of our proxy materials on behalf of our board of directors. In addition to this mailing, our employees may solicit proxies personally or by telephone. We pay the cost of soliciting these proxies. We also reimburse brokers and other nominees for their expenses in sending the Notice and, if requested, paper proxy materials to you and getting your voting instructions.
If you have any further questions about voting or attending the annual meeting, please contact Liberty Media Investor Relations at (877) 772-1518 or Broadridge at (888) 789-8415 (outside the United States (303) 562-9273).
Other Matters to Be Voted on at the Annual Meeting
Our board of directors is not currently aware of any business to be acted on at the annual meeting other than that which is described in the Notice of Annual Meeting of Stockholders and this proxy statement. If, however, other matters are properly brought to a vote at the annual meeting, the persons designated as proxies will have discretion to vote or to act on these matters according to their best judgment. In the event there is a proposal to adjourn or postpone the annual meeting, the persons designated as proxies will have discretion to vote on that proposal.
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SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
Security Ownership of Certain Beneficial Owners
The following table sets forth information concerning shares of our common stock beneficially owned by each person or entity known by us to own more than five percent of the outstanding shares of each series of our voting stock. All of such information is based on publicly available filings, unless otherwise known to us from other sources.
Unless otherwise indicated, the security ownership information is given as of February 28, 2021 and, in the case of percentage ownership information, is based upon (1) 99,150,661 LSXMA shares, (2) 9,802,232 LSXMB shares, (3) 228,405,226 LSXMK shares, (4) 10,312,954 BATRA shares, (5) 981,494 BATRB shares, (6) 40,958,175 BATRK shares, (7) 25,836,549 FWONA shares, (8) 2,445,895 FWONB shares and (9) 203,538,477 FWONK shares, in each case, outstanding on February 28, 2021. The percentage voting power is presented on an aggregate basis for all LSXMA, LSXMB, BATRA, BATRB, FWONA and FWONB shares.
Name and Address of Beneficial Owner
Title of
Series
Amount and
Nature of
Beneficial
Ownership
Percent of
Series
(%)
Voting
Power
(%)
John C. Malone
c/o Liberty Media Corporation
12300 Liberty Boulevard
Englewood, CO 80112
LSXMA
1,135,428(1) 1.2 48.3
LSXMB 9,455,341(1) 96.5
LSXMK 16,391,836(1) 7.2
BATRA 114,271(1) 1.1
BATRB 945,532(1) 96.3
BATRK 2,873,705(1) 7.0
FWONA 285,530(1) 1.1
FWONB 2,363,834(1) 96.6
FWONK 4,402,774(1) 2.2
Berkshire Hathaway, Inc.
3555 Farnam Street
Omaha, NE 68131
LSXMA
14,860,360(2) 15.0 5.6
LSXMB
LSXMK 43,208,291(2) 18.9
BATRA
BATRB
BATRK
FWONA
FWONB
FWONK
BlackRock, Inc.
55 East 52nd Street
New York, NY 10055
LSXMA
7,040,882(3) 7.1 3.0
LSXMB
LSXMK 11,867,418(3) 5.2
BATRA 714,502(3) 6.9
BATRB
BATRK 2,552,465(3) 6.2
FWONA 983,801(3) 3.8
FWONB
FWONK 14,707,442(3) 7.2
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Name and Address of Beneficial Owner
Title of
Series
Amount and
Nature of
Beneficial
Ownership
Percent of
Series
(%)
Voting
Power
(%)
The Vanguard Group
100 Vanguard Blvd.
Malvern, PA 19355
LSXMA
7,497,403(4) 7.6 *
LSXMB
LSXMK 14,435,257(4) 6.3
BATRA 501,187(5) 4.9
BATRB
BATRK 1,955,877(4) 4.8
FWONA 2,656,962(4) 10.3
FWONB
FWONK 16,821,724(4) 8.3
GAMCO Investors, Inc.
One Corporate Center
Rye, NY 10580
LSXMA
631,140(6) * 1.1
LSXMB
LSXMK 518,711(6) *
BATRA 2,229,239(7) 21.6
BATRB
BATRK 1,287,468(6) 3.1
FWONA 75,110(6) *
FWONB
FWONK 107,868(6) *
Ancient Art, L.P.
500 West 5th Street
Suite 1110
Austin, TX 78701
LSXMA
*
LSXMB
LSXMK
BATRA
BATRB
BATRK
FWONA 2,416,895(8) 9.4
FWONB
FWONK
UBS AG Group
Bahnhofstrasse 45
Zurich, Switzerland
LSXMA
313,270(9) * *
LSXMB
LSXMK 540,323(9) *
BATRA 1,509,892(9) 14.6
BATRB
BATRK 30,340(9) *
FWONA 10,268(9) *
FWONB
FWONK 873,580(9) *
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SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
Name and Address of Beneficial Owner
Title of
Series
Amount and
Nature of
Beneficial
Ownership
Percent of
Series
(%)
Voting
Power
(%)
State of Wisconsin Investment Board
121 East Wilson Street
Madison, WI 53703
LSXMA
358,480(10) * *
LSXMB
LSXMK 588,633(10) *
BATRA
BATRB
BATRK 187,906(10) *
FWONA 1,554,254(10) 6.0
FWONB
FWONK 374,888(10) *
Norges Bank
Bankplassen 2
PO Box 1179 Sentrum
NO 0107 Oslo
Norway
LSXMA
701,049(11) * *
LSXMB
LSXMK 2,210,888(11) 1.0
BATRA 140,764(11) 1.4
BATRB
BATRK 369,742(11) *
FWONA 1,432,027(11) 5.5
FWONB
FWONK 2,801,608(11) 1.4
*
Less than one percent
(1)
Information with respect to shares of our common stock beneficially owned by Mr. Malone, our Chairman of the Board, is also set forth in “— Security Ownership of Management.”
(2)
Based on Form 13F, filed February 16, 2021, by Berkshire Hathaway, Inc. (Berkshire Hathaway), with respect to itself and certain related institutional investment managers, including Warren E. Buffett (Mr. Buffett), GEICO Corp. (GEICO), National Fire & Marine Insurance Co. (National Fire) and National Indemnity Co (National Indemnity), which Form 13F reports sole voting power, shared voting power, sole investment discretion, and shared investment discretion for shares of LSXMA and LSXMK as follows:
Title of
Series
Sole Voting
Power
Shared
Voting
Power
Sole
Investment
Discretion
Shared
Investment
Discretion
Berkshire Hathaway and Mr. Buffett
LSXMA 4,308,117 4,308,117
LSXMK 14,778,322 14,778,322
Berkshire Hathaway, Mr. Buffett and National Fire
LSXMA 933,391 933,391
LSXMK 650,480 650,480
Berkshire Hathaway, Mr. Buffett and National Indemnity
LSXMA 1,827,072 1,827,072
LSXMK 5,749,156 5,749,156
Berkshire Hathaway, Mr. Buffett, GEICO and National Indemnity
LSXMA 7,791,780 7,791,780
LSXMK 22,030,333 22,030,333
LIBERTY MEDIA CORPORATION  2021 PROXY STATEMENT | 7

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(3)
Based on (i) Schedule 13G, filed February 5, 2021, by BlackRock, Inc. (BlackRock), a parent holding company, with respect to its ownership of shares of LSXMK, (ii) Amendment No. 1 to Schedule 13G, filed January 29, 2021, by BlackRock, with respect to its ownership of shares of FWONK, (iii) three separate filings, each an Amendment No. 4 to Schedule 13G filed January 29, 2021 by BlackRock, with respect to its ownership of shares of LSXMA, BATRA and BATRK, and (iii) Form 13F, filed February 5, 2021, by BlackRock with respect to its ownership of shares of FWONA, Blackrock has sole voting power, shared voting power, sole dispositive power/investment discretion, and shared dispositive power/investment discretion over these shares as provided in the following table. All shares covered by such filings are held by BlackRock and/or its subsidiaries.
Title of
Series
Sole Voting
Power
Shared
Voting
Power
Sole
Dispositive
Power/
Investment
Discretion
Shared
Dispositive
Power /
Investment
Discretion
LSXMA 6,523,356 7,040,882
LSXMK 10,833,139 11,867,418
BATRA 697,085 714,502
BATRK 2,507,439 2,552,465
FWONA 916,952 983,801
FWONK 13,727,518 14,707,442
(4)
Based on (i) three separate filings with respect to LSXMA, LSXMK, and FWONK, each an Amendment No. 4 to Schedule 13G filed February 10, 2021 by The Vanguard Group (Vanguard), (ii) with respect to FWONA, Amendment No. 4 to Schedule 13G filed January 8, 2021 by Vanguard, and (iii) with respect to BATRK, Amendment No. 1 to Schedule 13G filed February 10, 2021 by Vanguard, which state that Vanguard, with respect to its ownership of shares of each of LSXMA, LSXMK, BATRK, FWONA and FWONK, has sole voting power, shared voting power, sole dispositive power, and shared dispositive power over these shares as follows:
Title of
Series
Sole Voting
Power
Shared
Voting
Power
Sole
Dispositive
Power
Shared
Dispositive
Power
LSXMA 86,796 7,269,231 228,172
LSXMK 173,363 14,047,278 387,979
BATRK 57,639 1,872,668 83,209
FWONA 11,479 2,629,938 27,024
FWONK 172,429 16,496,037 325,687
(5)
Based on Form 13F, filed February 12, 2021, by Vanguard, with respect to itself and certain related institutional investment managers, including Vanguard Fiduciary Trust Co (Trust Co), Vanguard Investments Australia, Ltd. (Australia) and Vanguard Global Advisors, LLC (Global), which Form 13F reports sole voting power, shared voting power, sole investment discretion, and shared investment discretion for shares of BATRA as follows:
Title of
Series
Sole Voting
Power
Shared
Voting
Power
Sole
Investment
Discretion
Shared
Investment
Discretion
Vanguard BATRA 221 470,377
Vanguard and Trust Co BATRA 15,263 15,263
Vanguard and Australia BATRA 6,516 6,516
Vanguard and Global BATRA 9,031
(6)
Based on Form 13F, filed February 5, 2021, by GAMCO Investors, Inc. (GBL), which reports that GBL has sole investment discretion over 631,140 LSXMA shares and sole voting power over 598,983 LSXMA shares, sole investment discretion over 518,711 LSXMK shares and sole voting power over 509,369 LSXMK shares, sole investment discretion over 1,287,468 BATRK shares and sole voting power over 1,141,541 BATRK shares, sole investment discretion over 75,110 FWONA shares and sole voting power over 70,355 FWONA shares, and sole investment discretion over 107,868 FWONK shares and sole voting power over 100,916 FWONK shares.
(7)
Based on Amendment No. 15 to Schedule 13D, filed on October 23, 2020, jointly by Gabelli Funds, LLC (Gabelli Funds), GAMCO Asset Management Inc. (GAMCO), MJG Associates, Inc. (MJG), Gabelli & Company Investment Advisers, Inc. (GCIA), GGCP, Inc. (GGCP), GBL, Associated Capital Group, Inc. (AC), Gabelli Foundation, Inc. (Foundation) and Mario J. Gabelli (Mr. Gabelli) with respect to BATRA shares. Mr. Gabelli is deemed to have beneficial ownership of the shares owned beneficially by each of such persons. AC, GBL and GGCP are deemed to have beneficial ownership of the shares owned beneficially by each of such persons other than Mr. Gabelli and the Foundation.
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SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
These entities have reported sole voting power, shared voting power, sole dispositive power and shared dispositive power over these shares as follows:
Title of
Series
Sole
Voting
Power
Shared
Voting
Power
Sole
Dispositive
Power
Shared
Dispositive
Power
Gabelli Funds BATRA 372,224 372,224
GAMCO BATRA 1,654,898 1,740,105
MJG BATRA 8,500 8,500
GCIA BATRA 7,000 7,000
Mario J. Gabelli BATRA 50,000 50,000
AC BATRA 410 410
GGCP BATRA 30,000 30,000
Foundation BATRA 21,000 21,000
(8)
Based on Amendment No. 2 to Schedule 13G, filed February 16, 2021, by Ancient Art, L.P. (Ancient), Trango II, L.L.C. (Trango) and Quincy J. Lee, which states that each of Ancient, Trango and Mr. Lee has shared voting power and shared dispositive power over 2,416,895 FWONA shares.
(9)
Based on (i) Amendment No. 1 to Schedule 13G, filed February 12, 2021, by UBS Group AG (UBS Group), a parent holding company, on behalf of UBS Asset Management (Americas) Inc. (UBS Americas) which states that, with respect to BATRA shares held by UBS Americas and its subsidiaries and affiliates, UBS Americas has sole voting power over 1,441,174 shares and shared dispositive power over 1,509,892 shares, and (ii) Amendment No. 1 to Form 13F, filed March 1, 2021, by UBS Americas, with respect to itself and certain related institutional investment managers, including UBS Group, UBS Asset Management Trust Company (UBS AM Trust), UBS AG/UBS Asset Management (UBS AG), UBS Asset Management (UK) Ltd (UBS UK), and UBS Asset Management Life Ltd. (UBS Life), which Form 13F reports sole voting power, shared voting power, sole investment discretion, and shared investment discretion as follows:
Title of
Series
Sole Voting
Power
Shared
Voting
Power
Sole
Investment
Discretion
Shared
Investment
Discretion
UBS Americas
LSXMA 34,707 29,602 18,099
LSXMK 66,798 46,655 36,427
BATRK
FWONA 10,268
FWONK 58,793 373,722 22,017
UBS Americas and UBS Group
LSXMA 38,208
LSXMK 80,496
BATRK
FWONA
FWONK 94,829
UBS Americas and UBS AM Trust
LSXMA 29,056 29,056
LSXMK 17,183 17,183
BATRK
FWONA
FWONK 24,366 24,366
UBS Americas and UBS AG
LSXMA 76,052 141,144 308
LSXMK 122,194 257,476 478
BATRK 1,546 21,241
FWONA
FWONK 138,416 294,072 812
UBS Americas and UBS UK
LSXMA 27,644 1,780 1,446 47,114
LSXMK 39,203 1,548 2,912 88,289
BATRK 6,999 362 8,737
FWONA
FWONK 6,119 3,276 2,560 61,202
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Title of
Series
Sole Voting
Power
Shared
Voting
Power
Sole
Investment
Discretion
Shared
Investment
Discretion
UBS Americas and UBS Life
LSXMA 8,293 8,293
LSXMK 10,407 10,407
BATRK
FWONA
FWONK
(10)
Based on (i) Schedule 13G, filed February 5, 2021, by State of Wisconsin Investment Board (SOW) with respect to FWONA, which states that SOW has sole voting power and sole dispositive power over 1,554,254 shares, and (ii) Form 13F, filed February 3, 2021, by SOW, which states that SOW, with respect to its ownership of shares of each of LSXMA, LSXMK, BATRK and FWONK, has sole voting power, shared voting power, sole investment discretion, and shared investment discretion as follows:
Title of
Series
Sole Voting
Power
Shared
Voting
Power
Sole
Investment
Discretion
Shared
Investment
Discretion
LSXMA 358,480 358,480
LSXMK 588,633 588,633
BATRK 187,906 187,906
FWONK 374,888 374,888
(11)
Based on (i) Schedule 13G, filed January 29, 2021, by Norges Bank (Norges), with respect to FWONA, which states that Norges has sole voting power over 1,428,575 shares, sole dispositive power over 1,428,575 shares and shared dispositive power over 3,452 shares, and (ii) Form 13F, filed March 2, 2021, by Norges, which states that Norges, with respect to its ownership of shares of each of LSXMA, LSXMK, BATRK and FWONK, has sole voting power, shared voting power, sole investment discretion, and shared investment discretion as follows:
Title of
Series
Sole Voting
Power
Shared
Voting
Power
Sole
Investment
Discretion
Shared
Investment
Discretion
LSXMA 701,049 701,049
LSXMK 2,210,888 2,210,888
BATRA 140,764 140,764
BATRK 369,742 369,742
FWONK 2,801,608 2,801,608
10 | LIBERTY MEDIA CORPORATION  2021 PROXY STATEMENT

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SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
Security Ownership of Management
The following table sets forth information with respect to the ownership by each of our directors and named executive officers (as defined herein) and by all of our directors and executive officers as a group of shares of (1) each series of our common stock (LSXMA, LSXMB, LSXMK, BATRA, BATRB, BATRK, FWONA, FWONB and FWONK), (2) the common stock, par value $0.001 per share (SIRI), of Sirius XM Holdings Inc. (Sirius XM), in which we hold a controlling interest and (3) the Series A common stock, par value, $0.0001 per share (LMACA), of Liberty Media Acquisition Corporation (LMAC), in which we hold a controlling interest. The security ownership information with respect to our common stock is given as of February 28, 2021 and, in the case of percentage ownership information, is based upon (1) 99,150,661 LSXMA shares, (2) 9,802,232 LSXMB shares, (3) 228,405,226 LSXMK shares, (4) 10,312,954 BATRA shares, (5) 981,494 BATRB shares, (6) 40,958,175 BATRK shares, (7) 25,836,549 FWONA shares, (8) 2,445,895 FWONB shares and (9) 203,538,477 FWONK shares, in each case, outstanding on that date. The security ownership information with respect to SIRI is given as of February 28, 2021 and, in the case of percentage ownership information, is based on 4,139,978,947 SIRI shares outstanding on January 29, 2021. The security ownership information with respect to LMACA is given as of February 28, 2021, and, in the case of percentage ownership information, is based on 57,500,000 LMACA shares outstanding on January 26, 2021. The percentage voting power with respect to our company is presented in the table below on an aggregate basis for all LSXMA, LSXMB, BATRA, BATRB, FWONA and FWONB shares. The percentage voting power with respect to LMAC refers to the power to approve LMAC’s initial business combination or on any other matter submitted to a vote of LMAC’s stockholders prior to its initial business combination and is based on 57,500,000 LMACA shares and 14,375,000 shares of LMAC’s Series F common stock, par value, $0.0001 per share, outstanding on January 26, 2021. Prior to the completion of LMAC’s initial business combination, holders of LMACA shares do not have the right to elect LMAC directors.
Shares of common stock issuable upon exercise or conversion of options, warrants and convertible securities that were exercisable or convertible on or within 60 days after February 28, 2021 are deemed to be outstanding and to be beneficially owned by the person holding the options, warrants or convertible securities for the purpose of computing the percentage ownership of that person and for the aggregate percentage owned by the directors and named executive officers as a group, but are not treated as outstanding for the purpose of computing the percentage ownership of any other individual person. For purposes of the following presentation, beneficial ownership of shares of LSXMB, BATRB or FWONB, though convertible on a one-for-one basis into shares of LSXMA, BATRA or FWONA, respectively, are reported as beneficial ownership of LSXMB, BATRB or FWONB only, and not as beneficial ownership of LSXMA, BATRA or FWONA, respectively. So far as is known to us, the persons indicated below have sole voting and dispositive power with respect to the shares indicated as owned by them, except as otherwise stated in the notes to the table.
The number of shares indicated as owned by the persons in the table includes interests in shares held by the Liberty Media 401(k) Savings Plan as of February 28, 2021. The shares held by the trustee of the Liberty Media 401(k) Savings Plan for the benefit of these persons are voted as directed by such persons.
Name
Title of
Series
Amount and Nature of
Beneficial Ownership
(In thousands)
Percent of
Series
(%)
Voting
Power
(%)
John C. Malone
Chairman of the Board and
Director
LSXMA
1,135(1)(2)(3) 1.2 48.3
LSXMB
9,455(1)(4)(5) 96.5
LSXMK
16,392(1)(2)(3)(4)(5)(6) 7.2
BATRA
114(1)(2)(3) 1.1
BATRB
946(1)(4)(5) 96.3
BATRK
2,874(1)(2)(3)(5)(6) 7.0
FWONA
286(1)(2)(3) 1.1
FWONB
2,364(1)(4)(5) 96.6
FWONK
4,403(1)(3)(5)(6) 2.2
SIRI
267(3) * *
LMACA
LIBERTY MEDIA CORPORATION  2021 PROXY STATEMENT | 11

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Name
Title of
Series
Amount and Nature of
Beneficial Ownership
(In thousands)
Percent of
Series
(%)
Voting
Power
(%)
Gregory B. Maffei
President, Chief Executive Officer and Director
LSXMA
1,813(8)(9)(10) 1.8 1.1
LSXMB
37 *
LSXMK
11,335(6)(7)(8)(9)(10) 4.8
BATRA
181(8)(9) 1.8
BATRB
4 *
BATRK
1,480(6)(7)(8)(9) 3.6
FWONA
401(8)(9) 1.6
FWONB
9 *
FWONK
2,851(6)(7)(8)(9) 1.4
SIRI
867(11) * *
LMACA
740 1.3 1.0
Robert R. Bennett
Director
LSXMA
760(12) * *
LSXMB
LSXMK
1,574(12) *
BATRA
76(12) *
BATRB
BATRK
268(12) *
FWONA
190(12) *
FWONB
FWONK
385(12)(13) *
SIRI
LMACA
100 * *
Derek Chang(14)
Director
LSXMA
LSXMB
LSXMK
BATRA
BATRB
BATRK
FWONA
FWONB
FWONK
SIRI
LMACA
Brian M. Deevy
Director
LSXMA
10(15) * *
LSXMB
LSXMK
27(7)(15) *
BATRA
1(15) *
BATRB
BATRK
4(7)(15) *
FWONA
3 (15) *
FWONB
FWONK
12(7)(15) *
SIRI
LMACA
25 * *
12 | LIBERTY MEDIA CORPORATION  2021 PROXY STATEMENT

TABLE OF CONTENTS
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
Name
Title of
Series
Amount and Nature of
Beneficial Ownership
(In thousands)
Percent of
Series
(%)
Voting
Power
(%)
M. Ian G. Gilchrist
Director
LSXMA
** * *
LSXMB
LSXMK
32(7) *
BATRA
** *
BATRB
BATRK
5(7) *
FWONA
** *
FWONB
FWONK
17(7) *
SIRI
LMACA
1 * *
Evan D. Malone
Director
LSXMA
11 * *
LSXMB
LSXMK
70(7) *
BATRA
1 *
BATRB
BATRK
9(7) *
FWONA
3 *
FWONB
FWONK
24(7) *
SIRI
398(11) * *
LMACA
David E. Rapley
Director
LSXMA
4 * *
LSXMB
LSXMK
29(7) *
BATRA
BATRB
BATRK
4(7) *
FWONA
1 *
FWONB
FWONK
14(7) *
SIRI
LMACA
Larry E. Romrell
Director
LSXMA
20 * *
LSXMB
** *
LSXMK
76(7) *
BATRA
2 *
BATRB
** *
BATRK
9(7) *
FWONA
5 *
FWONB
** *
FWONK
28(7) *
SIRI
LMACA
LIBERTY MEDIA CORPORATION  2021 PROXY STATEMENT | 13

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Name
Title of
Series
Amount and Nature of
Beneficial Ownership
(In thousands)
Percent of
Series
(%)
Voting
Power
(%)
Andrea L. Wong
Director
LSXMA
4 * *
LSXMB
LSXMK
45(7) *
BATRA
BATRB
BATRK
3(7) *
FWONA
** *
FWONB
WONK
13(7) *
SIRI
LMACA
35 * *
Brian J. Wendling
Chief Accounting Officer and Principal Financial Officer
LSXMA
28 * *
LSXMB
LSXMK
169(7) *
BATRA
3 *
BATRB
BATRK
26(7) *
FWONA
7 *
FWONB
FWONK
45(7) *
SIRI
LMACA
18 * *
Albert E. Rosenthaler
Chief Corporate Development Officer
LSXMA
66 * *
LSXMB
LSXMK
410(6)(7)