FWONA Overview

Liberty Media Corporation ("Liberty", the "Company", "we", "us" and "our"), through its subsidiaries, is primarily engaged in the motorsport and live entertainment industries with events held worldwide and operations primarily headquartered in the United Kingdom ("U.K.") and Spain. Our most significant subsidiaries include Delta Topco Limited (the parent company of Formula 1) ("Delta Topco") and MotoGP. Braves Holdings, LLC ("Braves Holdings") was a subsidiary of the Company until the Atlanta Braves Holdings Split-Off (defined below) on July 18, 2023. Sirius XM Holdings Inc. ("Sirius XM Holdings") was a subsidiary of the Company until the Liberty Sirius XM Holdings Split-Off (defined below) on September 9, 2024. QuintEvents, LLC ("QuintEvents") was a subsidiary of the Company and Live Nation Entertainment, Inc. ("Live Nation") was an equity affiliate of the Company until the Liberty Live Split-Off (defined below) on December 15, 2025. The Company previously had a tracking stock structure. A tracking stock is a type of common stock that the issuing company intends to reflect or "track" the economic performance of a particular business or "group," rather than the economic performance of the company as a whole. The Company completed the transactions disclosed below to separate certain collections of businesses, assets and liabilities into separate publicly traded companies.