Liberty Media Announces Election of Permitted Transfer of Its 2.75% Exchangeable Senior Notes Due 2049

Liberty Media Corporation (Nasdaq: LSXMA, LSXMB, LSXMK, FWONA, FWONK, LLYVA, LLYVK) (“Liberty”) today announced its election to make a permitted transfer under Section 9.01(b) of the Indenture, dated November 26, 2019 (the “Indenture”), between Liberty and U.S. Bank Trust Company, National Association, as successor to U.S. Bank National Association, as trustee (the “Trustee”), with respect to Liberty’s 2.75% Exchangeable Senior Debentures due 2049 (the “Debentures”). The permitted transfer is expected to become effective on September 9, 2024, concurrently with the execution and delivery of a supplemental indenture (the “Supplemental Indenture”) between Liberty, the Trustee and Liberty Sirius XM Holdings Inc. (the “Successor Entity”). The Supplemental Indenture will provide, among other things, for the assumption by the Successor Entity of all of Liberty’s obligations under the Indenture and the Debentures. For purposes of Section 12.02 of the Indenture, the Permitted Transfer will be treated as a Fundamental Change.

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