Liberty Media Corporation Launches Offering of Series C Common Stock of Liberty Formula One

Liberty Media Corporation (“Liberty Media”) (Nasdaq: LSXMA, LSXMB, LSXMK, FWONA, FWONK, LLYVA, LLVYK) today announced a public offering of 10,650,000 shares of Series C Liberty Formula One Common Stock (“FWONK”). Liberty Media also expects to grant the underwriters of the offering an option to purchase up to an additional 1,597,500 shares of FWONK.

Liberty Media intends to exercise its option to deliver additional cash in lieu of FWONK shares as part of its previously announced proposed acquisition (the “Acquisition”) of Dorna Sports, SL, such that all consideration paid will be in cash and no FWONK shares will be issued to the sellers. Liberty Media expects to use the net proceeds from the sale of shares in this offering (i) to fund the increase in total cash consideration for the Acquisition, which is expected to close in late 2024 and (ii) for general corporate purposes, including repayment of indebtedness. The completion of the offering is not conditional on the completion of the Acquisition. If the Acquisition is not completed for any reason, the net proceeds from this offering would be available for general corporate purposes and attributable to the Formula One Group tracking stock.