Liberty Media’s Acquisition of High‐Vote Series B Common Stock from John C. Malone‐Related Entities

On November 5, 2026, Liberty Media Corporation ("Liberty Media") announced that it has acquired all shares of Liberty Media's high-vote Series B common stock held by certain entities related to John C. Malone (the "Malone Holders") in exchange for shares of Liberty Media's low-vote Series A common stock and shares of Liberty Media's non-voting Series C common stock. As a result of the transaction, the Malone Holders' aggregate voting power in Liberty Media declined to approximately 3%, and no holder of Liberty Media common stock holds more than 9% of Liberty Media's voting power, in each case, based on Liberty Media's outstanding common stock as of October 30, 2026. The transaction was negotiated and approved by a special committee (the "Special Committee") of Liberty Media's board of directors consisting solely of disinterested and independent directors for purposes of Nevada law, advised by its own independent financial and legal advisors. Cravath is representing the Special Committee in connection with the transaction.

The Cravath team is led by partners Faiza J. Saeed, Daniel J. Cerqueira and Alexander E. Greenberg and includes of counsel Joseph A. Marshall and associates Joseph N. Kadoch and Luke Bausch on M&A matters; partner J. Leonard Teti II and associate Jonathan Jiang on tax matters; and partner Eric W. Hilfers and associate Anna Mikaelyan on executive compensation and benefits matters. Samuel J. Quillen also worked on M&A matters and Destin Royer worked on tax matters.