Liberty Media Converts Malone’s High-Vote Shares to Low-Vote, Non-Voting Stock

• Liberty Media acquired approximately 2,300,000 high-vote Series B common shares from entities related to John C. Malone.
• The exchange ratio was 0.26 low-vote Series A common shares and 2.34 non-voting Series C common shares per Series B share.
• The holders’ voting power fell from approximately 48% to 3%; no shareholder holds more than 9%, based on October 30, 2026, shares outstanding.
• The exchange premium represented approximately 1.5% of equity market capitalization as of October 30, 2026.
• A newly adopted rights plan limits potential control acquisitions; its rights expire November 3, 2027, unless redeemed, exchanged or terminated earlier.

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