FWONALiberty Media Corp

Television Broadcasting Stations

Revenue: $4.5B; 23% YoY
Operating margin: 12.9%; 64% YoY
EBITDA: $970M; 52% YoY
Market cap: $28.7B
Employees: —
Net debt / EBITDA: 3.6×; $3.5B net debt
AI in 10-K: 0.5; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
164% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
4% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
43% of assets
Over 40% of assets
Shareholder dissentNo
86% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AIYes
0.5 per 10K words · 23rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$28.7B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$48M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$11.4B	$3.2B	$3.6B	$3.7B	$4.5B	23%
Operating income	$2.0B	$145M	$266M	$287M	$577M	101%
Net income	$398M	$1.8B	$761M	−$2.1B	$555M	127%
Operating cash flow	$2.4B	$2.5B	$2.5B	$567M	$908M	60%
Capex	$440M	$309M	$461M	$75M	$119M	59%
Stock-based comp	$256M	$28M	$27M	$30M	$21M	30%
Buybacks	$555M	$37M	—	—	—

Deal filings

Filed	Form	Acquirer	Price	Premium
Nov 4, 2025	DEFM14A	—	$0.01	—
Jul 25, 2025	PREM14A	—	$36.34	36.3382318%
Jul 23, 2024	DEFM14A	—	$0.55	—
Jan 30, 2024	PREM14A	—	$0.55	8.4%

13D filers

Filed	Filer	Form	Stake	Intent
Mar 31, 2026	MALONE JOHN C	SCHEDULE 13D/A	2.0%	Passive
Dec 17, 2025	MALONE JOHN C	SCHEDULE 13D/A	0.0%	Passive
Dec 17, 2025	MALONE JOHN C	SCHEDULE 13D/A	0.0%	Passive
Dec 10, 2025	MALONE JOHN C	SCHEDULE 13D/A	97.3%	Passive
May 6, 2025	ValueAct Capital Master Fund, L.P.	SCHEDULE 13D/A	6.9%	Passive
Feb 11, 2025	ValueAct Capital Master Fund, L.P.	SCHEDULE 13D	5.5%	Passive
Dec 13, 2023	MALONE JOHN C	SC 13D/A	96.8%	Passive
Aug 8, 2023	MALONE JOHN C	SC 13D/A	96.8%	Passive
Feb 17, 2023	GAMCO INVESTORS, INC. ET AL	SC 13D/A	—	Passive
Jul 27, 2022	GAMCO INVESTORS, INC. ET AL	SC 13D/A	32.5%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $47M · 13
Net: −$47M

Pay vs performance

No pay-versus-performance disclosure yet.