Liberty Media Corporation (FWONA) — Reincorporation detail

Why this firm matters

Vote scheduled for 2026-05-11; results pending.

Controller & ownership

DE FACTO CONTROLLERParent Controller Individual

John C. Malone (via Liberty Live tracking-stock structure) holds approximately 48.9% of voting power. Although holding less than 50% voting power, exercises effective control via tracking-stock corporate structure.

Source: Liberty Media 8/31/2025 disclosure — Malone retains ~48.9% voting power in Liberty Live common stock (and ~49.5% in Formula One common stock); transitioned to Chairman Emeritus 2026-01-01; Maffei stepped down as CEO end-2024

Vote outcome — reincorporation proposal

Approval standard: majority of aggregate voting power of Series A common stock (FWONA, 1 vote/share) and Series B common stock (FWONB, 10 votes/share) outstanding as of March 23, 2026 record date (DGCL §266 conversion). Meeting type: annual.

Vote totals not yet pulled. Awaiting EDGAR Item 5.07.

Visual evidence — event study around the announcement

Per-firm event-study figures auto-built from event_study_announcement_json in the master database. Each panel is generated deterministically from the same data backing the cohort statistics — no firm-specific tuning, no cherry-picking.

Liberty Media's announcement-day move was a non-event

**Bottom line.** All four ways of looking at Liberty Media's stock that day point to roughly the same answer: barely moved by about 0.3%, and the move was statistically indistinguishable from a normal trading day (p = 0.86).

This chart shows four different statistical lenses on what Liberty Media's stock did on the day the reincorporation was announced. Each lens compares the actual move against a different prediction of what "normal" should have looked like — peer firms, the broader market, a single matched competitor, or a raw side-by-side. The gold-edged bar marks the lens used in the cohort summary.

Method

Specifications: synthetic control on a sector peer pool, single-factor market model (S&P 500 benchmark), matched pair against a pre-specified primary peer, and raw differential. Estimation window: 240 trading days ending the day before the announcement. Standard errors via Patell-z (1976).

Liberty Media sits near the middle of the 36-firm cohort

**Bottom line.** Liberty Media's announcement-day reading is close to the cohort-wide mean of +0.69%. Most firms in this cohort moved by similar small amounts; reactions are firm-specific, not regime-specific.

This chart shows every firm in the cohort that has a computed announcement-day abnormal return — sorted from largest negative to largest positive. Liberty Media is highlighted in gold. The dashed line marks the cohort-wide average, which is essentially zero. Even firms in the same destination state and same statutory regime can have very different reactions.

Method

Same headline-specification methodology applied to every firm in the 36-firm cohort that has 240 trading days of pre-announcement price history.

Data integrity. All figures generated by the same script (perfirm_gallery.py) on every release; SHA-256 verified at deploy time. See also: Cohort-wide event study →.

Event-study abnormal returns — announcement window

Returns around the announcement date.

Event date: 2026-03-09 · Estimation window: trailing 240 days; 240 valid after NaN drop

Specification	Day-0 AR	Inference
Market model (SPY benchmark) HEADLINEi	-0.25%	Patell-z p-value = 0.861

Event-study abnormal returns — vote window

Returns around the shareholder-vote (or written-consent) date.

Vote window CARs not yet computed (vote on 2026-05-11).

Long-run abnormal returns & pooled estimates

Buy-and-hold abnormal returns (1 / 3 / 6 / 12 months) and calendar-time portfolio alpha (CTE) post-effective.

No long-run / pooled estimates available for this firm yet — run phase5z_compute_longrun.py on Windows to populate (requires effective date ≥ 3 months ago).

Cohort-level robustness battery

Heckman selection-corrected ATE · Romano-Wolf step-down + BH FDR · pooled BHAR. This firm's reading is shown in context of the full cohort.

Heckman two-step selection correction (controlled-vs-widely-held)

Cohort ATE = +0.94% (SE = 7.06%, n = 2395) after correcting for controller-status selection (inverse Mills ratio = -0.062).

Romano-Wolf step-down + Benjamini-Hochberg FDR (n = 47)

This firm: raw p = 0.861, Romano-Wolf adjusted p = 1.000, BH-FDR adjusted p = 0.966. Multiple-hypothesis correction is computed across the full cohort to control family-wise error rate at alpha = 0.05.

Pooled cohort BHAR (mover firms only)

BHAR_63d: mean = -5.60% (SE = 22.11%, n = 3, p = 0.499) · BHAR_126d: mean = +17.33% (SE = 41.17%, n = 3, p = 0.774)

See Cohort event study → for the full battery and forest plots.

Source filings

Primary-source documents on SEC EDGAR plus IR / search links.

Classification & audit trail

Bucket

D

Panel eligibility

PANEL_A_post_SB29

Audit status

PENDING_TRANSACTION

Source confidence

VERIFIED_PROXY

Transaction status

PENDING

Audit notes

v2.9.1: NV destination confirmed via DEF 14A 2026; vote May 11, 2026
Phase 3M 2026-04-27: status=SCHEDULED — moved 2026-05-11 from actual to proposed_effective_date_iso. Will promote to actual after vote passes.
[2026-04-28] Phase 4I: replaced Google-search IR fallback with direct URL https://www.libertymedia.com/investors [ORIGINAL_ACCESSION_FIELD_TEXT] DEF 14A + PRE 14A, 2026 annual meeting May 11, 2026 [2026-04-28] phase5e: no canonical accession found in raw value 'DEF 14A + PRE 14A, 2026 annual meeting May 11, 2026'; original narrative moved to audit_notes; edgar_accession_canonical cleared and audit_status flagged NEEDS_ACCESSION for manual EDGAR pull [2026-04-29] phase5w: comprehensive validation by external reviewer across tranches v3 (4-version full residual walk, 269 substantive answers across 52 firms, 0 bucket drifts vs v3.58)
2026-04-29 v3.65: this row represents Liberty Media Corporation as the consolidated legal entity (CIK 1560385). Share classes Series A (FWONA) and Series B (FWONB) both vote on the DE→NV reincorporation; FWONB excluded from dashboard to avoid double-counting.
[2026-04-29] v3.75: PINCITE-VERIFIED via DEF 14A filed March 26, 2026. DGCL §266 conversion to Nevada. Standard: 'a majority of aggregate voting power of FWONA and FWONB outstanding as of March 23, 2026'. FWONK series is non-voting except as required by Delaware law. Adjournment proposal also on ballot. Annual meeting May 11, 2026.