Vladimir Fishel v. Liberty Media Corporation

── Vladimir Fishel v. Liberty Media Corporation ── Court: Court of Chancery of Delaware Date: April 13, 2026 Category: General IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE VLADIMIR FISHEL, ) KAPITALFORENINGEN ) SAMPENSION INVEST, ) GLOBALT AKTIEINDEKS and ) KAPITALFORENINGEN ) SAMPENSION INVEST, ) GLOBALT AKTIEINDEKS ) ENHANCED, ) ) Plaintiffs, ) ) v. ) C.A. No. 2024-1057-KSJM ) LIBERTY MEDIA CORPORATION, ) JOHN C. MALONE, GREGORY B. ) MAFFEI, EDDY W. ) HARTENSTEIN, JAMES P. ) HOLDEN, DAVID A. BLAU, ROBIN ) P. HICKENLOOPER, JENNIFER ) WITZ, EVAN MALONE, JAMES ) MEYER, JONELLE PROCOPE, ) MICHAEL RAPINO, KRISTINA ) SALEN, CARL E. VOGEL, and ) DAVID ZASLAV, ) ) Defendants. ) MEMORANDUM OPINION Date Submitted: June 27, 2025 Date Decided: April 13, 2026 Daniel E. Meyer, Benjamin M. Potts, Margaret Rockey, JOHNSON VAN KWAWEGEN LLP, Wilmington, DE; Jeroen van Kwawegen, Thomas G. James, JOHNSON VAN KWAWEGEN LLP, New York, NY; Lee D. Rudy, J. Daniel Albert, Lauren C. Lummus, Nakib A. Kabir, KESSLER TOPAZ MELTZER & CHECK, LLP, Radnor, PA; Counsel for Plaintiffs Vladimir Fishel, Kapitalforeningen Sampension Invest, Globalt Aktieindeks and Kapitalforeningen Sampension Invest, Globalt Aktieindeks Enhanced. A. Thompson Bayliss, April M. Ferraro, S. Michael Blochberger, ABRAMS & BAYLISS LLP, Wilmington, DE; Maeve L. O’Connor, Amy C. Zimmerman, DEBEVOISE & PLIMPTON LLP, New York, NY; Counsel for Defendants Eddy W. Hartenstein and James P. Holden. Raymond J. DiCamillo, Matthew W. Murphy, Daniel E. Kaprow, RICHARDS LAYTON & FINGER, P.A., Wilmington, DE; Jonathan K. Youngwood, Janet A. Gochman, Jonathan S. Kaplan, SIMPSON THACHER & BARTLETT LLP, New York, NY; Counsel for Defendants James Meyer, Jennifer Witz, Michael Rapino, David Zaslav, Jonelle Procope, Kristina Salen, and Carl E. Vogel. Kevin R. Shannon, Jaclyn C. Levy, Lilianna Anh P. Townsend, POTTER ANDERSON CORROON LLP, Wilmington, DE; Richard B. Harper, Kristina Wenner, BAKER BOTTS LLP, New York, NY; Thomas E. O’Brien, Olivia J. Countryman, BAKER BOTTS LLP, Dallas, TX; Counsel for Defendants Liberty Media Corporation, John C. Malone, Gregory B. Maffei, David A. Blau, Robin P. Hickenlooper, and Evan Malone. McCORMICK, C.  The stockholder plaintiffs challenge the September 2024 spin-off of SiriusXM Holdings Inc. (“Old Sirius”) by its controller, Liberty Media Corporation (“Liberty”). The spin-off and related transactions resulted in the creation of Liberty SiriusXM Holdings Inc. (“New Sirius,” with Old Sirius, the “Company”)—an independent company with no controlling stockholder. The transactions also eliminated Liberty’s tracking stock tied to its Old Sirius holdings. The tracking stock traded at a discount to the net asset value of those holdings (the “NAV Discount”). Eliminating the tracking stock eliminated the NAV Discount, a unique, multi-billion dollar benefit that Liberty alone enjoyed. To manage this conflict, the Company’s board of directors (the “Board”) formed a two-person special committee to negotiate the transactions. The plaintiffs allege that the special committee members made no effort to negotiate a benefit for the minority stockholders for agreeing to transactions that collapsed the NAV Discount. They also allege that each of the director defendants lacked independence from Liberty or were interested in the transactions. Defendant John Malone controls Liberty. John’s son, Defendant Evan Malone, se