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<ownershipDocument>

    <schemaVersion>X0304</schemaVersion>

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    <periodOfReport>2011-09-23</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001507934</issuerCik>
        <issuerName>Liberty Media Corp</issuerName>
        <issuerTradingSymbol>LCAPA</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001442645</rptOwnerCik>
            <rptOwnerName>MALONE EVAN DANIEL</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>12300 LIBERTY BLVD.</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>ENGLEWOOD</rptOwnerCity>
            <rptOwnerState>CO</rptOwnerState>
            <rptOwnerZipCode>80112</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

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            <securityTitle>
                <value>Series A Liberty Capital Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2011-09-23</value>
            </transactionDate>
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                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1439</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
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                    <value>1439</value>
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            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Series A Liberty Starz Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2011-09-23</value>
            </transactionDate>
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                <transactionFormType>4</transactionFormType>
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                </directOrIndirectOwnership>
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        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
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            <securityTitle>
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            </securityTitle>
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                <value>2011-09-23</value>
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            <exerciseDate>
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            <expirationDate>
                <value>2015-08-13</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Series A Liberty Capital Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>685</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
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                    <value>0</value>
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                    <value>A</value>
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            <exerciseDate>
                <footnoteId id="F3"/>
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            <expirationDate>
                <value>2015-12-16</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Series A Liberty Capital Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>3800</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
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        <derivativeTransaction>
            <securityTitle>
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            </securityTitle>
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                <value>37.79</value>
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                <value>2011-09-23</value>
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                <transactionFormType>4</transactionFormType>
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                <transactionShares>
                    <value>247</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
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                    <value>A</value>
                </transactionAcquiredDisposedCode>
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            <exerciseDate>
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            </exerciseDate>
            <expirationDate>
                <value>2015-08-13</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Series A Liberty Starz Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>247</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
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                    <value>247</value>
                </sharesOwnedFollowingTransaction>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock Option (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>26.03</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2011-09-23</value>
            </transactionDate>
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                <transactionFormType>4</transactionFormType>
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            <transactionAmounts>
                <transactionShares>
                    <value>1160</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
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                    <value>A</value>
                </transactionAcquiredDisposedCode>
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            <exerciseDate>
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            <expirationDate>
                <value>2015-12-16</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Series A Liberty Starz Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1160</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
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                <sharesOwnedFollowingTransaction>
                    <value>1160</value>
                </sharesOwnedFollowingTransaction>
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                <directOrIndirectOwnership>
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    <footnotes>
        <footnote id="F1">On September 23, 2011, Liberty Interactive Corporation (formerly known as Liberty Media Corporation, &quot;Old Liberty&quot;) redeemed (the &quot;Redemption&quot;) all of the shares of its Liberty Capital common stock and Liberty Starz common stock for shares of common stock of the Issuer (formerly known as Liberty CapStarz, Inc.). In the Redemption, Old Liberty redeemed (i) each outstanding share of its Series A Liberty Capital common stock for one share of the Issuer's Series A Liberty Capital common stock, (ii) each outstanding share of its Series B Liberty Capital common stock for one share of the Issuer's Series B Liberty Capital common stock, (iii) each outstanding share of its Series A Liberty Starz common stock for one share of the Issuer's Series A Liberty Starz common stock, and (iv) each outstanding share of its Series B Liberty Starz common stock for one share of the Issuer's Series B Liberty Starz common stock.</footnote>
        <footnote id="F2">All outstanding equity awards with respect to Old Liberty's Series A Liberty Capital common stock, Series B Liberty Capital common stock, Series A Liberty Starz common stock and Series B Liberty Starz common stock (each such equity award an &quot;original equity award&quot;) were automatically converted into equity awards with respect to the Issuer's Series A Liberty Capital common stock, Series B Liberty Capital common stock, Series A Liberty Starz common stock and Series B Liberty Starz common stock, respectively (each such equity award a &quot;new equity award&quot;). Each new equity award remains subject to the terms and conditions of the corresponding original equity award.</footnote>
        <footnote id="F3">The option is fully vested.</footnote>
    </footnotes>

    <remarks>The trading symbol for the Issuer's Series A Liberty Capital Common Stock is LCAPA [LCPAD] and Series A Liberty Starz Common Stock is LSTZA [LSTAD].  Temporary trading symbols in effect from September 26, 2011 to September 30, 2011 are indicated in brackets.</remarks>

    <ownerSignature>
        <signatureName>/s/ Evan D. Malone</signatureName>
        <signatureDate>2011-09-27</signatureDate>
    </ownerSignature>
</ownershipDocument>
