Liberty Media Corporation Completes Spin Off of Liberty Media International, Inc.

Jun 07, 2004, 01:00 ET from Liberty Media Corporation

    ENGLEWOOD, Colo., June 7 /PRNewswire-FirstCall/ -- Liberty Media
 Corporation (NYSE:   L, LMCB) today announced that it has successfully completed
 the spin off of Liberty Media International, Inc. (LMI) through the
 distribution of all of the outstanding shares of LMI common stock to LMC
 stockholders of record on June 7, 2004.  Liberty Media no longer has any
 ownership interest in LMI and LMI will begin trading regular way tomorrow,
 June 8, as an independent publicly-traded company on the NASDAQ National
 Market under the symbols LBTYA and LBTYB.
     In the spin off, each share of Liberty Media Corporation Series A and
 Series B common stock received 0.05 shares of the new Liberty Media
 International, Inc. Series A and Series B common stock, respectively.
     As previously announced by LMI on June 4, 2004, LMI has filed a
 registration statement with the Securities and Exchange Commission for a
 distribution it plans to make to its shareholders of transferable subscription
 rights to purchase shares of Series A and Series B common stock of LMI.  The
 record date, subscription ratio and subscription price for the rights offering
 have not yet been determined.
     Liberty Media International, Inc. (Nasdaq:   LBTYA, LBTYB) is a holding
 company owning interests in broadband distribution and content companies
 operating outside the U.S., principally in Europe, Asia, and Latin America.
 Through its subsidiaries and affiliates, LMI is the largest cable television
 operator outside the United States in terms of video subscribers.  LMI's
 businesses include UnitedGlobalCom, Inc., Jupiter Telecommunications Co.,
 Ltd., Jupiter Programming Co., Ltd., Liberty Cablevision of Puerto Rico, Inc.
 and Pramer S.C.A.
     Liberty Media Corporation (NYSE:   L, LMC.B) is a holding company owning
 interests in a broad range of electronic retailing, media, communications and
 entertainment businesses classified in four groups; Interactive, Networks,
 Tech/Ventures and Corporate.  Liberty Media's businesses include some of the
 world's most recognized and respected brands, including QVC, Encore, STARZ!,
 Discovery, IAC/InterActiveCorp, and The News Corporation Limited.
     This press release is for informational purposes only and is not an offer
 to purchase or a solicitation of an offer to sell shares of Liberty Media
 common stock or LMI common stock.  In addition, a registration statement with
 respect to the proposed LMI rights offering, relating to transferable
 subscription rights and shares of LMI common stock, has been filed with the
 Securities and Exchange Commission but has not yet become effective.  The
 securities covered by the registration statement may not be sold nor may
 offers to buy be accepted prior to the time the registration statement becomes
 effective.  This release shall not constitute an offer to sell or the
 solicitation of an offer to buy nor shall there be any sale of these
 securities in any State in which such offer, solicitation or sale would be
 unlawful prior to registration or qualification under the securities laws of
 any State.

SOURCE Liberty Media Corporation