/C O R R E C T I O N -- Liberty Media Corporation /

/C O R R E C T I O N -- Liberty Media Corporation /

In the news release, Media Corporation (NYSE: L, LMC.B) Announces Results to Date of Cash Tender Offers, issued earlier today by Liberty Media Corporation over PR Newswire, the headline should read "Liberty Media Corporation Announces Results to Date of Cash Tender Offers" rather than "Media Corporation" as incorrectly transmitted by PR Newswire. Complete, corrected release follows:

Liberty Media Corporation Announces Results to Date of Cash Tender Offers

ENGLEWOOD, Colo., April 18 /PRNewswire-FirstCall/ -- Liberty Media Corporation (NYSE:L)(NYSE:LMC.B) today announced that approximately $1.6 billion aggregate principal amount of its 3.50% Senior Notes due 2006 (the "3.50% Notes") and Floating Rate Senior Notes due 2006 (the "Floating Rate Notes") were validly tendered prior to 5:00 p.m. on Friday, April 15, 2005, pursuant to the previously announced cash tender offers. As described in the Offers to Purchase dated April 6, 2005, such date and time is the expiration date of the offer for the 3.50% Notes and the Early Tender Payment Deadline for the Floating Rate Notes.

In the offer for the 3.50% Notes, $200,172,000 aggregate principal amount of 3.50% Notes were validly tendered and not withdrawn prior to the expiration of that offer, according to information provided by The Bank of New York, the Depositary for the offers. Liberty has accepted for payment all 3.50% Notes validly tendered in that offer and expects to make payment for the 3.50% Notes on Wednesday, April 20, 2005. The purchase price for each $1,000 principal amount of 3.50% Notes validly tendered and accepted for payment will be $988.02. Liberty will also pay an amount equal to any accrued and unpaid interest on the 3.50% Notes it purchases up to, but not including, April 20, 2005.

Based on preliminary information, Liberty calculates that the Floating Rate Notes Maximum Offer Amount of the offer for the Floating Rate Notes will be $799,828,000. The Floating Rate Notes Maximum Offer Amount is equal to the difference between $1.0 billion in aggregate principal amount and the aggregate principal amount of 3.50% Notes that Liberty accepts for payment. According to the Depositary, $1,416,297,000 in aggregate principal amount of Floating Rate Notes were validly tendered and not withdrawn prior to the Early Tender Payment Deadline. The offer for the Floating Rate Notes is subject to proration as described in the Offers to Purchase.

The offer for the Floating Rate Notes is scheduled to expire at 12:00 midnight, New York City time, on May 3, 2005, unless extended by Liberty. Floating Rate Notes that were validly tendered and not withdrawn prior to the Early Tender Payment Deadline will be entitled to receive the Total Consideration of $1,014.86 per $1,000 principal amount of Floating Rate Notes, which includes an Early Tender Payment of $2.50 per $1,000 principal amount. Floating Rate Notes tendered after the April 15, 2005 Early Tender Payment Deadline and prior to the expiration date for the offer for the Floating Rate Notes will be entitled to receive only the Tender Offer Consideration of $1,012.36 per $1,000 principal amount of Floating Rate Notes. Under the terms of the offers, the right to withdraw tenders of Floating Rate Notes expired on the Early Tender Payment Deadline; accordingly, such tenders are no longer withdrawable. The settlement date for the offer for the Floating Rate Notes is expected to be three business days following the expiration date for such offer. Liberty will also pay an amount equal to any accrued and unpaid interest on all Floating Rate Notes it purchases, up to but not including the applicable settlement date.

Subject to and in accordance with applicable law, Liberty reserves the right to amend, extend or terminate offer for the Floating Rate Notes at any time prior to the applicable expiration date.

Liberty has retained UBS Securities LLC to serve as dealer manager for the offers, and D.F. King and Co., Inc. to serve as the information agent. Copies of the offer to purchase and related documents may be obtained from D.F. King & Co. at (888) 628-9011 or (212) 269-5550. Questions regarding the tender offer may be directed to UBS Securities LLC at (888) 722-9555 ext. 4210 (toll- free) or (203) 719-4210.

This announcement does not constitute an offer to purchase or a solicitation of any offer to sell with respect to the 3.50% Notes or the Floating Rate Notes. The offers were made solely by the Offers to Purchase dated April 6, 2005 and related Letter of Transmittal, copies of which are available from the Information Agent.

Liberty Media Corporation (NYSE:L)(NYSE: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 News Corporation.

PRNewswire-FirstCall -- April 18

Source: Liberty Media Corporation

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