Liberty Media Corporation Announces Record Date for Discovery Holding Company Spin Off

Liberty Media Corporation Announces Record Date for Discovery Holding Company Spin Off

ENGLEWOOD, Colo., July 5 /PRNewswire-FirstCall/ -- Liberty Media Corporation (NYSE:L)(NYSE:LMC.B) today announced that the record date for the previously announced spin off of Discovery Holding Company (DHC) will be 5:00 p.m., New York City time, on July 15, 2005. In the spin off, record holders of Liberty Media Series A and Series B common stock will receive 0.10 of a share of the corresponding series of DHC common stock for each share of Liberty Media common stock held by them as of the record date, and cash will be delivered in lieu of fractional share interests.

Shares of DHC common stock are expected to be distributed on or about July 21, 2005, and copies of an Information Statement regarding DHC and the spin off will be mailed on or before the distribution date.

Liberty Media common stock will not trade ex-dividend until after the distribution. As a result, any record holder of Liberty Media common stock that sells its shares after the record date and on or before the date of distribution will also be selling its right to receive shares of DHC common stock in the spin off.

Following the spin off, Liberty Media will cease to have any ownership interest in DHC, and DHC will become an independent publicly traded company. DHC Series A and Series B common stock will begin trading on the Nasdaq National Market under the symbols "DISCA" and "DISCB," respectively, following the date of the distribution.

DHC is a holding company for its wholly-owned subsidiary, Ascent Media Group, Inc., and 50%-owned Discovery Communications, Inc. (DCI). Ascent Media is a leading provider of creative, media management and network services to the media and entertainment industries. DCI is the leading provider of non-fiction entertainment in the world. Through The Discovery Channel, TLC, Animal Planet, The Travel Channel, Discovery Health Channel, nine other emerging networks in the U.S., and over 85 separate international network feeds, DCI reaches more than one billion cumulative subscribers around the globe and is one of the world's most recognized television brands.

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. Our businesses include some of the world's most recognized and respected brands and companies, including QVC, Encore, STARZ!, Discovery, IAC/InterActiveCorp, and News Corporation.

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.

Source: Liberty Media Corporation

CONTACT: Mike Erickson of Liberty Media Corporation, +1-877-772-1518

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