Liberty Media Corporation Completes Spin Off of Discovery Holding Company

Liberty Media Corporation Completes Spin Off of Discovery Holding Company

ENGLEWOOD, Colo., July 21 /PRNewswire-FirstCall/ -- Liberty Media Corporation (NYSE:L)(NYSE:LMC.B) today announced that it has successfully completed the spin off of Discovery Holding Company (DHC) through the distribution of all of the outstanding shares of DHC common stock to Liberty Media stockholders of record on July 15, 2005. Liberty Media no longer has any ownership interest in DHC and DHC will begin trading regular way today as an independent publicly-traded company on the NASDAQ National Market under the symbols DISCA and DISCB.

In the spin off, each share of Liberty Media Corporation Series A and Series B common stock received 0.10 shares of Discovery Holding Company Series A and Series B common stock, respectively.

Discovery Holding Company (DHC) (NASDAQ:DISCA)(NASDAQ:DISCB) is a holding company for its wholly-owned subsidiary, Ascent Media Group, 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.

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 DHC common stock. 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

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

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