Increases Ownership Stake to Approximately 48%
Funds Purchase with Borrowings against Newly Executed Equity Collar
ENGLEWOOD, Colo., April 3, 2008 /PRNewswire-FirstCall/ -- Liberty Media
Corporation ("Liberty") announced the purchase of 78.3 million DIRECTV common
shares in a private transaction increasing Liberty's ownership to
approximately 48%. To fund the purchase Liberty borrowed $1.98 billion
against a newly executed equity collar on 110 million DIRECTV common shares.
The equity collar is a series of puts and calls with maturities ranging up to
"These transactions reaffirm our belief in DIRECTV, the quality of its
service, and the performance of Chase Carey and his management team," said
Greg Maffei, Liberty's President and CEO. "The additional shares and equity
collar each increase our exposure to DIRECTV's equity and further align
Liberty's interests with those of the DIRECTV shareholders."
The purchases, collars and loan were executed through a wholly-owned
subsidiary of Liberty and attributed to the Liberty Entertainment tracking
stock group (Nasdaq: LMDIA/B).
About Liberty Media Corporation
Liberty Media Corporation owns interests in a broad range of electronic
retailing, media, communications and entertainment businesses. Those interests
are attributed to three tracking stock groups: (1) the Liberty Interactive
group, which includes Liberty's interests in QVC.com, Provide Commerce,
Backcountry.com, BUYSEASONS, Bodybuilding.com, IAC/InterActiveCorp, and
Expedia, (2) the Liberty Entertainment Group, which includes Liberty's
interests in the DIRECTV Group, Inc., Starz Entertainment, FUN Technologies,
Inc., GSN, LLC, WildBlue Communications, Inc., and Liberty Sports Holdings
LLC, and (3) the Liberty Capital group, which includes all businesses, assets
and liabilities not attributed to the Interactive Group or the Entertainment
Group including our subsidiaries Starz Media, LLC, Atlanta National League
Baseball Club, Inc., and TruePosition, Inc., and minority equity investments
in Time Warner Inc. and Sprint Nextel Corporation.
SOURCE Liberty Media Corporation
CONTACT: John Orr of Liberty Media LLC, +1-720-875-5622
Web site: http://www.libertymedia.com