Split-off conference hosted by Liberty Media and Deutsche Bank

Today on December 17, 2008 starting at 10:00 am (ET) Liberty Media will host a conference call in conjunction with Deutsche Bank. Earlier the company made an announcement to split-off a majority of the assets and liabilities currently attributed to the Liberty Entertainment group tracking stock. Thus on the call Greg Maffei, President and CEO of Liberty Media, will discuss these developments.

The split-off would be effected through the distribution of a new asset-backed security in redemption of a portion of the outstanding shares of Liberty Entertainment group tracking stock. Apart from discussing these issues, Mr. Maffei may also make observations regarding the company's financial performance and outlook.

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, (2) the Liberty Entertainment group, and (3) the Liberty Capital group, which includes all businesses, assets and liabilities not attributed to the Interactive group or the Entertainment group.