Liberty Media Corporation Announces Extension of QVC Bank Credit Facilities

ENGLEWOOD, Colo., June 16 /PRNewswire-FirstCall/ -- Liberty Media Corporation
(Nasdaq: LCAPA, LCAPB, LINTA, LINTB, LMDIA, LMDIB) and QVC, Inc. today
announced the extension of debt maturities until March 2014.

"We are pleased to complete the extension of QVC's bank debt," said Greg
Maffei, President and CEO of Liberty. "The new terms enhance QVC's capital
structure and provide us with further financial flexibility to operate in this
retail environment. Our ability to refinance this debt is reflective of the
strength of and confidence in QVC's business."

Concurrent with the closing of amendments to the $5.25 billion in bank credit
facilities at QVC, Liberty Media retired $750 million of loans at par and QVC
cancelled another $18 million of unfunded commitments at no cost. The
remaining $4.48 billion bank credit facility will mature in six tranches
between June 2010 and March 2014; 11% of the outstanding principal will be due
in 2010; 16% in 2011; 9% in 2012; 9% in 2013; and 55% in 2014.

Lenders consenting to the amendments, which represent $4.998 billion in
commitments, received modified terms, including interest rates equal to LIBOR
plus a margin that varies between 350 and 550 basis points, depending on the
tranche maturity. QVC's maximum leverage ratio covenant has been reduced to
3.9x from 4.0x through March 30, 2010; 3.75x through March 30, 2011; 3.50x
through March 30, 2012; and 3.0x thereafter. The loans are secured by the
stock and certain assets of QVC and certain of its subsidiaries.

Loans held by non-consenting lenders, which represent $252 million in
commitments, will remain under the pricing terms of the previous credit
facilities, with such debt maturing in 2011. Non-consenting lenders will
continue to receive a maximum interest margin of LIBOR plus 100 basis points.

Cash used to retire the $750 million of loans came from a combination of $250
million in cash from QVC, $250 million in cash attributed to the Liberty
Entertainment group and $250 million in cash attributed to the Liberty Capital
group. The cash from the Liberty Entertainment group and the Liberty Capital
group was provided pursuant to secured intergroup loan transactions authorized
by the Liberty Media Board of Directors. The loans are secured by various
public stocks attributed to the Liberty Interactive group, accrue interest at
a rate of LIBOR plus 500 basis points and are due June 16, 2010.

Additional Information
Nothing in this press release shall constitute a solicitation to buy or an
offer to sell shares of any of the Liberty Media tracking stocks, Liberty
Entertainment, Inc. (LEI), or shares of the new company to be issued pursuant
to the merger agreement with DIRECTV. The offer and sale of shares in the
proposed split-off and the related business combination with DIRECTV will only
be made pursuant to one or more effective registration statements. Liberty
stockholders and other investors are urged to read the registration statements
to be filed with the SEC, including the proxy statement/prospectuses to be
contained therein, because they will contain important information about these
transactions. A copy of the registration statements and the proxy
statement/prospectuses, once filed, will be available free of charge at the
SEC's website (http://www.sec.gov). Copies of the filings together with the
materials incorporated by reference therein can also be obtained, without
charge, by directing a request to Liberty Media Corporation, 12300 Liberty
Boulevard, Englewood, Colorado 80112, Attention: Investor Relations,
Telephone: (720) 875-5408.

Participants in a Solicitation
The directors and executive officers of Liberty and other persons may be
deemed to be participants in the solicitation of proxies in respect of
proposals to approve the transactions. Information regarding the directors and
executive officers of each of Liberty, LEI and the new DIRECTV and other
participants in the proxy solicitation and a description of their respective
direct and indirect interests, by security holdings or otherwise, will be
available in the proxy materials to be filed with the SEC.

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 (NASDAQ: LINTA, LINTB), which includes Liberty's interests in QVC,
Provide Commerce, Backcountry.com, BUYSEASONS, Bodybuilding.com,
IAC/InterActiveCorp, and Expedia, (2) the Liberty Entertainment group (NASDAQ:
LMDIA, LMDIB), which includes Liberty's interests in The DIRECTV Group, Inc.,
Starz Entertainment, Game Show Network, LLC, WildBlue Communications, Inc.,
and Liberty Sports Holdings LLC, and (3) the Liberty Capital group (NASDAQ:
LCAPA, LCAPB), which includes all businesses, assets and liabilities not
attributed to the Interactive group or the Entertainment group including its
subsidiaries Starz Media, LLC, Atlanta National League Baseball Club, Inc.,
and TruePosition, Inc., Liberty's interest in SIRIUS XM Radio, Inc., and
minority equity investments in Time Warner Inc. and Sprint Nextel Corporation.

SOURCE Liberty Media Corporation

Courtnee Ulrich of Liberty Media Corporation, +1-720-875-5420