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Business Description
Liberty Media Corporation owns interests in companies that are primarily engaged in electronic retaining, international cable television distribution, telephony and programming, and the production, acquisition and distribution through all available formats and media of branded entertainment, educational and informational programming and software. Liberty also owns interests in companies that are engaged in ventures such as interactive commerce via the Internet, television and telephone; domestic cable and satellite broadband distribution services, and wireless domestic telephony. The Company's principal assets include interests in QVC, Inc., Starz Encore Group LLC, Ascent Media Group, Inc., Discovery Communications, Inc., UnitedGlobalCom, Inc., Jupiter Telecommunications Co., Ltd., Court Television Network, Game Show Network, InterActiveCorp and The News Corporation Limited. Through its affiliated companies, the Company operates in the United States, Europe, South America and Asia.

Financial Information
For the nine months ended 9/30/04, revenue totaled $5.47 billion, up from $1.83 billion. Net income totalled $134 million vs. a loss of $317 million. Results reflect the acquisitions of QVC and UGC and higher net gain on dispositions of assets.