<SUBMISSION>
<ACCESSION-NUMBER>0001104659-07-041684
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>4
<PERIOD>20070517
<ITEMS>7.01
<FILING-DATE>20070521
<DATE-OF-FILING-DATE-CHANGE>20070521
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>LIBERTY MEDIA CORP
<CIK>0001355096
<ASSIGNED-SIC>4841
<IRS-NUMBER>841288730
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>000-51990
<FILM-NUMBER>07866944
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>12300 LIBERTY BOULEVARD
<CITY>ENGLEWOOD
<STATE>CO
<ZIP>80112
<PHONE>7208755400
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>12300 LIBERTY BOULEVARD
<CITY>ENGLEWOOD
<STATE>CO
<ZIP>80112
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>Liberty Media Holding CORP
<DATE-CHANGED>20060303
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a07-14836_18k.htm
<DESCRIPTION>8-K
<TEXT>
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<body lang="EN-US">

<div style="font-family:Times New Roman;">
 <div style="border:none;border-top:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;"> <p style="border:none;color:windowtext;margin:0pt 0pt .0001pt;padding:0pt;"><a name="scotch"></a><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p> </div>

<p align="center" style="color:windowtext;margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED
STATES<br>
SECURITIES AND EXCHANGE COMMISSION</font></b></p>

<p align="center" style="color:windowtext;margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Washington, D.C. 20549</font></b></p>

<p align="center" style="color:windowtext;margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM 8-K</font></b></p>

<p align="center" style="color:windowtext;margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CURRENT
REPORT</font></b></p>

<p align="center" style="color:windowtext;margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Pursuant
to Section 13 or 15(d)<br>
of the Securities Exchange Act of 1934</font></b></p>

<p align="center" style="color:windowtext;margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of Report (date of earliest event reported): <b>May 17, 2007</b></font></p>

<p align="center" style="color:windowtext;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">LIBERTY MEDIA CORPORATION</font></b></p>

<p align="center" style="color:windowtext;margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of registrant as specified in its charter)</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="color:windowtext;font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading --><b>Delaware</b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="color:windowtext;margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="color:windowtext;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">000-51990</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="color:windowtext;margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="color:windowtext;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">84-1288730</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="color:windowtext;margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or other
  jurisdiction of</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="color:windowtext;margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="color:windowtext;margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Commission</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="color:windowtext;margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="color:windowtext;margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(I.R.S. Employer</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="color:windowtext;margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">incorporation or
  organization)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="color:windowtext;margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="color:windowtext;margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">File Number)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="color:windowtext;margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="color:windowtext;margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Identification
  No.)</font></p>
  </td>
 </tr>
</table>

</div>

<p style="color:windowtext;line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="color:windowtext;font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">12300
Liberty Blvd.</font></b><br>
<b>Englewood, Colorado 80112</b></p>

<p align="center" style="color:windowtext;margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of principal executive offices and zip code)</font></p>

<p align="center" style="color:windowtext;margin:0pt 0pt 24.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registrant&#146;s telephone number, including area code: <b>(720) 875-5400</b></font></p>

<p align="center" style="color:windowtext;margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Former name or former address, if changed since last report)</font></p>

<p style="color:windowtext;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the appropriate box
below if the Form 8-K filing is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):</font></p>

<p style="color:windowtext;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)</p>

<p style="color:windowtext;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)</p>

<p style="color:windowtext;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))</p>

<p style="color:windowtext;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))</p>


 <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;"> <p style="border:none;color:windowtext;margin:0pt 0pt .0001pt;padding:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p> </div>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="color:windowtext;margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 7.01.&#160; Regulation FD Disclosure</font></b></p>

<p style="color:windowtext;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On May 17, 2007, Liberty
Media Corporation (&#147;Liberty&#148;) issued a press release announcing that it
completed a transaction with Time Warner Inc. (&#147;Time Warner&#148;) in which Liberty
exchanged approximately 68.5 million shares of Time Warner common stock,
subject to a working capital adjustment, for a newly created subsidiary of Time
Warner which holds the Atlanta Braves, Leisure Arts, Inc. and $960 million in
cash.</font></p>

<p style="color:windowtext;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Form 8-K and the
press release attached hereto as Exhibit 99.1 are being furnished to the SEC
under Item 7.01 of Form 8-K in satisfaction of the public disclosure
requirements of Regulation FD.</font></p>


 <p style="color:windowtext;font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">2</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="center" style="color:windowtext;margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURE</font></b></p>

<p style="color:windowtext;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the
requirements of the Securities Exchange Act of 1934, as amended, the registrant
has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.</font></p>

<p style="color:windowtext;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date: May 21, 2007</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.3%;">
  <p style="color:windowtext;font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="50%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.7%;">
  <p style="color:windowtext;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">LIBERTY MEDIA CORPORATION</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.3%;">
  <p style="color:windowtext;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.7%;">
  <p style="color:windowtext;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.3%;">
  <p style="color:windowtext;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.7%;">
  <p style="color:windowtext;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.3%;">
  <p style="color:windowtext;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.78%;">
  <p style="color:windowtext;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="25%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:25.0%;">
  <p style="color:windowtext;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Mark E. Burton</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:18.92%;">
  <p style="color:windowtext;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.3%;">
  <p style="color:windowtext;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.78%;">
  <p style="color:windowtext;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.38%;">
  <p style="color:windowtext;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="36%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.54%;">
  <p style="color:windowtext;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mark E. Burton</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.3%;">
  <p style="color:windowtext;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.78%;">
  <p style="color:windowtext;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.38%;">
  <p style="color:windowtext;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="36%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.54%;">
  <p style="color:windowtext;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice President</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="369" style="border:none;"></td>
  <td width="51" style="border:none;"></td>
  <td width="55" style="border:none;"></td>
  <td width="132" style="border:none;"></td>
  <td width="142" style="border:none;"></td>
 </tr>
</table>

<p style="color:windowtext;line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="color:windowtext;font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">3</font></p>
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<p align="right" style="margin:0pt 0pt 12.0pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 99.1</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman"><img width="121" height="113" src="g148371mmi001.jpg"></font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman"><img width="225" height="32" src="g148371mmi002.gif"></font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For Immediate Release:</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">LIBERTY
MEDIA ACQUIRES ATLANTA BRAVES BASEBALL CLUB</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TIME
WARNER RECEIVES 68.5 MILLION SHARES OF ITS STOCK</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FROM
LIBERTY, ESSENTIALLY COMPLETES</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">$20 BILLION STOCK REPURCHASE PROGRAM</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ENGLEWOOD, CO and NEW YORK, NY, May 17, 2007 &#150; </font></b>Liberty
Media Corporation (Nasdaq: LINTA, LCAPA) (&#147;Liberty&#148;) and Time Warner Inc. (NYSE:
TWX) announced today that they completed a transaction on May 16, 2007, in
which Liberty exchanged approximately 68.5 million shares of Time Warner common
stock, subject to a working capital adjustment, for a newly created subsidiary
of Time Warner which holds the Atlanta Braves, Time Inc.&#146;s Leisure Arts, Inc.
and $960 million of cash.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Major League Baseball has approved the
transaction.&#160; The assets held by the
acquired subsidiary will be attributed to the Liberty Capital Group.</font>&#160; Time Warner&#146;s acquisition of its stock from
Liberty essentially completes Time Warner&#146;s previously announced $20 billion
stock repurchase program.&#160; Liberty has
retained approximately 103 million shares, or about 2.8% of Time Warner common
stock.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#147;We are pleased with the successful conversion
of these Time Warner shares as this transaction enhances our financial and
strategic flexibility,&#148; Liberty Chairman John Malone said.&#160; &#147;We are pleased with the value created for
our shareholders from our ownership of Turner Broadcasting and Time Warner.&#148;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Liberty
Media is delighted to join with the Atlanta Braves Baseball Club and their fan
base and looks forward to the team excelling as they have for the past fifteen
years,&#148;&#160; said Liberty President and CEO
Greg Maffei.&#160; &#147;This transaction
represents another significant step in our transition to a focused operating
company.&#148;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Time Warner Chairman and
CEO Dick Parsons said: &#147;This transaction marks an important advance in our
commitment to deliver greater value to our shareholders.&nbsp; It not only
helps to </font></p>

<br><hr size="3" width="100%" noshade color="#010101" align="center">

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<br clear="all" style="page-break-before:always;">


<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">streamline our portfolio
of assets as we focus on our core businesses, but also enables us to
effectively complete our $20 billion share repurchase program.&nbsp; With our
thanks, we wish the people of the Atlanta Braves and Leisure Arts the best in
the future.&#148;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Phil Kent, Chairman and
CEO, Turner Broadcasting System, Inc., said:<b><i style="font-weight:bold;">  </i></b>&#147;Our
Atlanta Braves colleagues have our sincere appreciation for their tremendous contributions
to our company, to Major League Baseball and to the entire Atlanta
community.&nbsp; We especially salute Terry McGuirk, the Atlanta Braves
Chairman and President who once headed Turner Broadcasting, for his many years
of service to our company.&#160; We will
remain the Braves&#146; biggest fans and great believers in the organization&#146;s
continued success.&#148;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Atlanta
Braves Chairman and CEO Terry McGuirk said, &#147;We&#146;re excited to move forward with
Liberty&#146;s ownership and continue to bring our fans more championship-caliber
baseball and experiences at Turner Field in the years ahead.&#148;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">About Liberty Media Corporation</font></b></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Liberty Media
Corporation owns a broad range of electronic retailing, media, communications
and entertainment businesses and investments. Those interests are attributed to
two tracking stock groups: the Liberty Interactive group, which includes
Liberty&#146;s interests in QVC, Provide Commerce, IAC/InterActiveCorp, and Expedia,
and the Liberty Capital group includes Liberty&#146;s interests in Starz
Entertainment, News Corporation, and Time Warner.&#160; For more information, please see
www.libertymedia.com.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">About
Time Warner Inc.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Time Warner Inc. is a
leading media and entertainment company, whose businesses include interactive
services, cable systems, filmed entertainment, television networks and
publishing.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">About Turner Broadcasting System, Inc.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Turner Broadcasting
System, Inc., a Time Warner company, is a major producer of news and
entertainment product around the world and a leading provider of programming to
the basic cable industry.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">About The Atlanta Braves</font></b></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Atlanta Braves is Major League Baseball&#146;s winningest franchise since 1991.&nbsp;
During that time, Braves teams have earned a record 14 consecutive division
championships, five National League pennants and a World Series title.&#160; Based in Atlanta since 1966, the Braves
franchise is the longest continuously operating franchise in Major League
Baseball.&nbsp; Atlanta Braves games are telecast on TBS, FSN South and
SportSouth, with radio broadcasts heard in Atlanta on 640 WGST and 94.9 The
Bull and regionally on the Atlanta Braves Radio Network.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">2</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">About Leisure Arts</font></b></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Founded
in 1971, Little Rock, Ark.-based Leisure Arts, Inc. is one of the largest
publishers and marketers of needlework, craft, decorating, entertaining and
other lifestyle interest &#147;how-to&#148; books.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Caution Concerning Forward-Looking Statements</font></b></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This
document includes certain forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995.&#160; These statements are based on management&#146;s
current expectations or beliefs, and are subject to uncertainty and changes in
circumstances.&#160; Actual results may vary
materially from those expressed or implied by the statements herein due to
changes in economic, business, competitive, technological and/or regulatory
factors, and other factors affecting the operation of the businesses of Time
Warner Inc. and Liberty Media Corporation.&nbsp; More detailed information
about these factors may be found in filings by Time Warner and Liberty Media
with the Securities and Exchange Commission, including their most recent Annual
Report on Form 10-K and Quarterly Report on Form 10-Q.&#160; Time Warner and Liberty Media are under no
obligation to, and expressly disclaim any such obligation to, update or alter
its forward-looking statements, whether as a result of new information, future
events, or otherwise.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CONTACTS:</font></b></p>

<p style="margin:0pt 0pt .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Liberty Media
Corporation:</font></u></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">John Orr,
720-875-5622</font></p>

<p style="margin:0pt 0pt .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Time Warner Inc., Corporate Communications:</font></u></p><p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Edward Adler, 212-484-6630</font></p><p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Keith Cocozza, 212-484-7482</font></p><p style="margin:0pt 0pt .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Time Warner Inc., Investor Relations:</font></u></p><p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jim Burtson, 212-484-8719</font></p><p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chris Clipper, 212-484-6297</font></p>

<p style="margin:0pt 0pt .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Turner Broadcasting System, Inc.:</font></u></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shirley Powell,
404-885-4132</font></p>

<p style="margin:0pt 0pt .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Atlanta Braves:</font></u></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Beth Marshall,
404-614-1336</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"># # #</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">3</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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