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

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Filed by Liberty Media Corporation Pursuant to Rule&nbsp;425</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under the Securities Act of 1933</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject Company: Liberty Media Corporation</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exchange Act File No.&nbsp;001-33982</font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Excerpts from the Conference Call Transcript of</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Liberty Media Corporation&#146;s 2009 Investors Meeting</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">held on October&nbsp;16, 2009</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This transcript includes
certain forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995, including statements about financial guidance,
business strategies, market potential, future financial performance, new
service and product launches and other matters that are not historical facts.
These forward-looking statements involve many risks and uncertainties that
could cause actual results to differ materially from those expressed or implied
by such statements, including, without limitation, possible changes in market
acceptance of new products or services, competitive issues, regulatory issues,
continued access to capital on terms acceptable to Liberty Media, and the
completion of the proposed split-off of a majority of the assets and
liabilities of the Liberty Entertainment group and the related business
combination with DIRECTV.&#160; These forward
looking statements speak only as of the date of this transcript, and Liberty
Media expressly disclaims any obligation or undertaking to disseminate any
updates or revisions to any forward-looking statement contained herein to
reflect any change in Liberty Media&#146;s expectations with regard thereto or any
change in events, conditions or circumstances on which any such statement is
based.&#160; Please refer to the publicly
filed documents of Liberty Media, including the most recent Forms 10-Q and 10-K
and our Form&nbsp;8-K filed July&nbsp;20, 2009 for additional information about
Liberty Media and about the risks and uncertainties related to Liberty Media&#146;s
business which may affect the statements made in this transcript.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">***</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Greg
Maffei<i>  </i>&#151;<i> Liberty Media Corp. - CEO</i></font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">We
made major progress in shrinking our sum of the parts discount at Liberty
Entertainment&#133;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">When
we were here last year, one of the things that &#151; and it even widened further
after we left, one of the things that was most disturbing was the discount from
the sum of the parts between LMDIA and its constituent components. We made
great progress, as you can see, and we&#146;re just about down to what we perceive
is near fair value, still about 5% probably below fair value. Looking at the
constituent components. But we hope to solve that next month when we complete
the merger with DirecTV.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Some
of the highlights of that transaction are obviously we secured a premium for
our shareholders. We&#146;ve passed out our DirecTV stake tax efficiently to our
shareholders. We have increased strategic options for DirecTV and its
shareholders. We reduced the debt on Liberty Capital&#146;s balance sheet by $2
billion, as we&#146;re &#151; part of the assets and liabilities includes the $2 billion
that we used to purchase the incremental shares of DirecTV and that is being
assumed by DirecTV.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">We
did retain Starz and significant cash for the benefit of our shareholders
through that reclassified Liberty Starz tracker. And if you look at the trade
and compare where we would be holding News Corp stock versus where we are with
what our shareholders are getting in the DirecTV transaction and what&#146;s left
behind in Liberty Starz, we&#146;re up almost $7 billion. We consider that a pretty
good transaction&#133;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Sometimes
deals take a long time coming. DirecTV is perhaps the best example. Not only
does it feel like a long time coming to get this merger done, but certainly it
was a long period of foresight of acquiring the original news stake, swapping
for voting, thinking about the transaction and why it would be more attractive
to have our stake in DirecTV than news and where that ultimately might lead.
Long time coming, long value creation; but I think has done well for our
shareholders and will pay off next month, at least the first time, by completing
the merger with DirecTV&#133;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Similarly,
Starz had a great track record of OIBDA growth, 264 to 301. This says expecting
greater than 15% growth for 2009. That&#146;s a very conservative projection.
Probably more like 30% growth in 2009. And they&#146;re executing, I think,
intelligently and well on an original strategy, which you&#146;ll hear more about
today&#133;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">So,
2009 I think was a despite a difficult environment, was actually quite a good
year for Liberty on many levels. One of the results of all those actions will
be the creation of our new tracker, or reattribution of a tracker, Liberty
Starz. The proxy is expected to be cleared in the near term. And I mean the
very near term. Let&#146;s imagine a couple of days.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Similarly,
I think we will have everything in place in terms of a couple of days on every
other ruling we need. We&#146;re very confident. We&#146;ve received oral confirmation of
pretty much everything we want. Shareholder vote expected in November&nbsp;and
I would say that&#146;s probably toward the end of November, mid to end of November.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">And
the LEI merger with DirecTV will close immediately after that split-off. The
new DirecTV and L. Starz will start trading shortly after close. Though we have
had several firms come to us and ask us about a when issued market and I expect
there will be when issued market trading in L. Starz before the transaction&#146;s
completed. There already are proxy securities out there, derivative based proxy
securities.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">So
what will Liberty Starz be? Well, you&#146;re going to hear some of the elements
about the main operating unit from Glenn Curtis in a moment. But let me talk
about some of the ways I think that the stock can perform because that&#146;s
obviously a focus for all of us.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">First,
continued execution at Starz. You&#146;ve seen some of those numbers briefly about
how it&#146;s performed over the last couple of years. I think the trends are all
positive in terms of continuing to derive subscribers, continuing to drive
revenue growth, continuing to control costs, particularly on the content side,
and continue to increase free cash flow.</font></b></p>

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\rsampat\09-2779-40\task3758269\2779-40-bc.htm',USER='105982',CD='Oct 22 01:13 2009' -->


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<div>

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

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">If
you look, and I&#146;ll provide a little more detail on this in a moment, if you
look, this thing is trading at a very low indicated price. So another clear way
in which we could see an improvement in that is multiple expansion, i.e.
trading multiple expansion. You look at most of the peer group, and there are a
few pure comps out there, HBO and Showtime don&#146;t trade as pure comps, but if
you look at most of the near comps for premium cable type channels, there are
considerably higher multiples, particularly given the high free cash flow
generation that Starz has.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">We
will have this trading vehicle out there with roughly $800 million of cash and
equivalents, and no debt, of free cash flow generating entity, with plenty of
potential to shrink that equity if it does not trade well. I think two of the
things that perhaps are overhanging the stock, other than just the lack of a
pure trading stock, the fact that it&#146;s an indicated price, two other things
that has a loan to Liberty InterActive and what will be the future of Starz
Media and when and how and if will it be included in Starz Entertainment or
Liberty Starz&#133;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Secondly,
on Starz Media, I expect over the next several quarters the strategy for Starz
Media will be made more clear and whatever actions we are likely to take
between Starz Entertainment and Starz Media will be made more clear. Both of
those seem to me to be upside in the stock as those get &#151; as clarity is brought
forth.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">And
lastly, there are a lot of content assets that are going to trade, in our
judgment, over the next couple of years. We will be well positioned with a lot
of cash and free cash flow generation to look at those judiciously and think
about where and when to invest on a basis that will help Starz.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">So
this is what, as I mentioned a minute ago, what we look at and think is an
opportunity perhaps for investments. If you look at the implied market cap
implied by the trading prices of DirecTV and LMDIA, what the implied market cap
of Liberty Starz is, it&#146;s just under $2 billion. If you take the cash and the
Liberty Group, intergroup receivables to Liberty InterActive loan, as money
good and the fact we have some WildBlue equity, if you look at the implied
value for Starz is about $1.1 billion.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Given
that Starz&#146;s OIBDA in the minds of the analysts, and I think they might be just
a little light, is projected at $380-odd million, that implies an OIBDA
multiple of just under three times. I think you&#146;d be hard pressed to find high
quality, growing cable nets trading at that kind of a multiple anywhere else&#133;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Glenn Curtis &#151; Liberty Media Corp. - CFO - Starz Entertainment</font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Thank
you, Greg. Starz is a distribution company that delivers owned and licensed
content to consumers on multiple distribution platforms. I will begin today by
looking at Starz Entertainment, our premium pay television company. I want to
start with the consumer viewing habits.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">This
chart and the data in it is taken from the Nielsen 3 screen report. As you will
see, the average consumer, the average person per month watches 145 hours of
television per month. 99% of this is on linear television. A research group has
forecasted this forward five years to 2014. The pie increases by nine hours, or
6%, and you can see that you begin to see a fairly large piece of the pie being
time shifting. But between time shift and linear television, it&#146;s still 94% of
the total viewership from subscribers. The internet and mobile pieces are still
very small.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">We
understand these viewing habits may change with the consumer or the technology
that delivers the content. Therefore, we&#146;ve attempted to built into our output
and library agreements flexibility to have rights to deliver our content to
many platforms and devices. We believe we are well positioned with our rights
for the future.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">You
can see from this we have standard television &#151; standard definition television
rights, high def rights, on-demand rights in both high def and standard def,
broadband rights. The wireless and handheld devices here that are shown are IP
enabled devices, so you have to connect these to the Internet in order to
download the content.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">And
then we&#146;ve also been working on an interactive EBIF application. Currently the
one that we showed at the cable show allows subscribers to tune into a movie,
if they&#146;re in the middle of the movie they can hit a button and it will
actually start it over from the beginning. We hope that this will eventually
lead to the ability of the subscriber that if they tune into a free preview of
Starz that they can actually order it and it will be directly authorized
through the cable system.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">We
have limited rights, though, as it pertains to traditional cellular networks.
Now let&#146;s look at the genres that people watch. To go along with the flexible
rights, we provide a product that is comprised of the two most highly watched
genres, with one-third of the total viewing audience. As you know, we&#146;ve
historically been a feature film company. But as I will discuss today, we are
beginning to invest in original programming. You&#146;ll see some of the dramas that
we have. You saw some of the clips from Spartacus that were on the opening
video. We&#146;re very excited about that product.</font></b></p>

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

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

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Let&#146;s
look at our viewership. Starz and Encore at any minute during the day have 1.1
million subscribers watching our channels. This is as much as HBO and Max. If
you look at standard def on-demand, we have 14% of the viewing. Starz on-demand
is ranked number two, Encore on-demand is ranked number five, and MoviePlex
on-demand is ranked number ten.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">If
you switch those to high def, we are number one. We have 21%, one-fifth of all
the viewing on high def. Our viewer demographics are more balanced than the
competitors. We have the highest concentration of people two to 17 and 50-plus
and also in African American households.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">So
let&#146;s take a look at how that translates into subscribers. As Greg mentioned,
our subscriber number for Starz is 17.5 million at the end of Q2. It is the
second largest pay company behind HBO in terms of subscribers. Encore is at
31.5 million subscribers. That&#146;s primarily the reason it is higher than
traditional pays is because of the way the operators use that product. And that
represents to Encore and our thematic multiplex channels.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">The
decrease in subscribers in the second quarter, as we discussed on the earnings
call, is primarily due to cable operators taking rate increases on both basic
and premium services in the first quarter of the year. And that did impact the
subscriber base. That&#146;s tough to take those rate increases during the tough
economic times that we&#146;ve experienced.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">With
16 linear channels, and we actually have 500 on-demand movies at any point in
time, the video showed 500 just for Starz on-demand but we include Encore
on-demand and MoviePlex on-demand in that number. Our HD services, it&#146;s a great
value for consumers compared to other entertainment.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Now
let&#146;s take a look at revenue. Our revenue has been growing consistently. We
were up 8% in the first half of &#145;09 compared to the first half of &#145;08. A lot of
this growth has come out of our core affiliates, including telcos. The telco
growth, it&#146;s interesting for me because I was around when DBS first started
growing. And DBS led with premium television as their video offering and telcos
are doing a similar thing. So it&#146;s very attractive growth for us. 50% of our &#145;09
revenue is under contract with affiliates that extend past 2012.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Let&#146;s
look at adjusted OIBDA. We&#146;ve had strong OIBDA growth, a 50% increase over &#145;08.
This is primarily attributed to the revenue increase that I discussed
previously. As Greg mentioned, we continue to focus on controlling our costs
and we continue to become more efficient using our overhead across all of our
operating units.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">The
market will not change significantly over the next five years. If it does, we
have flexible rights to adapt. Our products are performing well with our
consumers and financially we are very solid. So what are we spending our time
on? Establishing and investing in our brand, expanding our distribution of
services with our affiliates, and expanding and investing in our original
content.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">If
you take a look at the brand in 2008, we re-launched our brand with a new logo
and a tagline. We&#146;re building around our strong movie-based position and
creating a distinctive personality through unique, originals on multiple
distribution platforms. Our plan is to maintain a constant message in the
marketplace with consumers throughout the year, primarily tied to our
originals.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Let&#146;s
look at the products that we offer to our affiliates. You&#146;ll see MoviePlex and
we also have Indie and Retro. People may not be as familiar with these, but
cable operators can use them lower in their digital tiers. We have the rights
to allow them to do that. Then we have Encore that operators normally use in
kind of a mid digital tier. And that is Encore and the thematic multiplex
channels. And then Starz is our premium service.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Historically
we&#146;ve been in standard def linear when we launched Encore in &#145;91 and Starz in
1994. As operators invested in on-demand platforms, we also made our product
available on those platforms. Last year we increased the delivery of channels
in high def as DirecTV and other operators invested in the platforms to be able
to carry those signals. We also increased the amount of high def on-demand. I
think all of you know the majority of television sets today are in high def and
the quality of the content is much greater than a standard def signal on those
services.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">What
are we working on now? Authenticated broadband services, Starz online and
Encore online. We are currently in tests with DBS and cable operators for this
service. We expect to launch this service at the beginning of 2010. As it
pertains to mobile services, our initial focus in this area will be brand
extension. We need to wait for the deployment of 4G networks before we can
create much broader opportunities with our content.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Our
first run output agreements are with Sony and Disney and Overture. We announced
the extension of our Sony agreement earlier in the year. We have exclusive
rights during our windows. Nobody else can show that on television during our
window. And we have certain blocking rights between our windows.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">In
these agreements we are getting more predictability so that we know the volume
of our contract &#151; the volume exposure in those contracts. We have library
agreement with most major studios and we believe we are one of the largest
buyers of that product. Our studio partners have recently </font></b></p>

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

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

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">made
announcements of reductions in their slates. This will not affect the &#145;09
releases that we will receive in 2010 but we believe that we will see an impact
in 2011.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Original
content. We reentered the original content area two years ago. Previously in
the late 1990s and early 2000s we were primarily focused in the movie area
here. And as you will see, we have switched that content to series. It will
make us less reliant upon third parties. It definitely will give us additional
opportunities for additional revenue streams. It provides us greater control
over the windows if those change. And it will generate buzz and appointment
viewing to bring customers to the channel.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Our
development team in California is headed by a former NBC executive. Now let&#146;s
look at some of the originals. This is the second season for Crash. We
premiered Crash last year. It&#146;s based upon the 2005 Oscar movie. Paul Haggis,
who was the writer and director of the film, is an executive director &#151; or an
executive producer on the production. We premiered season 2 in mid September&nbsp;of
this year. Dennis Hopper returned to the series and we also added Eric Roberts.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Spartacus,
I think you&#146;ve all heard Greg talk about this drama series. It came to us from
Sam Raimi and Rob Tapert. [Bill Hamm], our Executive VP of development and
production, had a previous relationship with both of them. It will premier in January&nbsp;of
2010. The lead actor is Andy Whitfield, who&#146;s an Australian actor. He will play
Spartacus. Lucy Lawless, who most of you probably know as Xena, Warrior
Princess, is the wife of the gladiator owner, who is played by John Hannah, who
you will recognize from the Mummy movies as the brother.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">We
have development projects with high quality producers and writers, including
Joel Surnow, Chris Albrecht and Rob Thomas. Spartacus, I think as you can see
from the clip that previously was exhibited, will have a very distinctive look
and feel, much like 300 or Sin City.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Our
comedy series, Party Down. We premiered this earlier in the year. It&#146;s a very
funny series. If you haven&#146;t had a chance to view it, you definitely need to.
The Executive Producer is Rob Thomas. We&#146;re now in production on the second
season. We&#146;ve added Megan Mullally. You&#146;ll recognize her from Will and Grace.
Ken Marino, Adam Scott and Lizzy Caplan all return to the cast.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Martin
Lawrence, it&#146;s a standup comedy routine filmed in Washington, D.C. The
Executive Producer is Martin Lawrence, hosted by Doug Williams. We just
completed our fourth season. This rates very well on the channels and at times
it get a bit edgy. I can&#146;t watch it with my children.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">The
next series that we have announced is called Gravity. We actually came out with
a press release yesterday on this. It will premier in tandem with Party Down.
It was created by Eric Schaeffer, Jill Franklyn is a writer and she wrote for
the Seinfeld series. We&#146;ve also announced that Ving Rhames and the model Rachel
Hunter will appear on this series. It&#146;s about a group of people that are &#151; they
attempted suicide but failed, otherwise we wouldn&#146;t have a series, and the
interactions of the support group that they are in.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">We
believe that Spartacus could be a franchise for us. And these are just examples
of how we might use this product. As I stated previously, it will air on Starz
in January&nbsp;of 2010. Last week we were at Mitcon TV in France. The first
showing of this series was completely sold out and we had to add a second
showing. Our worldwide distribution sales team took over 200 meetings on this
and other product.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">The
home video will be released by Anchor Bay, our sister company. Casual Game is
coming out later this year. We have a motion comic that will appear on iTunes
in December. Both of these Internet platforms are primarily to extend the reach
and the frequency of Spartacus, make people aware of the product and bring them
to the channels for viewing.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Now
I will change over to Starz Media. Starz media allowed us to diversify our
revenue sources. We&#146;ve developed a full distribution infrastructure, a
theatrical infrastructure under Overture. We have VOD and pay per view under
Mark Devavos here in New York. Home video under Anchor Bay. Domestic and
international television and Internet and digital media.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">It
also provided us a production infrastructure to produce the originals that we
are investing in on the channels. It provides valuable content for the
channels, as it produces for other networks, and that product eventually will
come back to the channels. And it gives us broader rights and control over
those rights.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Now
let&#146;s look briefly at the market. The theatrical market has actually been
somewhat surprising this year. It&#146;s been fairly strong. The domestic annual
gross revenue through the 40th week is up 8%, admissions are up, and this is in
spite of reduction in film slates.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Home
video on the other hand, has been challenged. You&#146;ll see an overall 4% decline.
Home video sell-through of packaged media has declined approximately 14%. This
has been offset by Blu-ray and EST. The overall reduction, though, is 4%. We
expect a much better holiday season, as we have some significant DVDs that are
being released. Transformers, I believe, is next Tuesday. You&#146;ll see the next
Harry Potter. So there are very strong films coming out.</font></b></p>

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

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

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Overture
competes in a market that the majors have kind of pulled back from. There are
fewer mini majors. They&#146;ve had either reductions in slates or the labels have
been abandoned. We&#146;ve got Warner Independent, New Line and Paramount Vantage that
have all reduced their slates.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">What
do we offer independent producers? We offer a fully integrated distribution
network, from theatrical, including pay which is very important to them, all
the way through worldwide television. You can see from the quality of the
talent that&#146;s appearing in Overture&#146;s films, and I&#146;ll get into a few of those
as we go forward here, but these are all Oscar award winners. They released
eight films in 2008 and they will release six films this year, with the
majority of those in the second half of the year.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">I
told you I would talk about some of their content. Michael Moore, Capitalism,
we&#146;ll move on. Law Abiding Citizen. This film is an example of working with
outside producers on a rent-a-system basis. While it provides high quality
product for all of our distribution platforms, this feature is from the film
department, which recognized the strength of our distribution infrastructure.
And as the mini majors have pulled back from the market, has opened
opportunities for Starz Media.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Now,
Law Abiding Citizen opens today. We expect all of you to rush out and buy a
ticket. It is open at 62nd and 1st at 2, at 4.40 and at 7. If it happens to be
sold out, we have Michael Moore. Men Who Stare at Ghosts. This is a George
Clooney project. It&#146;s based upon a true story, actually. It&#146;s quite, quite
funny. The cast is very strong. You can see Jeff Bridges, Ewan McGregor and
Kevin Spacey. And it will premier on November&nbsp;6th.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Anchor
Bay. When we first bought Anchor Bay it was primarily a catalog company with
television and horror product. We&#146;ve changed the strategic focus of Anchor Bay
so that it&#146;s focused on higher quality films, the Overture product, the Starz
Originals and Anchor Bay Films. Anchor Bay Films are limited theatrical
releases that are star driven films and the stars are very willing to partner
with us as it comes to marketing this product. We&#146;ve also continued to
distribute fitness and horror, both new releases and the catalog, and these
continue to be very strong for Anchor Bay.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Some
of the Anchor Bay films are Beyond A Reasonable Doubt with Michael Douglas,
which comes out December&nbsp;22nd. When we say limited theatrical releases it&#146;s
between 20 screens, maybe, and 100 screens, whereas Overture&#146;s handling the
larger releases. The Open Road, with Jeff Bridges and Justin Timberlake, on November&nbsp;17th.
Lies and Illusions with Christian Slater and Cuba Gooding,&nbsp;Jr. And City
Island, here in the Bronx, with Andy Garcia. Both will be released in 2010.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">In
closing, the past two years have been rough for every media company, and we
have not been completely immune. Starz derives the majority of our revenue from
subscriptions and not from advertising. The premium television continuing to
offer a great value to the customers, who appreciate it even more in these
tough times.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Going
forward, we have a relatively stable and predictable core business model, with
multiyear contracts with our affiliates and our major content providers.
Instead of being threatened by new technologies, we have sought ways to take
advantage of them. We are a leader in Internet delivery of movies and on-demand
in high definition and high definition on-demand.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">In
the years ahead we will continue to seek out new ways to deliver our services
while investing to strengthen our brand and develop new compelling original
programming. We will enhance the viewing experience of our customers, which
will benefit our affiliates, and which we can distribute across multiple
distribution platforms on a worldwide basis. Now let&#146;s take a look at some of
that content&#133;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Greg
Maffei<i>  </i>&#151;<i> Liberty Media Corp. - CEO</i></font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">So
one of our core companies is Starz. It&#146;s a great cash flow generator, as you&#146;ve
seen, with great prospects going forward&#133;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Greg
Maffei<i>  </i>&#151;<i> Liberty Media Corp. - CEO</i></font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">So,
again, pretty inexpensive on these metrics. And I think there are reasons to
believe that that will normalize out and improve over the next quarters. In the
interactive space, in the Internet space we have some of the best brands out
there and truly differentiated ecommerce brands that matter to consumers. And
in our judgment have lower risk of commoditization, have more connection, have
more reason why the consumer will have an enduring touch with these brands&#133;</font></b></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">QUESTION
AND ANSWER</font></b></p>

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

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

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">John Malone &#151; Liberty Media Corp. - Chairman</font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Now,
I think you have to differentiate because you can lie with statistics all kinds
of ways. But I think the fundamental structural way that we approach the
business, which is leverage tax flow, growth and willingness to defer
gratification to achieve superior value growth, really means that from time to
time you&#146;re able to generate for the shareholders unusual events, such as we&#146;re
doing now by spinning off DirecTV, and delivering very high returns, with the
realization, the tax efficient realization that the distribution of the DTE
shares represents.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">So
one has to look at the combination of the creation of the value and when one
monetizes or realizes on it. And I think our basic philosophy of looking at
shareholder wealth creation on a long term basis has pretty typically yielded
superior returns, although from time to time you have to look through the
current stock price and at the underlying components to see that those values
are continuing to appreciate despite the volatility of the marketplace&#133;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">So a
long way of saying that almost always our market prices do not reflect the
underlying value of the company, very much like real estate. And as a result,
we have been a net stock repurchaser most of the time for most of my career
because that form of deferred gratification leads to undervaluation of your
equity security and usually you generate a cash or the ability to create the
equivalent of cash for stock shrink more efficiently than using your equity to
go out and acquire things&#133;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">So
that &#151; I hope that answers. Sort of broad answer to the question. But the
management style of opportunism, looking for good leverage growth assets and
having the greatest management team you can possibly find, great financial
engineers, great tax engineers, that&#146;s really the essence of what Liberty is&#133;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unidentified
Audience Member</font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Thank
you. if we could just further that conversation to LCAPA and L Media now, when
you look forward, if you think about developing new assets from scratch,
acquiring assets or using financial engineering, which of those three routes
will you think create the most value? And the reason I specifically say that is
the last few years you&#146;ve often commented that US media assets have become
dearly valued. And it&#146;s been difficult to be an acquirer in this market. And do
you still feel that &#151;&#133;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">John
Malone<i>  </i>&#151;<i> Liberty Media Corp. -
Chairman</i></font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Pretty
steep discounts, helped by a change in the tax code that we worked very hard to
support and achieve. And that was opportunistic. So if you look at something
like the stub of L Media of Starz, if it trades cheap, you bet we&#146;ll probably
take advantage of that cheapness&#133;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rich
Greenfield<i>  </i>&#151;<i> Pali Capital - Analyst</i></font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Hi.
Rich Greenfield of Pali. HBO is about to launch HBO Go, kind of an
authenticated HBO for HBO subscribers. It sounds like you&#146;re also working on a
Starz authenticated product to kind of leverage Starz online. And just trying
to think about where the whole Starz Play product, which was kind of the
fallout from Vongo, and when you think about what you&#146;ve done with Netflix, do
you get paid appropriately by Netflix? Do you want to work with Netflix? Is
this something that Starz should control and this should be Starz&#146; own business
for its subscribers?</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">I
know Comcast doesn&#146;t like the fact that all Netflix subscribers get Starz
movies at no extra cost. I know that Disney doesn&#146;t like what you&#146;ve done with
the Starz product online. I&#146;m just kind of curious, how does this play out? How
much money do you make from your Netflix relationship and is that something
that you actually want to continue with long term or does this go the
authenticated route the way it sounds like HBO and Showtime are moving towards?</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Greg
Maffei<i>  </i>&#151;<i> Liberty Media Corp. - CEO</i></font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Well,
I&#146;ll give my view and John or Glenn certainly should chip in. I don&#146;t know
everything, certainly, about HBO To Go. I think there are a whole series of
initiatives about taking authenticated content &#151; authenticated users, rather,
and letting them have multiple platforms to use to watch. TV Everywhere is probably
a moniker that&#146;s been described about a broader set of initiatives around cable
networks being distributed online as well as over the air.</font></b></p>

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">When
you say the fallout of Vongo, I think that&#146;s not exactly right. We secured a
whole bunch of IP subscription rights, for which we pay dearly, from our
partners. And we looked at monetizing those with the cable companies primarily
and the satellite companies early. And there really was not as much interest
probably as we would have liked and we decided to go our own way with Vongo,
which was a tough road to hoe as a retail distributor ourselves.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">We&#146;ve
since seen probably everybody&#146;s appetite to these rise up and Starz Play is our
wholesale version with our cable partners and with our satellite partners that
we think is a great addition. And in fact, it&#146;s what you&#146;re suggesting, it&#146;s
really an authenticated version. If you&#146;re a user, you can watch it online. If
you&#146;re a user of Comcast and have Starz, you can watch Starz online. So we&#146;re
all for that and showing our product on as many platforms as possible.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">And
whether it&#146;s in conjunction with our partners and the MSOs and the satellites,
that&#146;s great. As far as Netflix is concerned, no, they don&#146;t pay us enough. I&#146;m
going to talk to Reid about that soon. We&#146;ll see where that partnership goes
over time. I think they have a pretty good deal. Glen, I don&#146;t know what you
want to add.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Glenn
Curtis<i>  </i>&#151;<i> Liberty Media Corp. - CFO
- Starz Entertainment</i></font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Well,
I think what you have to understand is at the point in time that we launched
Vongo or Starz Play, the cable operators really technically weren&#146;t ready to
offer that product. They are definitely getting there now. And so it&#146;s
available to them to (inaudible - background noise) their customer base. So we
look at it as another application that will make our product very sticky with
their subscribers&#133;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unidentified
Audience Member</font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Greg,
I know you&#146;ve said in the past recently that as one director, you&#146;d be in favor
of the idea of spinning off DirecTV Latin America, which, not coincidentally,
might make any interest by a telephone company here in the company easier. I
wondered how John felt about it.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">John
Malone<i>  </i>&#151;<i> Liberty Media Corp. -
Chairman</i></font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">I
like tracking stock.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unidentified
Audience Member</font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Does
that mean (inaudible - background noise)?</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">John
Malone<i>  </i>&#151;<i> Liberty Media Corp. -
Chairman</i></font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">No.&nbsp;Clearly,
if you knew you were going to do a telco deal domestically you would spin it
off because the domestic telcos aren&#146;t that &#151; there&#146;s not much synergy for them
in Latin America. On the other hand, international represents a very good
growth opportunity for DirecTV horizontally in the event they continue to grow
and be independent. And so it&#146;s a tough call. I would say it&#146;s 50/50 because
you don&#146;t really know today.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">And
obviously, as everybody knows, for tax reasons Greg and I have not been able to
have any kind of communication with the telco world for a long while now. And
so we&#146;re just speculating on telco interest. And like any possibility, I put a
relatively low probability on any single event. Very good business, by the way.
DTV Latin America. And we don&#146;t believe that DirecTV gets anything close to
full valuation for the ownership of it. So that&#146;s why I say &#151; I mentioned
tracking stock because if nothing else, you could force the market to put a
value on it. If you didn&#146;t want to do anything else, tracker would force that.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unidentified
Audience Member</font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">If
we get a closing with DirecTV in November, when do you think is the soonest we
could hear from DirecTV about a new CEO? And when do you &#151; what do you think
are the top two or three strategic decisions that that CEO has to make?</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">John
Malone<i>  </i>&#151;<i> Liberty Media Corp. -
Chairman</i></font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Well,
hopefully we will have a CEO choice within the next month or two. It would be
very nice to have it by the time of the closing. But I don&#146;t know that we can
guarantee that. The CEO is basically going to have to participate in the &#151; let
me put it this way. A close and long-lasting relationship with the telcos in
the US is certainly a very important part of any CEO&#146;s job. And whether that
involves a transaction or merely an extension of the bundling relationships,
broadening and deepening that to include wireless, I think is going to be a
very important part of the CEO&#146;s job.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Obviously
strategy becomes very important. And as I mentioned earlier, if Comcast is
going vertical and it turns out that they can use that as a club on other
distributors, then I think DirecTV will have to contemplate and that CEO will
have to contemplate how to respond to that. I think those are the two probably
most important strategic issues. I mean operationally, just continuing to
differentiate the product and explain to the public why the product is
differentiated and superior is sort of the core operational theme within the
company.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unidentified
Audience Member</font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">So
it&#146;s both to &#151; the CEO candidate would be both an operations guy and a deal guy
or is there one that&#146;s more important than &#151;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">John
Malone<i>  </i>&#151;<i> Liberty Media Corp. -
Chairman</i></font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">No.&nbsp;Well,
not necessarily a deal guy. I mean the board can manage the deal aspects of
anything that comes its way. But it has to be a strategic guy who can
understand and implement a strategy in conjunction with the board, I think is
really the issue strategically. And obviously operationally it&#146;s not a one-man
band. It&#146;s a question of can somebody motivate and orchestrate a very good
management team in executing what is a pretty well defined differentiation
strategy&#133;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

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

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additional Information</font></u></p>

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Nothing in this transcript
shall constitute a solicitation to buy or an offer to sell shares of LEI, any
of the Liberty Media tracking stocks or shares of the new company to be issued
pursuant to the Merger Agreement with DIRECTV. &#160;The offer and sale of shares in the proposed
Split-Off and the DTV Business Combination will only be made pursuant to the
effective registration statements on file with the Securities and Exchange
Commission (SEC). &#160;Liberty Media
stockholders and other investors are urged to read the effective registration
statements, including the definitive proxy statement/prospectuses contained
therein, because they contain important information about these transactions. &#160;Copies of the effective registration
statements and the definitive proxy statement/prospectuses are available free
of charge at the SEC&#146;s website (http://www.sec.gov). &#160;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.</font></p>

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Participants in a
Solicitation</font></u></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
directors and executive officers of Liberty Media and other persons may be
deemed to be participants in the solicitation of proxies in respect of
proposals to approve the transactions. &#160;Information
regarding the directors and executive officers of each of Liberty Media, 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 are available in the definitive proxy materials filed
with the SEC.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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