Qurate Retail (QRTEP) 10-Q 7 Aug 09 2009 Q2 Quarterly report Financial data

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (USD $)
In Millions	Jun. 30, 2009	Dec. 31, 2008
Assets
Cash and cash equivalents	$3,937	$3,135
Trade and other receivables, net	1,299	1,563
Inventory, net	942	1,032
Program rights	481	497
Financial instruments (note 8)	1,819	1,157
Other current assets	155	235
Total current assets	8,633	7,619
Investments in available-for-sale securities and other cost investments, including $617 million and $392 million pledged as collateral for share borrowing arrangements (note 6)	3,550	2,859
Long-term financial instruments (note 8)	308	1,328
Investments in affiliates, accounted for using the equity method (note 7)	15,063	14,490
Property and equipment, at cost	2,070	2,027
Accumulated depreciation	(793)	(696)
Property, Plant and Equipment, Net, Total	1,277	1,331
Intangible assets not subject to amortization (note 9):
Goodwill	6,443	6,550
Trademarks	2,508	2,511
Other	158	158
Intangible assets total	9,109	9,219
Intangible assets subject to amortization, net (note 9)	3,286	3,489
Other assets, at cost, net of accumulated amortization	1,697	1,568
Total assets	42,923	41,903
Liabilities and Equity
Accounts payable	440	550
Accrued interest	92	103
Other accrued liabilities	815	999
Financial instruments (note 8)	762	553
Current portion of debt (note 10)	3,312	868
Accrued stock compensation	221	196
Current deferred income tax liabilities	1,495	781
Other current liabilities	160	98
Total current liabilities	7,297	4,148
Long-term debt, including $1,739 million and $1,691 million measured at fair value (note 10)	9,524	11,359
Long-term financial instruments (note 8)	167	189
Deferred income tax liabilities	4,186	4,900
Other liabilities	1,642	1,550
Total liabilities	22,816	22,146
Equity
Preferred stock, $.01 par value. Authorized 50,000,000 shares; no shares issued	0	0
Additional paid-in capital	25,154	25,132
Accumulated other comprehensive earnings, net of taxes	109	70
Accumulated deficit	(5,270)	(5,612)
Total stockholders' equity	20,005	19,602
Noncontrolling interests in equity of subsidiaries	102	155
Total equity	20,107	19,757
Commitments and contingencies (note 13)
Total liabilities and equity	42,923	41,903
Common Class A [Member] | Segment, Liberty Capital [Member]
Equity
Common Stock Value	1	1
Common Class A [Member] | Segment, Liberty Entertainment [Member]
Equity
Common Stock Value	5	5
Common Class A [Member] | Segment, Liberty Interactive [Member]
Equity
Common Stock Value	6	6
Common Class B [Member] | Segment, Liberty Capital [Member]
Equity
Common Stock Value	0	0
Common Class B [Member] | Segment, Liberty Entertainment [Member]
Equity
Common Stock Value	0	0
Common Class B [Member] | Segment, Liberty Interactive [Member]
Equity
Common Stock Value	0	0
Segment, Liberty Capital [Member]
Assets
Cash and cash equivalents	2,373	1,496
Trade and other receivables, net	105
Inventory, net	0
Program rights	0
Financial instruments (note 8)	1,811
Current deferred tax assets	0
Other current assets	95
Total current assets	4,384
Investments in available-for-sale securities and other cost investments, including $617 million and $392 million pledged as collateral for share borrowing arrangements (note 6)	2,830
Long-term financial instruments (note 8)	212
Investments in affiliates, accounted for using the equity method (note 7)	562
Property, Plant and Equipment, Net, Total	142
Intangible assets not subject to amortization (note 9):
Goodwill	191
Trademarks	14
Intangible assets subject to amortization, net (note 9)	204
Other assets, at cost, net of accumulated amortization	1,308
Total assets	9,847
Liabilities and Equity
Accounts payable	15
Accrued interest	32
Other accrued liabilities	96
Intergroup payable (receivable)	103
Intergroup notes	(251)
Financial instruments (note 8)	617
Current portion of debt (note 10)	2,013
Accrued stock compensation	5
Current deferred income tax liabilities	1,662
Other current liabilities	69
Total current liabilities	4,361
Long-term debt, including $1,739 million and $1,691 million measured at fair value (note 10)	2,291
Long-term financial instruments (note 8)	9
Deferred income tax liabilities	555
Other liabilities	1,457
Total liabilities	8,673
Equity
Total stockholders' equity	1,174
Noncontrolling interests in equity of subsidiaries	0
Commitments and contingencies (note 13)
Total liabilities and equity	9,847
Segment, Liberty Entertainment [Member]
Assets
Cash and cash equivalents	618	807
Trade and other receivables, net	249
Inventory, net	0
Program rights	481
Financial instruments (note 8)	7
Current deferred tax assets	66
Other current assets	4
Total current assets	1,425
Investments in available-for-sale securities and other cost investments, including $617 million and $392 million pledged as collateral for share borrowing arrangements (note 6)	2
Long-term financial instruments (note 8)	96
Investments in affiliates, accounted for using the equity method (note 7)	13,685
Property, Plant and Equipment, Net, Total	114
Intangible assets not subject to amortization (note 9):
Goodwill	367
Trademarks	2
Intangible assets subject to amortization, net (note 9)	123
Other assets, at cost, net of accumulated amortization	469
Total assets	16,283
Liabilities and Equity
Accounts payable	4
Accrued interest	0
Other accrued liabilities	176
Intergroup payable (receivable)	(84)
Intergroup notes	(251)
Financial instruments (note 8)	0
Current portion of debt (note 10)	617
Accrued stock compensation	201
Current deferred income tax liabilities	0
Other current liabilities	4
Total current liabilities	667
Long-term debt, including $1,739 million and $1,691 million measured at fair value (note 10)	1,449
Long-term financial instruments (note 8)	0
Deferred income tax liabilities	1,742
Other liabilities	10
Total liabilities	3,868
Equity
Total stockholders' equity	12,415
Noncontrolling interests in equity of subsidiaries	0
Commitments and contingencies (note 13)
Total liabilities and equity	16,283
Segment, Liberty Interactive [Member]
Assets
Cash and cash equivalents	946	832
Trade and other receivables, net	945
Inventory, net	942
Program rights	0
Financial instruments (note 8)	1
Current deferred tax assets	101
Other current assets	63
Total current assets	2,998
Investments in available-for-sale securities and other cost investments, including $617 million and $392 million pledged as collateral for share borrowing arrangements (note 6)	718
Long-term financial instruments (note 8)	0
Investments in affiliates, accounted for using the equity method (note 7)	816
Property, Plant and Equipment, Net, Total	1,021
Intangible assets not subject to amortization (note 9):
Goodwill	5,885
Trademarks	2,492
Intangible assets subject to amortization, net (note 9)	2,959
Other assets, at cost, net of accumulated amortization	78
Total assets	16,967
Liabilities and Equity
Accounts payable	421
Accrued interest	60
Other accrued liabilities	543
Intergroup payable (receivable)	(19)
Intergroup notes	502
Financial instruments (note 8)	145
Current portion of debt (note 10)	682
Accrued stock compensation	15
Current deferred income tax liabilities	0
Other current liabilities	94
Total current liabilities	2,443
Long-term debt, including $1,739 million and $1,691 million measured at fair value (note 10)	5,784
Long-term financial instruments (note 8)	158
Deferred income tax liabilities	1,889
Other liabilities	175
Total liabilities	10,449
Equity
Total stockholders' equity	6,416
Noncontrolling interests in equity of subsidiaries	102
Commitments and contingencies (note 13)
Total liabilities and equity	16,967
Segment, Inter-group eliminations [Member]
Assets
Cash and cash equivalents	0
Trade and other receivables, net	0
Inventory, net	0
Program rights	0
Financial instruments (note 8)	0
Current deferred tax assets	(167)
Other current assets	(7)
Total current assets	(174)
Investments in available-for-sale securities and other cost investments, including $617 million and $392 million pledged as collateral for share borrowing arrangements (note 6)	0
Long-term financial instruments (note 8)	0
Investments in affiliates, accounted for using the equity method (note 7)	0
Property, Plant and Equipment, Net, Total	0
Intangible assets not subject to amortization (note 9):
Goodwill	0
Trademarks	0
Intangible assets subject to amortization, net (note 9)	0
Other assets, at cost, net of accumulated amortization	0
Total assets	(174)
Liabilities and Equity
Accounts payable	0
Accrued interest	0
Other accrued liabilities	0
Intergroup payable (receivable)	0
Intergroup notes	0
Financial instruments (note 8)	0
Current portion of debt (note 10)	0
Accrued stock compensation	0
Current deferred income tax liabilities	(167)
Other current liabilities	(7)
Total current liabilities	(174)
Long-term debt, including $1,739 million and $1,691 million measured at fair value (note 10)	0
Long-term financial instruments (note 8)	0
Deferred income tax liabilities	0
Other liabilities	0
Total liabilities	(174)
Equity
Total stockholders' equity	0
Noncontrolling interests in equity of subsidiaries	0
Commitments and contingencies (note 13)
Total liabilities and equity	($174)

1_Condensed Consolidated Balanc

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)
In Millions, except Share data, unless otherwise specified	Jun. 30, 2009	Dec. 31, 2008
Condensed Consolidated Balance Sheets (Parenthetical)
Available-for-sale Securities Pledged as Collateral	$617	$392
Carrying value of debt measured at fair value	$1,739	$1,691
Preferred Stock, Par or Stated Value Per Share	0.01	0.01
Preferred Stock, Shares Authorized	50,000,000	50,000,000
Preferred Stock, Shares Issued	0	0
Common Class A [Member] | Segment, Liberty Capital [Member]
Condensed Consolidated Balance Sheets (Parenthetical)
Common Stock, Par or Stated Value Per Share	0.01	0.01
Common Stock, Shares Authorized	2,000,000,000	2,000,000,000
Common Stock, Shares, Issued	89,866,738	90,042,840
Common Stock, Shares, Outstanding	89,866,738	90,042,840
Common Class A [Member] | Segment, Liberty Entertainment [Member]
Condensed Consolidated Balance Sheets (Parenthetical)
Common Stock, Par or Stated Value Per Share	0.01	0.01
Common Stock, Shares Authorized	4,000,000,000	4,000,000,000
Common Stock, Shares, Issued	494,869,823	493,256,228
Common Stock, Shares, Outstanding	494,869,823	493,256,228
Common Class A [Member] | Segment, Liberty Interactive [Member]
Condensed Consolidated Balance Sheets (Parenthetical)
Common Stock, Par or Stated Value Per Share	0.01	0.01
Common Stock, Shares Authorized	4,000,000,000	4,000,000,000
Common Stock, Shares, Issued	566,714,927	564,385,343
Common Stock, Shares, Outstanding	566,714,927	564,385,343
Common Class B [Member] | Segment, Liberty Capital [Member]
Condensed Consolidated Balance Sheets (Parenthetical)
Common Stock, Par or Stated Value Per Share	0.01	0.01
Common Stock, Shares Authorized	75,000,000	75,000,000
Common Stock, Shares, Issued	6,024,724	6,024,724
Common Stock, Shares, Outstanding	6,024,724	6,024,724
Common Class B [Member] | Segment, Liberty Entertainment [Member]
Condensed Consolidated Balance Sheets (Parenthetical)
Common Stock, Par or Stated Value Per Share	0.01	0.01
Common Stock, Shares Authorized	150,000,000	150,000,000
Common Stock, Shares, Issued	23,697,987	23,706,209
Common Stock, Shares, Outstanding	23,697,987	23,706,209
Common Class B [Member] | Segment, Liberty Interactive [Member]
Condensed Consolidated Balance Sheets (Parenthetical)
Common Stock, Par or Stated Value Per Share	0.01	0.01
Common Stock, Shares Authorized	150,000,000	150,000,000
Common Stock, Shares, Issued	29,393,683	29,441,916
Common Stock, Shares, Outstanding	29,393,683	29,441,916

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (USD $)
In Millions	3 Months Ended Jun. 30, 2009	3 Months Ended Jun. 30, 2008	6 Months Ended Jun. 30, 2009	6 Months Ended Jun. 30, 2008
Revenue:
Net retail sales	$1,936	$1,954	$3,767	$3,904
Communications and programming services	566	533	1,060	934
Sales Revenue, Net, Total	2,502	2,487	4,827	4,838
Operating costs and expenses:
Cost of sales	1,208	1,228	2,391	2,466
Operating	543	558	999	999
Selling, general and administrative, including stock-based compensation (note 3)	281	296	554	561
Depreciation and amortization	166	176	344	353
Costs and Expenses, Total	2,198	2,258	4,288	4,379
Operating income	304	229	539	459
Other income (expense):
Interest expense	(161)	(187)	(315)	(353)
Dividend and interest income	43	41	74	100
Share of earnings of affiliates, net (note 7)	171	165	105	210
Realized and unrealized gains (losses) on financial instruments, net (note 8)	163	(37)	(81)	(322)
Gains (losses) on dispositions, net (notes 6 and 7)	166	(1)	164	3,681
Other, net	35	0	(12)	(2)
Nonoperating Income (Expense), Total	417	(19)	(65)	3,314
Earnings before income taxes	721	210	474	3,773
Income tax benefit (expense)	(235)	(76)	(115)	1,830
Net earnings	486	134	359	5,603
Less net earnings attributable to the noncontrolling interests	8	9	17	21
Net earnings attributable to Liberty Media Corporation shareholders	478	125	342	5,582
Segment, Liberty Capital [Member]
Revenue:
Net retail sales	0	0	0	0
Communications and programming services	199	174	324	265
Sales Revenue, Net, Total	199	174	324	265
Operating costs and expenses:
Cost of sales	0	0	0	0
Operating	142	138	235	212
Selling, general and administrative, including stock-based compensation (note 3)	54	76	119	156
Depreciation and amortization	22	28	42	54
Costs and Expenses, Total	218	242	396	422
Operating income	(19)	(68)	(72)	(157)
Other income (expense):
Interest expense	(33)	(43)	(73)	(81)
Dividend and interest income	41	28	67	78
Intergroup interest income (expense)	1		1
Share of earnings of affiliates, net (note 7)	4	(13)	(4)	(23)
Realized and unrealized gains (losses) on financial instruments, net (note 8)	239	41	40	(202)
Gains (losses) on dispositions, net (notes 6 and 7)	113	0	113	15
Other, net	(2)	0	(2)	(3)
Nonoperating Income (Expense), Total	363	13	142	(216)
Earnings before income taxes	344	(55)	70	(373)
Income tax benefit (expense)	(143)	24	(29)	176
Net earnings	201	(31)	41	(197)
Less net earnings attributable to the noncontrolling interests	0	(1)	0	4
Net earnings (loss) attributable to Liberty Media Corporation shareholders (specific to exhibit 99)	201	(30)	41	(201)
Net earnings attributable to Liberty Media Corporation shareholders	201	(30)	41	(135)
Basic net earnings (loss) attributable to Liberty Media Corporation shareholders per common share (note 4):
Earnings Per Share, Basic, Total	2.09	-0.24	0.43	-1.06
Diluted net earnings (loss) attributable to Liberty Media Corporation shareholders per common share (note 4):
Earnings Per Share, Diluted, Total	2.07	-0.24	0.42	-1.06
Segment, Liberty Entertainment [Member]
Revenue:
Net retail sales	0	0	0	0
Communications and programming services	367	359	736	669
Sales Revenue, Net, Total	367	359	736	669
Operating costs and expenses:
Cost of sales	0	0	0	0
Operating	226	239	417	426
Selling, general and administrative, including stock-based compensation (note 3)	75	73	138	122
Depreciation and amortization	9	12	20	24
Costs and Expenses, Total	310	324	575	572
Operating income	57	35	161	97
Other income (expense):
Interest expense	(18)	(22)	(36)	(29)
Dividend and interest income	0	6	1	9
Intergroup interest income (expense)	1		1
Share of earnings of affiliates, net (note 7)	155	155	192	198
Realized and unrealized gains (losses) on financial instruments, net (note 8)	(101)	(77)	(74)	(82)
Gains (losses) on dispositions, net (notes 6 and 7)	54	(1)	54	3,666
Other, net	(2)	0	(37)	0
Nonoperating Income (Expense), Total	89	61	101	3,762
Earnings before income taxes	146	96	262	3,859
Income tax benefit (expense)	3	(33)	(32)	1,707
Net earnings	149	63	230	5,566
Less net earnings attributable to the noncontrolling interests	0	0	0	0
Net earnings (loss) attributable to Liberty Media Corporation shareholders (specific to exhibit 99)	149	63	230	5,566
Net earnings attributable to Liberty Media Corporation shareholders	149	63	230	98
Basic net earnings (loss) attributable to Liberty Media Corporation shareholders per common share (note 4):
Earnings Per Share, Basic, Total	0.29	0.12	0.44	0.19
Diluted net earnings (loss) attributable to Liberty Media Corporation shareholders per common share (note 4):
Earnings Per Share, Diluted, Total	0.29	0.12	0.44	0.19
Segment, Liberty Interactive [Member]
Revenue:
Net retail sales	1,936	1,954	3,767	3,904
Communications and programming services	0	0	0	0
Sales Revenue, Net, Total	1,936	1,954	3,767	3,904
Operating costs and expenses:
Cost of sales	1,208	1,228	2,391	2,466
Operating	175	181	347	361
Selling, general and administrative, including stock-based compensation (note 3)	152	147	297	283
Depreciation and amortization	135	136	282	275
Costs and Expenses, Total	1,670	1,692	3,317	3,385
Operating income	266	262	450	519
Other income (expense):
Interest expense	(110)	(122)	(206)	(243)
Dividend and interest income	2	7	6	13
Intergroup interest income (expense)	(2)		(2)
Share of earnings of affiliates, net (note 7)	12	23	(83)	35
Realized and unrealized gains (losses) on financial instruments, net (note 8)	25	(1)	(47)	(38)
Gains (losses) on dispositions, net (notes 6 and 7)	(1)	0	(3)	0
Other, net	39	0	27	1
Nonoperating Income (Expense), Total	(35)	(93)	(308)	(232)
Earnings before income taxes	231	169	142	287
Income tax benefit (expense)	(95)	(67)	(54)	(53)
Net earnings	136	102	88	234
Less net earnings attributable to the noncontrolling interests	8	10	17	17
Net earnings (loss) attributable to Liberty Media Corporation shareholders (specific to exhibit 99)	128	92	71	217
Net earnings attributable to Liberty Media Corporation shareholders	128	92	71	217
Basic net earnings (loss) attributable to Liberty Media Corporation shareholders per common share (note 4):
Earnings Per Share, Basic, Total	0.22	0.15	0.12	0.36
Diluted net earnings (loss) attributable to Liberty Media Corporation shareholders per common share (note 4):
Earnings Per Share, Diluted, Total	0.21	0.15	0.12	0.36
Segment, Old Liberty Capital [Member]
Other income (expense):
Net earnings attributable to Liberty Media Corporation shareholders	$0	$0	$0	$5,402
Basic net earnings (loss) attributable to Liberty Media Corporation shareholders per common share (note 4):
Earnings Per Share, Basic, Total	$0	$0	$0	41.88
Diluted net earnings (loss) attributable to Liberty Media Corporation shareholders per common share (note 4):
Earnings Per Share, Diluted, Total	$0	$0	$0	41.55

2_Condensed Consolidated Statem

Condensed Consolidated Statements of Comprehensive Earnings (Loss) (USD $)
In Millions	3 Months Ended Jun. 30, 2009	3 Months Ended Jun. 30, 2008	6 Months Ended Jun. 30, 2009	6 Months Ended Jun. 30, 2008
Net earnings	$486	$134	$359	$5,603
Other comprehensive earnings (loss), net of taxes:
Foreign currency translation adjustments	68	(14)	(19)	80
Unrealized holding gains (losses) arising during the period	23	(75)	21	(719)
Recognition of previously unrealized gains on available-for-sale securities, net	(1)	0	0	(2,273)
Share of other comprehensive earnings (loss) of equity affiliates	5	(1)	(10)	(2)
Other	20	47	37	(1)
Other comprehensive earnings (loss)	115	(43)	29	(2,915)
Comprehensive earnings	601	91	388	2,688
Less comprehensive earnings attributable to the noncontrolling interests	11	2	7	26
Comprehensive earnings attributable to Liberty Media Corporation shareholders	590	89	381	2,662
Segment, Liberty Capital [Member]
Net earnings	201	(31)	41	(197)
Other comprehensive earnings (loss), net of taxes:
Foreign currency translation adjustments	1	1	1	(2)
Unrealized holding gains (losses) arising during the period	10	(2)	13	(2)
Recognition of previously unrealized gains on available-for-sale securities, net	0	0	0	0
Share of other comprehensive earnings (loss) of equity affiliates	0		0
Other	0	0	0	0
Other comprehensive earnings (loss)	11	(1)	14	(4)
Comprehensive earnings	212	(32)	55	(201)
Less comprehensive earnings attributable to the noncontrolling interests	0	(1)	0	4
Comprehensive earnings (loss) attributable to Liberty Media Corporation shareholders (specific to exhibit 99)	212	(31)	55	(205)
Comprehensive earnings attributable to Liberty Media Corporation shareholders	212	(31)	55	(138)
Segment, Liberty Entertainment [Member]
Net earnings	149	63	230	5,566
Other comprehensive earnings (loss), net of taxes:
Foreign currency translation adjustments	0	0	0	0
Unrealized holding gains (losses) arising during the period	1	1	0	(312)
Recognition of previously unrealized gains on available-for-sale securities, net	(1)	0	(1)	(2,273)
Share of other comprehensive earnings (loss) of equity affiliates	(5)	(2)	(5)	(3)
Other	0	0	0	0
Other comprehensive earnings (loss)	(5)	(1)	(6)	(2,588)
Comprehensive earnings	144	62	224	2,978
Less comprehensive earnings attributable to the noncontrolling interests	0	0	0	0
Comprehensive earnings (loss) attributable to Liberty Media Corporation shareholders (specific to exhibit 99)	144	62	224	2,978
Comprehensive earnings attributable to Liberty Media Corporation shareholders	144	62	224	95
Segment, Liberty Interactive [Member]
Net earnings	136	102	88	234
Other comprehensive earnings (loss), net of taxes:
Foreign currency translation adjustments	67	(15)	(20)	82
Unrealized holding gains (losses) arising during the period	12	(74)	8	(405)
Recognition of previously unrealized gains on available-for-sale securities, net	0	0	1	0
Share of other comprehensive earnings (loss) of equity affiliates	10	1	(5)	1
Other	20	47	37	(1)
Other comprehensive earnings (loss)	109	(41)	21	(323)
Comprehensive earnings	245	61	109	(89)
Less comprehensive earnings attributable to the noncontrolling interests	11	3	7	22
Comprehensive earnings (loss) attributable to Liberty Media Corporation shareholders (specific to exhibit 99)	234	58	102	(111)
Comprehensive earnings attributable to Liberty Media Corporation shareholders	234	58	102	(111)
Segment, Old Liberty Capital [Member]
Other comprehensive earnings (loss), net of taxes:
Comprehensive earnings attributable to Liberty Media Corporation shareholders	$0	$0	$0	$2,816

3_Condensed Consolidated Statem

Condensed Consolidated Statements of Cash Flows (USD $)
In Millions	6 Months Ended Jun. 30, 2009	6 Months Ended Jun. 30, 2008
Cash flows from operating activities:
Net earnings	$359	$5,603
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	344	353
Stock-based compensation	63	43
Cash payments for stock-based compensation	(11)	(19)
Noncash interest expense	74	18
Share of earnings of affiliates, net	(105)	(210)
Cash receipts from returns on equity investments	28	0
Realized and unrealized losses on financial instruments, net	81	322
Gains on disposition of assets, net	(164)	(3,681)
Deferred income tax benefit	(64)	(2,101)
Other noncash charges, net	51	20
Changes in operating assets and liabilities, net of the effects of acquisitions and dispositions:
Current assets	348	(26)
Payables and other current liabilities	(158)	(122)
Net cash provided by operating activities	846	200
Cash flows from investing activities:
Cash proceeds from dispositions	483	24
Proceeds from settlement of financial instruments	61	12
Cash received in exchange transactions	0	465
Cash paid for acquisitions, net of cash acquired	(3)	(46)
Investments in and loans to cost and equity investees	(699)	(2,517)
Capital expenditures	(97)	(92)
Net sales of short term investments	59	67
Net decrease in restricted cash	24	340
Other investing activities, net	(23)	(24)
Net cash used by investing activities	(195)	(1,771)
Cash flows from financing activities:
Borrowings of debt	1,979	3,784
Repayments of debt	(1,735)	(1,165)
Repurchases of Liberty common stock	(3)	(252)
Other financing activities, net	(66)	(68)
Net cash provided by financing activities	175	2,299
Effect of foreign currency exchange rates on cash	(24)	13
Net increase in cash and cash equivalents	802	741
Cash and cash equivalents at beginning of period	3,135	3,135
Cash and cash equivalents at end of period	3,937	3,876
Segment, Liberty Capital [Member]
Cash flows from operating activities:
Net earnings	41	(197)
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	42	54
Stock-based compensation	2	4
Cash payments for stock-based compensation	0	0
Noncash interest expense	0
Share of earnings of affiliates, net	4	23
Cash receipts from returns on equity investments	0
Realized and unrealized losses on financial instruments, net	(40)	202
Gains on disposition of assets, net	(113)	(15)
Intergroup tax allocation	(154)	(140)
Intergroup tax payments	255	167
Other intergroup cash transfers, net	(4)	60
Deferred income tax benefit	59	(253)
Other noncash charges, net	35	19
Changes in operating assets and liabilities, net of the effects of acquisitions and dispositions:
Current assets	34	(138)
Payables and other current liabilities	64	112
Net cash provided by operating activities	225	(102)
Cash flows from investing activities:
Cash proceeds from dispositions	346	16
Proceeds from settlement of financial instruments	40	12
Cash received in exchange transactions	(1)	0
Cash paid for acquisitions, net of cash acquired		(6)
Investments in and loans to cost and equity investees	(586)	(22)
Capital expenditures	(7)	67
Net sales of short term investments	59	(200)
Net decrease in restricted cash	36	340
Other investing activities, net	(3)	(10)
Net cash used by investing activities	(116)	197
Cash flows from financing activities:
Borrowings of debt	1,964	1,189
Repayments of debt	(251)	(1,007)
Repurchases of Liberty common stock	(973)	(177)
Intergroup cash transfers	(3)	(450)
Other financing activities, net	31	(22)
Net cash provided by financing activities	768	(467)
Effect of foreign currency exchange rates on cash	0	0
Net increase in cash and cash equivalents	877	(372)
Cash and cash equivalents at beginning of period	1,496	2,488
Cash and cash equivalents at end of period	2,373	2,116
Segment, Liberty Entertainment [Member]
Cash flows from operating activities:
Net earnings	230	5,566
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	20	24
Stock-based compensation	40	22
Cash payments for stock-based compensation	(2)	(10)
Noncash interest expense	35
Share of earnings of affiliates, net	(192)	(198)
Cash receipts from returns on equity investments	28
Realized and unrealized losses on financial instruments, net	74	82
Gains on disposition of assets, net	(54)	(3,666)
Intergroup tax allocation	57	31
Intergroup tax payments	(117)	(49)
Other intergroup cash transfers, net	(4)	3
Deferred income tax benefit	(27)	(1,739)
Other noncash charges, net	38	16
Changes in operating assets and liabilities, net of the effects of acquisitions and dispositions:
Current assets	(36)	(58)
Payables and other current liabilities	12	13
Net cash provided by operating activities	102	37
Cash flows from investing activities:
Cash proceeds from dispositions	65	8
Proceeds from settlement of financial instruments	21	0
Cash received in exchange transactions	0	465
Cash paid for acquisitions, net of cash acquired		0
Investments in and loans to cost and equity investees	(90)	(3)
Capital expenditures	(6)	0
Net sales of short term investments	0	(1,977)
Net decrease in restricted cash	1	0
Other investing activities, net	(21)	(12)
Net cash used by investing activities	(30)	(1,519)
Cash flows from financing activities:
Borrowings of debt	0	1,977
Repayments of debt	(251)	(2)
Repurchases of Liberty common stock	(2)	0
Intergroup cash transfers	0	450
Other financing activities, net	0	(4)
Net cash provided by financing activities	(253)	2,421
Effect of foreign currency exchange rates on cash	(8)	0
Net increase in cash and cash equivalents	(189)	939
Cash and cash equivalents at beginning of period	807	90
Cash and cash equivalents at end of period	618	1,029
Segment, Liberty Interactive [Member]
Cash flows from operating activities:
Net earnings	88	234
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	282	275
Stock-based compensation	21	17
Cash payments for stock-based compensation	(9)	(9)
Noncash interest expense	39
Share of earnings of affiliates, net	83	(35)
Cash receipts from returns on equity investments	0
Realized and unrealized losses on financial instruments, net	47	38
Gains on disposition of assets, net	3	0
Intergroup tax allocation	97	109
Intergroup tax payments	(138)	(118)
Other intergroup cash transfers, net	8	(63)
Deferred income tax benefit	(96)	(109)
Other noncash charges, net	(22)	3
Changes in operating assets and liabilities, net of the effects of acquisitions and dispositions:
Current assets	350	170
Payables and other current liabilities	(234)	(247)
Net cash provided by operating activities	519	265
Cash flows from investing activities:
Cash proceeds from dispositions	72	0
Proceeds from settlement of financial instruments	0	0
Cash received in exchange transactions	(2)	0
Cash paid for acquisitions, net of cash acquired		(40)
Investments in and loans to cost and equity investees	(23)	(67)
Capital expenditures	(84)	0
Net sales of short term investments	0	(340)
Net decrease in restricted cash	(13)	0
Other investing activities, net	1	(2)
Net cash used by investing activities	(49)	(449)
Cash flows from financing activities:
Borrowings of debt	15	618
Repayments of debt	502	(156)
Repurchases of Liberty common stock	(760)	(75)
Intergroup cash transfers	0	0
Other financing activities, net	(97)	(42)
Net cash provided by financing activities	(340)	345
Effect of foreign currency exchange rates on cash	(16)	13
Net increase in cash and cash equivalents	114	174
Cash and cash equivalents at beginning of period	832	557
Cash and cash equivalents at end of period	$946	$731

4_Condensed Consolidated Statem

Condensed Consolidated Statement of Equity (USD $)
In Millions	6 Months Ended Jun. 30, 2009
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	$19,757
Net earnings	359
Other comprehensive earnings (loss)	29
Stock compensation	25
Series A Liberty Capital stock repurchases	(3)
Distribution to noncontrolling interest	(59)
Other	(1)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	20,107
Additional Paid-in Capital [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	25,132
Stock compensation	25
Series A Liberty Capital stock repurchases	(3)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	25,154
Accumulated other comprehensive earnings [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	70
Other comprehensive earnings (loss)	39
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	109
Accumulated deficit [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	(5,612)
Net earnings	342
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	(5,270)
Common Stock [Member] | Common Class A [Member] | Segment, Liberty Capital [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	1
Common Stock [Member] | Common Class A [Member] | Segment, Liberty Entertainment [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	5
Common Stock [Member] | Common Class A [Member] | Segment, Liberty Interactive [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	6
Noncontrolling interest in equity of subsidiaries [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	155
Net earnings	17
Other comprehensive earnings (loss)	(10)
Distribution to noncontrolling interest	(59)
Other	(1)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	102
Segment, Liberty Capital [Member]
Net earnings	41
Other comprehensive earnings (loss)	14
Segment, Liberty Entertainment [Member]
Net earnings	230
Other comprehensive earnings (loss)	(6)
Segment, Liberty Interactive [Member]
Net earnings	88
Other comprehensive earnings (loss)	$21

Basis of Presentation

Basis of Presentation
	6 Months Ended Jun. 30, 2009
Basis of Presentation [Abstract]
Basis of Presentation	(1)Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of Liberty Media Corporation and its controlled subsidiaries (collectively, "Liberty" or the "Company" unless the context otherwise requires). All significant intercompany accounts and transactions have been eliminated in consolidation. Liberty, through its ownership of interests in subsidiaries and other companies, is primarily engaged in the video and on-line commerce, media, communications and entertainment industries in North America, South America, Europe and Asia. Effective January1, 2009, Liberty adopted Statement of Financial Accounting Standards No.160, "Noncontrolling Interests in Consolidated Financial Statements" ("Statement 160"). Statement 160 establishes accounting and reporting standards for the noncontrolling interest in a subsidiary, commonly referred to as minority interest. Among other matters, Statement 160 requires (a)the noncontrolling interest be reported within equity in the balance sheet and (b)the amount of consolidated net income attributable to the parent and to the noncontrolling interest to be clearly presented in the statement of income. Statement 160 and EITF Topic 08-6 also require that SAB51 Gains for subsidiaries be recorded in equity and SAB51 Gains for equity affiliates be recorded in earnings. Liberty has applied the provisions of Statement 160 prospectively, except for the presentation and disclosure requirements, which have been applied retrospectively for all periods presented. The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and the instructions to Form10-Q and Article10 of RegulationS-X as promulgated by the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the results for such periods have been included. The results of operations for any interim period are not necessarily indicative of results for the full year. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in Liberty's Annual Report on Form10-K for the year ended December31, 2008, as amended. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Liberty considers (i)fair value measurement, (ii)accounting for income taxes, (iii)assessments of other-than-temporary declines in fair value of its investments and (iv)estimates of retail-related adjustments and allowances to be its most significant estimates. Liberty holds investments that

Tracking Stocks

Tracking Stocks
	6 Months Ended Jun. 30, 2009
Tracking Stocks [Abstract]
Tracking Stocks	(2)Tracking Stocks Prior to March3, 2008, Liberty had two tracking stocksLiberty Interactive common stock and Liberty Capital common stock, which were intended to track and reflect the economic performance of the Interactive Group and the Capital Group, respectively. On March3, 2008, Liberty completed a reclassification (the "Reclassification") of its Liberty Capital common stock (herein referred to as "Old Liberty Capital common stock") whereby each share of Old SeriesA Liberty Capital common stock was reclassified into four shares of SeriesA Liberty Entertainment common stock and one share of new SeriesA Liberty Capital common stock, and each share of Old SeriesB Liberty Capital common stock was reclassified into four shares of SeriesB Liberty Entertainment common stock and one share of new SeriesB Liberty Capital common stock. The Liberty Entertainment common stock is intended to track and reflect the economic performance of the Entertainment Group. The Reclassification did not change the businesses, assets and liabilities attributed to the Interactive Group. Tracking stock is a type of common stock that the issuing company intends to reflect or "track" the economic performance of a particular business or "group," rather than the economic performance of the company as a whole. While the Interactive Group, the Entertainment Group and the Capital Group have separate collections of businesses, assets and liabilities attributed to them, no group is a separate legal entity and therefore cannot own assets, issue securities or enter into legally binding agreements. Holders of tracking stocks have no direct claim to the group's stock or assets and are not represented by separate boards of directors. Instead, holders of tracking stock are stockholders of the parent corporation, with a single board of directors and subject to all of the risks and liabilities of the parent corporation. The term "Interactive Group" does not represent a separate legal entity, rather it represents those businesses, assets and liabilities which Liberty has attributed to that group. The assets and businesses Liberty has attributed to the Interactive Group are those engaged in video and on-line commerce, and include its subsidiaries QVC,Inc. ("QVC"), Provide Commerce,Inc. ("Provide"), Backcountry.com,Inc. ("Backcountry"), Bodybuilding.com,LLC ("Bodybuilding") and BuySeasons,Inc. ("BuySeasons") and its noncontrolling interest in Expedia,Inc. ("Expedia"), HSN,Inc. ("HSN"), Interval Leisure Group,Inc. ("Interval"), Ticketmaster Entertainment,Inc. ("Ticketmaster"), Tree.com,Inc. ("Lending Tree") and IAC/InterActiveCorp ("IAC"). In addition, Liberty has attributed $2,252million principal amount (as of June30, 2009) of its public debt to the Interactive Group. The Interactive Group will also include such other businesses, assets and liabilities that Liberty's board of directors may in the future determine to attribute to the Interactive Group, including such other businesses and assets as Liberty may acquire for the Interactive Group. Similarly, the term "Entertainment Group" does not represent a separate legal entity, rather it represents those businesses, a

Stock-Based Compensation

Stock-Based Compensation
	6 Months Ended Jun. 30, 2009
Stock-Based Compensation [Abstract]
Stock-Based Compensation	(3)Stock-Based Compensation The Company has granted to its directors, employees and employees of its subsidiaries options and stock appreciation rights ("SARs") to purchase shares of Liberty common stock (collectively, "Awards"). The Company accounts for stock-based compensation pursuant to Statement of Financial Accounting Standards No.123 (revised 2004), "Share-Based Payment" ("Statement 123R"). Statement 123R generally requires companies to measure the cost of employee services received in exchange for an Award of equity instruments (such as stock options and restricted stock) based on the grant-date fair value of the Award, and to recognize that cost over the period during which the employee is required to provide service (usually the vesting period of the Award). Statement 123R also requires companies to measure the cost of employee services received in exchange for an Award of liability instruments (such as stock appreciation rights that will be settled in cash) based on the current fair value of the Award, and to remeasure the fair value of the Award at each reporting date. Included in selling, general and administrative expenses in the accompanying condensed consolidated statements of operations are the following amounts of stock-based compensation (amounts in millions): Three months ended: June30, 2009 $ 35 June30, 2008 $ 27 Six months ended: June30, 2009 $ 63 June30, 2008 $ 43 During the six months ended June30, 2009, Liberty granted primarily to QVC employees 6.7million options to purchase shares of SeriesA Liberty Interactive common stock. Such options had a weighted average grant-date fair value of $.85. In addition, in April 2009, Liberty completed an exchange offer pursuant to which eligible employees of QVC and BuySeasons were offered the opportunity to exchange all (but not less than all) of their outstanding stock options to purchase shares of SeriesA Liberty Interactive common stock ("LINTA") with an exercise price greater than $7.00 for new options to acquire shares of LINTA. Eligible option holders tendered an aggregate of 11,311,787 shares of LINTA. In exchange, Liberty granted the tendering option holders an aggregate of 2,828,022 options to purchase shares of LINTA with an exercise price of $3.41 per share and 2,828,022 options to purchase shares of LINTA with an exercise price of $6.00 per share. The difference between the fair value of the options granted in the exchange offer and the fair value of the options tendered, which aggregated $3million, will be recognized as stock compensation expense over the vesting term of the options granted. The Company has calculated the grant-date fair value for all of its equity classified awards and any subsequent remeasurement of its liability classified awards using the Black-Scholes Model. The Company estimates the expected term of the Awards based on historical exercise and forfeiture data. The volatility used in the calculation for Awards is based on the historical volatility of Liberty's stocks and the implied volatility of publicly traded Liberty options. The

Earnings

Earnings (Loss) Per Common Share
	6 Months Ended Jun. 30, 2009
Earnings (Loss) Per Common Share [Abstract]
Earnings (Loss) Per Common Share	(4)Earnings (Loss) Per Common Share Basic earnings (loss) per common share ("EPS") is computed by dividing net earnings (loss) by the weighted average number of common shares outstanding for the period. Diluted EPS presents the dilutive effect on a per share basis of potential common shares as if they had been converted at the beginning of the periods presented. Old SeriesA and SeriesB Liberty Capital Common Stock Old Liberty Capital basic EPS for the period from January1, 2008 to the Reclassification, was computed by dividing the net earnings attributable to the Capital Group by the weighted average outstanding shares of Old Liberty Capital common stock for the period (129million). Fully diluted EPS for the two months in 2008 includes 1million common stock equivalents. SeriesA and SeriesB Liberty Capital Common Stock The basic and diluted EPS calculation is based on the following weighted average outstanding shares. Excluded from diluted EPS for the six months ended June30, 2009 are 3million potential common shares because their inclusion would be antidilutive. Liberty Capital Common Stock Three months ended June30, 2009 Six months ended June30, 2009 Three months ended June30, 2008 Period from March4, 2008 to June30, 2008 numbers of shares in millions Basic EPS 96 96 126 127 Stock options 1 1 Diluted EPS 97 97 126 127 SeriesA and SeriesB Liberty Entertainment Common Stock The basic and diluted EPS calculation is based on the following weighted average outstanding shares. Excluded from diluted EPS for the six months ended June30, 2009 are 3million potential common shares because their inclusion would be antidilutive. Liberty Entertainment Common Stock Three months ended June30, 2009 Six months ended June30, 2009 Three months ended June30, 2008 Period from March4, 2008 to June30, 2008 numbers of shares in millions Basic EPS 517 517 516 516 Stock options 4 3 4 3 Diluted EPS 521 520 520 519 SeriesA and SeriesB Liberty Interactive Common Stock The basic and diluted EPS calculation is based on the following weighted average outstanding shares. Excluded from diluted EPS for the six months ended June30, 2009 are 22million potential common shares because their inclusion would be antidilutive. Liberty Interactive Common Stock Three months ended June30, 2009 Six months ended June30, 2009 Three months ended June30, 2008 Six months ended June30, 2008 numbers of shares in millions Basic EPS 594 594 594 595 Stock options 4 3

Assets and Liabilities Measured

Assets and Liabilities Measured at Fair Value
	6 Months Ended Jun. 30, 2009
Assets and Liabilities Measured at Fair Value [Abstract]
Assets and Liabilities Measured at Fair Value	(5)Assets and Liabilities Measured at Fair Value Liberty uses the provisions of Statement of Financial Accounting Standards No.157, "Fair Value Measurements" ("Statement 157") to account for assets and liabilities that are required to be reported at fair value. Statement 157 defines fair value, prescribes a framework for measuring fair value under GAAP and expands disclosures about fair value measurements. Statement 157 provides a hierarchy that prioritizes inputs to valuation techniques used to measure fair value into three broad levels. Level1 inputs are quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level2 inputs are inputs, other than quoted market prices included within Level1, that are observable for the asset or liability, either directly or indirectly. Level3 inputs are unobservable inputs for the asset or liability. The Company's assets and liabilities measured at fair value are as follows: Fair Value Measurements at June30, 2009 Using Description Total Quoted prices in active markets for identical assets (Level1) Significant other observable inputs (Level2) Significant unobservable inputs (Level3) amounts in millions Available-for-sale securities $ 3,510 3,213 297 Financial instrument assets $ 2,127 2,127 Financial instrument liabilities $ 929 617 312 Debt $ 1,739 1,739 The Company uses the Black-Scholes Model to estimate fair value for the majority of its Level2 financial instrument assets and liabilities using observable inputs such as exchange-traded equity prices, risk-free interest rates, dividend yields and volatilities obtained from pricing services. For the Company's debt instruments reported at fair value, the Company gets quoted market prices from pricing services or from evidence of observable inputs, some of which may be obtained using third-party brokers. However, the Company does not believe such instruments are traded on "active markets," as defined in Statement 157. Accordingly, the debt instruments are reported in the foregoing table as Level2 fair value. Statement 157 requires the incorporation of a credit risk valuation adjustment in the Company's fair value measurements to estimate the impact of both its own nonperformance risk and the nonperformance risk of its counterparties. The Company estimates credit risk associated with its and its counterparties nonperformance primarily by using observable credit default swap rates for terms similar to those of the remaining life of the instrument, adjusted for any master netting arrangements or other factors that provide an estimate of nonperformance risk. These are Level3 inputs. However, as the credit risk valuation adjustments were not significant, the Company continues to report its equity collars, interest rate swaps and put options as Level2.

Investments in Available-for-Sa

Investments in Available-for-Sale Securities and Other Cost Investments
	6 Months Ended Jun. 30, 2009
Investments in Available-for-Sale Securities and Other Cost Investments [Abstract]
Investments in Available-for-Sale Securities and Other Cost Investments	(6)Investments in Available-for-Sale Securities and Other Cost Investments All marketable equity and debt securities held by the Company are classified as available-for-sale ("AFS") and are carried at fair value generally based on quoted market prices. Liberty accounts for certain of its AFS securities pursuant to Statement of Financial Accounting Standards No.159, "The Fair Value Option for Financial Assets and Financial Liabilities, including an amendment of FASB Statement No.115" ("Statement 159"). Statement 159 permits entities to choose to measure many financial instruments, such as AFS securities, and certain other items at fair value and to recognize the changes in fair value of such instruments in the entity's statement of operations. Liberty has entered into economic hedges for certain of its non-strategic AFS securities (although such instruments are not accounted for as fair value hedges by the Company). Changes in the fair value of these economic hedges are reflected in Liberty's statement of operations as unrealized gains (losses). In order to better match the changes in fair value of the subject AFS securities and the changes in fair value of the corresponding economic hedges in the Company's financial statements, Liberty has elected to apply the provisions of Statement 159 to those of its AFS securities ("Statement 159 Securities") which it considers to be non-strategic. Accordingly, changes in the fair value of Statement 159 Securities, as determined by quoted market prices, are reported in realized and unrealized gains (losses) on financial instruments in the accompanying condensed consolidated statements of operations. The total value of AFS securities for which the Company has elected the fair value option aggregated $2,617million as of June30, 2009. Investments in AFS securities and other cost investments are summarized as follows: June30, 2009 December31, 2008 amounts in millions Capital Group Time WarnerInc.(1) $ 862 1,033 Time Warner CableInc.(2) 272 Sprint Nextel Corporation ("Sprint")(3) 410 160 Motorola,Inc.(4) 344 328 Viacom,Inc. 172 145 Embarq Corporation(5) 195 157 Other AFS equity securities(6) 62 40 Other AFS debt securities 481 224 Other cost investments and related receivables 32 31 Total attributed Capital Group 2,830 2,118 Interactive Group IAC/InterActiveCorp ("IAC") 578 638 Other 140 101 Total attributed Interactive Group 718 739 Entertainment Group Other 2 2 Total attributed Entertainment Group 2 2 Consolidated Liberty $ 3,550 2,859 (1) Includes $76million and $91million of shares pledged as col

Investments in Affiliates Accou

Investments in Affiliates Accounted for Using the Equity Method
	6 Months Ended Jun. 30, 2009
Investments in Affiliates Accounted for Using the Equity Method [Abstract]
Investments in Affiliates Accounted for Using the Equity Method	(7)Investments in Affiliates Accounted for Using the Equity Method Liberty has various investments accounted for using the equity method. The following table includes Liberty's carrying amount and percentage ownership of the more significant investments in affiliates at June30, 2009 and the carrying amount at December31, 2008: June30, 2009 December31, 2008 Percentage ownership Carrying amount Carrying amount dollar amounts in millions Entertainment Group DIRECTV 55 % $ 13,225 13,085 Other various 460 281 Interactive Group Expedia 24 % 575 559 Other various 241 342 Capital Group Sirius 40 % 344 Other various 218 223 $ 15,063 14,490 The following table presents Liberty's share of earnings (losses) of affiliates: Six months ended June30, 2009 2008 amounts in millions Entertainment Group DIRECTV $ 179 190 Other 13 8 Interactive Group Expedia 19 35 Other (102 ) Capital Group Sirius 4 Other (8 ) (23 ) $ 105 210 DIRECTV On February27, 2008, Liberty completed a transaction with News Corporation (the "News Corporation Exchange") in which Liberty exchanged all of its 512.6million shares of News Corporation common stock valued at $10,143million on the closing date for a subsidiary of News Corporation that held an approximate 41% interest in DIRECTV, three regional sports television networks that now comprise Liberty Sports Group and $463million in cash. In addition, Liberty incurred $21million of acquisition costs. Liberty recognized a pre-tax gain of $3,666million in the first quarter of 2008 based on the difference between the fair value and the cost basis of the News Corporation shares exchanged. Liberty accounted for the News Corporation Exchange as a nonmonetary exchange under APB Opinion No.29 "Accounting for Nonmonetary Transactions." Accordingly, Liberty recorded the assets received at an amount equal to the fair value of the News Corporation common stock given up. Such amount was allocated to DIRECTV and Liberty Sports Group based on their relative fair values as follows (amounts in millions): Cash $ 463 DIRECTV 10,765 Liberty Sports Group 448 Deferred tax liability (1,512 ) Total $ 10,164 Liberty estimated the fair values of Liberty Sports Group and DIRECTV's assets using a combination of discounted cash flows and market prices for comparable assets. At the time of closing, t

Financial Instruments

Financial Instruments
	6 Months Ended Jun. 30, 2009
Financial Instruments [Abstract]
Financial Instruments	(8)Financial Instruments The Company's financial instruments are summarized as follows: Type of financial instrument June30, 2009 December31, 2008 amounts in millions Assets Equity collars(1) $ 2,124 2,392 Other 3 93 2,127 2,485 Less current portion (1,819 ) (1,157 ) $ 308 1,328 Liabilities Borrowed shares $ 617 392 Other 312 350 929 742 Less current portion (762 ) (553 ) $ 167 189 (1) Includes $2,022million and $102million at June30, 2009 related to the Company's Sprint and DIRECTV equity collars, respectively. The Company has made borrowings against substantially all of the future cash proceeds to be received by the Company upon expiration of these equity collars. See note10. Realized and Unrealized Gains (Losses) on Financial Instruments Realized and unrealized gains (losses) on financial instruments are comprised of changes in the fair value of the following: Six months ended June30, 2009 2008 amounts in millions Statement 159 Securities $ 645 (1,282 ) Exchangeable senior debentures (333 ) 388 Equity collars (228 ) 223 Borrowed shares (171 ) 501 Other derivatives 6 (152 ) $ (81 ) (322 )

Intangible Assets

Intangible Assets
	6 Months Ended Jun. 30, 2009
Intangible Assets [Abstract]
Intangible Assets	(9)Intangible Assets Goodwill Changes in the carrying amount of goodwill are as follows: QVC Starz Entertainment Other Total amounts in millions Balance at January1, 2009 $ 5,363 132 1,055 6,550 Dispositions (118 ) (118 ) Foreign currency translation adjustments 13 13 Other 12 (14 ) (2 ) Balance at June30, 2009 $ 5,388 132 923 6,443 Intangible Assets Subject to Amortization Amortization expense for intangible assets with finite useful lives was $250million and $258million for the six months ended June30, 2009 and 2008, respectively. Based on its amortizable intangible assets as of June30, 2009, Liberty expects that amortization expense will be as follows for the next five years (amounts in millions): Remainder of 2009 $ 246 2010 $ 474 2011 $ 433 2012 $ 390 2013 $ 379

Long-Term Debt

Long-Term Debt
	6 Months Ended Jun. 30, 2009
Long-Term Debt [Abstract]
Long-Term Debt	(10)Long-Term Debt Debt is summarized as follows: Carrying value Outstanding principal June30, 2009 June30, 2009 December31, 2008 amounts in millions Capital Group Exchangeable senior debentures 3.125% Exchangeable Senior Debentures due 2023 $ 1,147 966 918 4% Exchangeable Senior Debentures due 2029 469 171 256 3.75% Exchangeable Senior Debentures due 2030 460 163 241 3.5% Exchangeable Senior Debentures due 2031 495 222 138 Liberty bank facility 750 750 750 Liberty derivative loan 1,930 1,930 625 Subsidiary debt 102 102 135 Total attributed Capital Group debt 5,353 4,304 3,063 Interactive Group Senior notes and debentures 7.875% Senior Notes due 2009 104 104 104 7.75% Senior Notes due 2009 13 13 13 5.7% Senior Notes due 2013 803 801 801 8.5% Senior Debentures due 2029 287 285 284 8.25% Senior Debentures due 2030 504 501 501 3.25% Exchangeable Senior Debentures due 2031 541 217 138 QVC bank credit facilities 4,477 4,477 5,230 Other subsidiary debt 68 68 60 Total attributed Interactive Group debt 6,797 6,466 7,131 Entertainment Group DIRECTV Collar Loan 2,016 2,016 1,981 Subsidiary debt 50 50 52 Total attributed Entertainment Group debt 2,066 2,066 2,033 Total consolidated Liberty debt $ 14,216 12,836 12,227 Less current maturities (3,312 ) (868 ) Total long-term debt $ 9,524 11,359 Exchangeable Senior Debentures During the second quarter of 2009, Liberty used cash for the voluntary early retirement of $750million face amount of its Exchangeable Senior Debentures attributable to Liberty Capital. Liberty paid $187.5million (of which $37.5million was existing cash collateral) to retire $400million face amount of its 4% Exchangeable Senior Debentures due 2029 and $350million face amount of its 33/4% Exchangeable Senior Debentures due 2030. Liberty also terminated swap arrangements that reference the 4% and 33/4% Exchangeable Senior Debentures with no additional payment. Including this payment, the total cash used to retire

Stockholders' Equity

Stockholders' Equity
	1/1/2009 - 6/30/2009
Stockholders' Equity [Abstract]
Stockholders' Equity	(11)Stockholders' Equity As of June30, 2009, there were 4.0million and 1.4million shares of SeriesA and SeriesB Liberty Capital common stock, respectively, reserved for issuance under exercise privileges of outstanding stock options. As of June30, 2009, there were 31.3million and 7.5million shares of SeriesA and SeriesB Liberty Interactive common stock, respectively, reserved for issuance under exercise privileges of outstanding stock options. As of June30, 2009, there were 15.9million and 6.0million shares of SeriesA and SeriesB Liberty Entertainment common stock, respectively, reserved for issuance under exercise privileges of outstanding stock options. In addition to the SeriesA and SeriesB Liberty Capital common stock, the SeriesA and SeriesB Liberty Interactive common stock and the SeriesA and SeriesB Liberty Entertainment common stock, there are 2.0billion, 4.0billion and 4.0billion shares of SeriesC Liberty Capital, SeriesC Liberty Interactive and SeriesC Liberty Entertainment common stock, respectively, authorized for issuance. As of June30, 2009, no shares of any SeriesC common stock were issued or outstanding. During the six months ended June30, 2009, the Company settled put options on SeriesA Liberty Capital common stock for cash payments of $5million. As of June30, 2009, put options with respect to 12.6million shares of LINTA with a weighted average put price of $16.83 remained outstanding. Such put options expire on or before June30, 2010. The Company accounts for the foregoing put options pursuant to Statement of Financial Accounting Standards No.150, "Accounting for Certain Financial Instruments with Characteristics of Both Liabilities and Equity." Accordingly, the put options are recorded in financial instrument liabilities at fair value, and changes in the fair value are included in realized and unrealized gains (losses) on financial instruments in the accompanying condensed consolidated statements of operations.

Transactions with Related Parti

Transactions with Related Parties
	6 Months Ended Jun. 30, 2009
Transactions with Related Parties [Abstract]
Transactions with Related Parties	(12)Transactions with Related Parties During the six months ended June30, 2009 and the four months ended June30, 2008, subsidiaries of Liberty recognized aggregate revenue of $168million and $97million, respectively, from DIRECTV for distribution of their programming. In addition, subsidiaries of Liberty made aggregate payments of $16million and $12million to DIRECTV for carriage and marketing. In the second quarter of 2009, QVC executed a five-year affiliation agreement with DIRECTV. Pursuant to such agreement, QVC will pay DIRECTV approximately $11million for improved channel position.

Commitments and Contingencies

Commitments and Contingencies
	6 Months Ended Jun. 30, 2009
Commitments and Contingencies [Abstract]
Commitments and Contingencies	(13)Commitments and Contingencies Film Rights Starz Entertainment, a wholly-owned subsidiary of Liberty, provides premium video programming distributed by cable operators, direct-to-home satellite providers, telephone companies, other distributors and the Internet throughout the United States. Starz Entertainment has entered into agreements with a number of motion picture producers which obligate Starz Entertainment to pay fees ("Programming Fees") for the rights to exhibit certain films that are released by these producers. The unpaid balance of Programming Fees for films that were available for exhibition by Starz Entertainment at June30, 2009 is reflected as a liability in the accompanying condensed consolidated balance sheet. The balance due as of June30, 2009 is payable as follows: $109million in 2009, $15million in 2010 and $2million thereafter. Starz Entertainment has also contracted to pay Programming Fees for films that have been released theatrically, but are not available for exhibition by Starz Entertainment until some future date. These amounts have not been accrued at June30, 2009. In addition, Starz Entertainment has agreed to pay Sony a total of $190million in four annual installments of $47.5million beginning in 2011 for a contract extension. In December 2008, Starz Entertainment entered into a new agreement with Sony requiring $120million in three equal annual installments beginning in 2015. Starz Entertainment's estimate of amounts payable under these agreements is as follows: $213million in 2009; $361million in 2010; $98million in 2011; $93million in 2012; $84million in 2013 and $212million thereafter. In addition, Starz Entertainment is also obligated to pay Programming Fees for all qualifying films that are released theatrically in the United States by studios owned by The Walt Disney Company ("Disney") through 2012 and all qualifying films that are released theatrically in the United States by studios owned by Sony Pictures Entertainment ("Sony") through 2016. Films are generally available to Starz Entertainment for exhibition 10-12months after their theatrical release. The Programming Fees to be paid by Starz Entertainment are based on the quantity and the domestic theatrical exhibition receipts of qualifying films. As these films have not yet been released in theatres, Starz Entertainment is unable to estimate the amounts to be paid under these output agreements. However, such amounts are expected to be significant. In February 2009, Disney announced that it has agreed to enter into a long-term distribution arrangement with DreamWorks Studios. Under the terms of this arrangement, Disney will handle distribution and marketing for approximately six DreamWorks films each year. As a result of this arrangement, the number of qualifying films under Starz Entertainment's output agreement with Disney may be higher than it would have been otherwise. Guarantees Liberty guarantees Starz Entertainment's obligations under certain of its studio output agreements. At June30, 2009, Liberty's guarantees for obligations for films released by such date aggregated $795million. While the guarantee amount for fi

Information About Liberty's Ope

Information About Liberty's Operating Segments
	6 Months Ended Jun. 30, 2009
Information About Liberty's Operating Segments [Abstract]
Information About Liberty's Operating Segments	(14)Information About Liberty's Operating Segments Liberty, through its ownership interests in subsidiaries and other companies, is primarily engaged in the video and on-line commerce, media, communications and entertainment industries. Liberty has attributed each of its businesses to one of three groups: the Interactive Group, the Entertainment Group and the Capital Group. Each of the businesses in the tracking stock groups is separately managed. Liberty identifies its reportable segments as (A)those consolidated subsidiaries that represent 10% or more of its consolidated revenue, pre-tax earnings or total assets and (B)those equity method affiliates whose share of earnings represent 10% or more of Liberty's pre-tax earnings. The segment presentation for prior periods has been conformed to the current period segment presentation. Liberty evaluates performance and makes decisions about allocating resources to its operating segments based on financial measures such as revenue, Adjusted OIBDA, gross margin, average sales price per unit, number of units shipped and revenue or sales per customer equivalent. In addition, Liberty reviews nonfinancial measures such as subscriber growth, penetration, website visitors, conversion rates and active customers, as appropriate. Liberty defines Adjusted OIBDA as revenue less cost of sales, operating expenses, and selling, general and administrative expenses (excluding stock-based compensation). Liberty believes this measure is an important indicator of the operational strength and performance of its businesses, including each business's ability to service debt and fund capital expenditures. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. This measure of performance excludes depreciation and amortization, stock-based compensation, separately reported litigation settlements and restructuring and impairment charges that are included in the measurement of operating income pursuant to GAAP. Accordingly, Adjusted OIBDA should be considered in addition to, but not as a substitute for, operating income, net income, cash flow provided by operating activities and other measures of financial performance prepared in accordance with GAAP. Liberty generally accounts for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at current prices. For the six months ended June30, 2009, Liberty has identified the following businesses as its reportable segments: QVCconsolidated subsidiary included in the Interactive Group that markets and sells a wide variety of consumer products in the United States and several foreign countries, primarily by means of televised shopping programs on the QVC networks and via the Internet through its domestic and international websites. Starz Entertainmentconsolidated subsidiary included in the Entertainment Group that provides premium programming distributed by cable operators, direct-to-home satellite providers, telephone companies, other distributors and the Internet throughout the

Document Information

Document Information
	6 Months Ended Jun. 30, 2009
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Amendment Description	n/a
Document Period End Date	2009-06-30

Entity Information

Entity Information (USD $)
In Billions, except Share data	6 Months Ended Jun. 30, 2009	Jun. 30, 2008	Jul. 31, 2009 Common Class A [Member] Segment, Liberty Capital [Member]	Jul. 31, 2009 Common Class A [Member] Segment, Liberty Entertainment [Member]	Jul. 31, 2009 Common Class A [Member] Segment, Liberty Interactive [Member]	Jul. 31, 2009 Common Class B [Member] Segment, Liberty Capital [Member]	Jul. 31, 2009 Common Class B [Member] Segment, Liberty Entertainment [Member]	Jul. 31, 2009 Common Class B [Member] Segment, Liberty Interactive [Member]
Entity Information [Line Items]
Entity Registrant Name	Liberty Media Corporation and Subsidiaries
Entity Central Index Key	0001355096
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float		21.8
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding			89,867,563	495,026,383	566,715,847	6,024,724	23,697,987	29,393,683