Qurate Retail (QRTEP) 10-Q 9 Nov 09 2009 Q3 Quarterly report Financial data

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (USD $)
In Millions	Sep. 30, 2009	Dec. 31, 2008
Assets
Cash and cash equivalents	$4,316	$3,135
Trade and other receivables, net	1,233	1,563
Inventory, net	1,106	1,032
Program rights	518	497
Financial instruments (note 8)	1,036	1,157
Other current assets	185	235
Total current assets	8,394	7,619
Investments in available-for-sale securities and other cost investments, including $865 million and $392 million pledged as collateral for share borrowing arrangements (note 6)	4,188	2,859
Long-term financial instruments (note 8)	0	1,328
Investments in affiliates, accounted for using the equity method (note 7)	14,978	14,490
Property and equipment, at cost	2,094	2,027
Accumulated depreciation	(831)	(696)
Property, Plant and Equipment, Net, Total	1,263	1,331
Intangible assets not subject to amortization (note 9):
Goodwill	6,469	6,550
Trademarks	2,508	2,511
Other	158	158
Intangible assets total	9,135	9,219
Intangible assets subject to amortization, net (note 9)	3,240	3,489
Other assets, at cost, net of accumulated amortization	1,678	1,568
Total assets	42,876	41,903
Liabilities and Equity
Accounts payable	620	550
Accrued interest	60	103
Other accrued liabilities	889	999
Financial instruments (note 8)	1,007	553
Current portion of debt (note 10)	3,015	868
Accrued stock compensation	232	196
Current deferred income tax liabilities	1,415	781
Other current liabilities	148	98
Total current liabilities	7,386	4,148
Long-term debt, including $2,168 million and $1,691 million measured at fair value (note 10)	9,069	11,359
Long-term financial instruments (note 8)	210	189
Deferred income tax liabilities	4,249	4,900
Other liabilities	1,678	1,550
Total liabilities	22,592	22,146
Equity
Preferred stock, $.01 par value. Authorized 50,000,000 shares; no shares issued	0	0
Additional paid-in capital	25,237	25,132
Accumulated other comprehensive earnings, net of taxes	322	70
Accumulated deficit	(5,406)	(5,612)
Total stockholders' equity	20,165	19,602
Noncontrolling interests in equity of subsidiaries	119	155
Total equity	20,284	19,757
Commitments and contingencies (note 13)
Total liabilities and equity	42,876	41,903
Series A [Member] | Segment, Liberty Capital [Member]
Equity
Common Stock Value	1	1
Series A [Member] | Segment, Liberty Entertainment [Member]
Equity
Common Stock Value	5	5
Series A [Member] | Segment, Liberty Interactive [Member]
Equity
Common Stock Value	6	6
Series B [Member] | Segment, Liberty Capital [Member]
Equity
Common Stock Value	0	0
Series B [Member] | Segment, Liberty Entertainment [Member]
Equity
Common Stock Value	0	0
Series B [Member] | Segment, Liberty Interactive [Member]
Equity
Common Stock Value	0	0
Segment, Liberty Capital [Member]
Assets
Cash and cash equivalents	2,923	1,496
Trade and other receivables, net	74
Inventory, net	0
Program rights	0
Financial instruments (note 8)	1,036
Current deferred tax assets	0
Other current assets	101
Total current assets	4,134
Investments in available-for-sale securities and other cost investments, including $865 million and $392 million pledged as collateral for share borrowing arrangements (note 6)	3,283
Investments in affiliates, accounted for using the equity method (note 7)	278
Property, Plant and Equipment, Net, Total	137
Intangible assets not subject to amortization (note 9):
Goodwill	201
Trademarks	14
Intangible assets subject to amortization, net (note 9)	196
Other assets, at cost, net of accumulated amortization	1,305
Total assets	9,548
Liabilities and Equity
Accounts payable	28
Accrued interest	16
Other accrued liabilities	147
Intergroup payable (receivable)	127
Intergroup notes	(255)
Financial instruments (note 8)	865
Current portion of debt (note 10)	1,538
Accrued stock compensation	7
Current deferred income tax liabilities	1,618
Other current liabilities	31
Total current liabilities	4,122
Long-term debt, including $2,168 million and $1,691 million measured at fair value (note 10)	2,314
Long-term financial instruments (note 8)	9
Deferred income tax liabilities	560
Other liabilities	1,473
Total liabilities	8,478
Equity
Total stockholders' equity	1,069
Noncontrolling interests in equity of subsidiaries	1
Commitments and contingencies (note 13)
Total liabilities and equity	9,548
Segment, Liberty Entertainment [Member]
Assets
Cash and cash equivalents	577	807
Trade and other receivables, net	247
Inventory, net	0
Program rights	518
Financial instruments (note 8)	0
Current deferred tax assets	68
Other current assets	6
Total current assets	1,416
Investments in available-for-sale securities and other cost investments, including $865 million and $392 million pledged as collateral for share borrowing arrangements (note 6)	2
Investments in affiliates, accounted for using the equity method (note 7)	13,840
Property, Plant and Equipment, Net, Total	113
Intangible assets not subject to amortization (note 9):
Goodwill	368
Trademarks	2
Intangible assets subject to amortization, net (note 9)	121
Other assets, at cost, net of accumulated amortization	452
Total assets	16,314
Liabilities and Equity
Accounts payable	8
Accrued interest	0
Other accrued liabilities	207
Intergroup payable (receivable)	(103)
Intergroup notes	(255)
Financial instruments (note 8)	25
Current portion of debt (note 10)	752
Accrued stock compensation	205
Current deferred income tax liabilities	0
Other current liabilities	5
Total current liabilities	844
Long-term debt, including $2,168 million and $1,691 million measured at fair value (note 10)	1,185
Long-term financial instruments (note 8)	32
Deferred income tax liabilities	1,737
Other liabilities	9
Total liabilities	3,807
Equity
Total stockholders' equity	12,507
Noncontrolling interests in equity of subsidiaries	0
Commitments and contingencies (note 13)
Total liabilities and equity	16,314
Segment, Liberty Interactive [Member]
Assets
Cash and cash equivalents	816	832
Trade and other receivables, net	912
Inventory, net	1,106
Program rights	0
Financial instruments (note 8)	0
Current deferred tax assets	135
Other current assets	78
Total current assets	3,047
Investments in available-for-sale securities and other cost investments, including $865 million and $392 million pledged as collateral for share borrowing arrangements (note 6)	903
Investments in affiliates, accounted for using the equity method (note 7)	860
Property, Plant and Equipment, Net, Total	1,013
Intangible assets not subject to amortization (note 9):
Goodwill	5,900
Trademarks	2,492
Intangible assets subject to amortization, net (note 9)	2,923
Other assets, at cost, net of accumulated amortization	79
Total assets	17,217
Liabilities and Equity
Accounts payable	584
Accrued interest	44
Other accrued liabilities	535
Intergroup payable (receivable)	(24)
Intergroup notes	510
Financial instruments (note 8)	117
Current portion of debt (note 10)	725
Accrued stock compensation	20
Current deferred income tax liabilities	0
Other current liabilities	112
Total current liabilities	2,623
Long-term debt, including $2,168 million and $1,691 million measured at fair value (note 10)	5,570
Long-term financial instruments (note 8)	169
Deferred income tax liabilities	1,952
Other liabilities	196
Total liabilities	10,510
Equity
Total stockholders' equity	6,589
Noncontrolling interests in equity of subsidiaries	118
Commitments and contingencies (note 13)
Total liabilities and equity	17,217
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	(203)
Other current assets	0
Total current assets	(203)
Investments in available-for-sale securities and other cost investments, including $865 million and $392 million pledged as collateral for share borrowing arrangements (note 6)	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	(203)
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	(203)
Other current liabilities	0
Total current liabilities	(203)
Long-term debt, including $2,168 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	(203)
Equity
Total stockholders' equity	0
Noncontrolling interests in equity of subsidiaries	0
Commitments and contingencies (note 13)
Total liabilities and equity	($203)

1_Condensed Consolidated Balanc

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)
In Millions, except Share data, unless otherwise specified	Sep. 30, 2009	Dec. 31, 2008
Condensed Consolidated Balance Sheets (Parenthetical)
Available-for-sale Securities Pledged as Collateral	$865	$392
Carrying value of debt measured at fair value	$2,168	$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
Series 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	90,264,124	90,042,840
Common Stock, Shares, Outstanding	90,264,124	90,042,840
Series 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	497,422,030	493,256,228
Common Stock, Shares, Outstanding	497,422,030	493,256,228
Series 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	566,950,997	564,385,343
Common Stock, Shares, Outstanding	566,950,997	564,385,343
Series 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
Series 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	23,697,487	23,706,209
Common Stock, Shares, Outstanding	23,697,487	23,706,209
Series 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	29,291,666	29,441,916
Common Stock, Shares, Outstanding	29,291,666	29,441,916

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (USD $)
In Millions	3 Months Ended Sep. 30, 2009	3 Months Ended Sep. 30, 2008	9 Months Ended Sep. 30, 2009	9 Months Ended Sep. 30, 2008
Revenue:
Net retail sales	$1,827	$1,798	$5,594	$5,702
Communications and programming services	540	580	1,600	1,514
Sales Revenue, Net, Total	2,367	2,378	7,194	7,216
Operating costs and expenses:
Cost of sales	1,182	1,179	3,573	3,645
Operating	552	582	1,551	1,581
Selling, general and administrative, including stock-based compensation (note 3)	308	347	862	908
Depreciation and amortization	166	179	510	532
Impairment of long-lived assets	0	34	0	34
Costs and Expenses, Total	2,208	2,321	6,496	6,700
Operating income	159	57	698	516
Other income (expense):
Interest expense	(194)	(190)	(509)	(543)
Dividend and interest income	25	38	99	138
Share of earnings of affiliates, net (note 7)	138	141	243	351
Realized and unrealized gains (losses) on financial instruments, net (note 8)	(326)	77	(407)	(245)
Gains (losses) on dispositions, net (notes 6 and 7)	(14)	(2)	150	3,679
Other than temporary declines in fair value of investments	0	(444)	0	(445)
Other, net	(13)	(24)	(25)	(25)
Nonoperating Income (Expense), Total	(384)	(404)	(449)	2,910
Earnings (loss) before income taxes	(225)	(347)	249	3,426
Income tax benefit (expense)	98	107	(17)	1,937
Net earnings (loss)	(127)	(240)	232	5,363
Less net earnings attributable to the noncontrolling interests	9	8	26	29
Net earnings (loss) attributable to Liberty Media Corporation shareholders	(136)	(248)	206	5,334
Segment, Liberty Capital [Member]
Revenue:
Net retail sales	0	0	0	0
Communications and programming services	171	218	495	483
Sales Revenue, Net, Total	171	218	495	483
Operating costs and expenses:
Cost of sales	0	0	0	0
Operating	146	171	381	383
Selling, general and administrative, including stock-based compensation (note 3)	99	140	218	296
Depreciation and amortization	20	24	62	78
Impairment of long-lived assets	0	34	0	34
Costs and Expenses, Total	265	369	661	791
Operating income	(94)	(151)	(166)	(308)
Other income (expense):
Interest expense	(29)	(43)	(102)	(124)
Dividend and interest income	23	28	90	106
Intergroup interest income (expense)	4	0	5	0
Share of earnings of affiliates, net (note 7)	(22)	2	(26)	(21)
Realized and unrealized gains (losses) on financial instruments, net (note 8)	(98)	14	(58)	(188)
Gains (losses) on dispositions, net (notes 6 and 7)	(17)	0	96	15
Other than temporary declines in fair value of investments	0	0	0	(1)
Other, net	15	(1)	13	(3)
Nonoperating Income (Expense), Total	(124)	0	18	(216)
Earnings (loss) before income taxes	(218)	(151)	(148)	(524)
Income tax benefit (expense)	86	39	57	215
Net earnings (loss)	(132)	(112)	(91)	(309)
Less net earnings attributable to the noncontrolling interests	0	0	0	4
Net earnings (loss) attributable to Liberty Media Corporation shareholders (specific to exhibit 99)	(132)	(112)	(91)	(313)
Net earnings (loss) attributable to Liberty Media Corporation shareholders	(132)	(112)	(91)	(247)
Basic net earnings (loss) attributable to Liberty Media Corporation shareholders per common share (note 4):
Earnings Per Share, Basic, Total	-1.38	-1.03	-0.95	-2.08
Diluted net earnings (loss) attributable to Liberty Media Corporation shareholders per common share (note 4):
Earnings Per Share, Diluted, Total	-1.38	-1.03	-0.95	-2.08
Segment, Liberty Entertainment [Member]
Revenue:
Net retail sales	0	0	0	0
Communications and programming services	369	362	1,105	1,031
Sales Revenue, Net, Total	369	362	1,105	1,031
Operating costs and expenses:
Cost of sales	0	0	0	0
Operating	234	238	651	664
Selling, general and administrative, including stock-based compensation (note 3)	69	65	207	187
Depreciation and amortization	7	12	27	36
Impairment of long-lived assets	0	0	0	0
Costs and Expenses, Total	310	315	885	887
Operating income	59	47	220	144
Other income (expense):
Interest expense	(18)	(25)	(54)	(54)
Dividend and interest income	1	5	2	14
Intergroup interest income (expense)	4	0	5	0
Share of earnings of affiliates, net (note 7)	124	116	316	314
Realized and unrealized gains (losses) on financial instruments, net (note 8)	(161)	106	(235)	24
Gains (losses) on dispositions, net (notes 6 and 7)	0	(2)	54	3,664
Other than temporary declines in fair value of investments	0	(4)	0	(4)
Other, net	(6)	0	(43)	0
Nonoperating Income (Expense), Total	(56)	196	45	3,958
Earnings (loss) before income taxes	3	243	265	4,102
Income tax benefit (expense)	(1)	(96)	(33)	1,611
Net earnings (loss)	2	147	232	5,713
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)	2	147	232	5,713
Net earnings (loss) attributable to Liberty Media Corporation shareholders	2	147	232	245
Basic net earnings (loss) attributable to Liberty Media Corporation shareholders per common share (note 4):
Earnings Per Share, Basic, Total	$0	0.28	0.45	0.47
Diluted net earnings (loss) attributable to Liberty Media Corporation shareholders per common share (note 4):
Earnings Per Share, Diluted, Total	$0	0.28	0.45	0.47
Segment, Liberty Interactive [Member]
Revenue:
Net retail sales	1,827	1,798	5,594	5,702
Communications and programming services	0	0	0	0
Sales Revenue, Net, Total	1,827	1,798	5,594	5,702
Operating costs and expenses:
Cost of sales	1,182	1,179	3,573	3,645
Operating	172	173	519	534
Selling, general and administrative, including stock-based compensation (note 3)	140	142	437	425
Depreciation and amortization	139	143	421	418
Impairment of long-lived assets	0	0	0	0
Costs and Expenses, Total	1,633	1,637	4,950	5,022
Operating income	194	161	644	680
Other income (expense):
Interest expense	(147)	(122)	(353)	(365)
Dividend and interest income	1	5	7	18
Intergroup interest income (expense)	(8)	0	(10)	0
Share of earnings of affiliates, net (note 7)	36	23	(47)	58
Realized and unrealized gains (losses) on financial instruments, net (note 8)	(67)	(43)	(114)	(81)
Gains (losses) on dispositions, net (notes 6 and 7)	3	0	0	0
Other than temporary declines in fair value of investments	0	(440)	0	(440)
Other, net	(22)	(23)	5	(22)
Nonoperating Income (Expense), Total	(204)	(600)	(512)	(832)
Earnings (loss) before income taxes	(10)	(439)	132	(152)
Income tax benefit (expense)	13	164	(41)	111
Net earnings (loss)	3	(275)	91	(41)
Less net earnings attributable to the noncontrolling interests	9	8	26	25
Net earnings (loss) attributable to Liberty Media Corporation shareholders (specific to exhibit 99)	(6)	(283)	65	(66)
Net earnings (loss) attributable to Liberty Media Corporation shareholders	(6)	(283)	65	(66)
Basic net earnings (loss) attributable to Liberty Media Corporation shareholders per common share (note 4):
Earnings Per Share, Basic, Total	-0.01	-0.48	0.11	-0.11
Diluted net earnings (loss) attributable to Liberty Media Corporation shareholders per common share (note 4):
Earnings Per Share, Diluted, Total	-0.01	-0.48	0.11	-0.11
Segment, Old Liberty Capital [Member]
Other income (expense):
Net earnings (loss) 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 Sep. 30, 2009	3 Months Ended Sep. 30, 2008	9 Months Ended Sep. 30, 2009	9 Months Ended Sep. 30, 2008
Net earnings (loss)	($127)	($240)	$232	$5,363
Other comprehensive earnings (loss), net of taxes:
Foreign currency translation adjustments	42	(115)	23	(35)
Unrealized holding gains (losses) arising during the period	163	(42)	184	(761)
Recognition of previously unrealized losses (gains) on available-for-sale securities, net	(2)	273	(2)	(2,000)
Share of other comprehensive earnings (loss) of equity affiliates	21	(4)	11	(6)
Other	(3)	0	34	(1)
Other comprehensive earnings (loss)	221	112	250	(2,803)
Comprehensive earnings (loss)	94	(128)	482	2,560
Less comprehensive earnings attributable to the noncontrolling interests	17	8	24	34
Comprehensive earnings (loss) attributable to Liberty Media Corporation shareholders	77	(136)	458	2,526
Segment, Liberty Capital [Member]
Net earnings (loss)	(132)	(112)	(91)	(309)
Other comprehensive earnings (loss), net of taxes:
Foreign currency translation adjustments	1	(1)	2	(3)
Unrealized holding gains (losses) arising during the period	20	0	33	(2)
Recognition of previously unrealized losses (gains) on available-for-sale securities, net	(1)	0	(1)	0
Share of other comprehensive earnings (loss) of equity affiliates	0	0	0	0
Other	0	0	0	0
Other comprehensive earnings (loss)	20	(1)	34	(5)
Comprehensive earnings (loss)	(112)	(113)	(57)	(314)
Less comprehensive earnings attributable to the noncontrolling interests	0	0	0	4
Comprehensive earnings (loss) attributable to Liberty Media Corporation shareholders (specific to exhibit 99)	(112)	(113)	(57)	(318)
Comprehensive earnings (loss) attributable to Liberty Media Corporation shareholders	(112)	(113)	(57)	(251)
Segment, Liberty Entertainment [Member]
Net earnings (loss)	2	147	232	5,713
Other comprehensive earnings (loss), net of taxes:
Foreign currency translation adjustments	0	0	0	0
Unrealized holding gains (losses) arising during the period	0	0	0	(312)
Recognition of previously unrealized losses (gains) on available-for-sale securities, net	0	0	(1)	(2,273)
Share of other comprehensive earnings (loss) of equity affiliates	21	(2)	16	(5)
Other	0	0	0	0
Other comprehensive earnings (loss)	21	(2)	15	(2,590)
Comprehensive earnings (loss)	23	145	247	3,123
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)	23	145	247	3,123
Comprehensive earnings (loss) attributable to Liberty Media Corporation shareholders	23	145	247	240
Segment, Liberty Interactive [Member]
Net earnings (loss)	3	(275)	91	(41)
Other comprehensive earnings (loss), net of taxes:
Foreign currency translation adjustments	41	(114)	21	(32)
Unrealized holding gains (losses) arising during the period	143	(42)	151	(447)
Recognition of previously unrealized losses (gains) on available-for-sale securities, net	(1)	273	0	273
Share of other comprehensive earnings (loss) of equity affiliates	0	(2)	(5)	(1)
Other	(3)	0	34	(1)
Other comprehensive earnings (loss)	180	115	201	(208)
Comprehensive earnings (loss)	183	(160)	292	(249)
Less comprehensive earnings attributable to the noncontrolling interests	17	8	24	30
Comprehensive earnings (loss) attributable to Liberty Media Corporation shareholders (specific to exhibit 99)	166	(168)	268	(279)
Comprehensive earnings (loss) attributable to Liberty Media Corporation shareholders	166	(168)	268	(279)
Segment, Old Liberty Capital [Member]
Other comprehensive earnings (loss), net of taxes:
Comprehensive earnings (loss) attributable to Liberty Media Corporation shareholders	$0	$0	$0	$2,816

3_Condensed Consolidated Statem

Condensed Consolidated Statements of Cash Flows (USD $)
In Millions	9 Months Ended Sep. 30, 2009	9 Months Ended Sep. 30, 2008
Cash flows from operating activities:
Net earnings (loss)	$232	$5,363
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	510	532
Impairment of long-lived assets	0	34
Stock-based compensation	98	67
Cash payments for stock-based compensation	(11)	(22)
Noncash interest expense	115	37
Share of earnings of affiliates, net	(243)	(351)
Cash receipts from returns on equity investments	28	0
Realized and unrealized losses on financial instruments, net	407	245
Gains on disposition of assets, net	(150)	(3,679)
Other than temporary declines in fair value of investments	0	445
Deferred income tax benefit	(212)	(2,190)
Other noncash charges, net	79	77
Changes in operating assets and liabilities, net of the effects of acquisitions and dispositions:
Current and other assets	124	(84)
Payables and other current liabilities	93	(149)
Net cash provided by operating activities	1,070	325
Cash flows from investing activities:
Cash proceeds from dispositions	353	24
Proceeds from settlement of financial instruments	1,095	12
Cash received in exchange transactions	0	465
Cash paid for acquisitions, net of cash acquired	(4)	(77)
Investments in and loans to cost and equity investees	(818)	(2,549)
Repayment of loan by equity investee	409	0
Capital expended for property and equipment	(152)	(131)
Net sales of short term investments	58	79
Reclass of cash to short-term marketable securities	0	(523)
Net decrease in restricted cash	63	367
Other investing activities, net	(22)	(60)
Net cash provided (used) by investing activities	982	(2,393)
Cash flows from financing activities:
Borrowings of debt	3,094	4,658
Repayments of debt	(4,061)	(1,284)
Repurchases of Liberty common stock	(3)	(482)
Other financing activities, net	112	(86)
Net cash provided (used) by financing activities	(858)	2,806
Effect of foreign currency exchange rates on cash	(13)	1
Net increase in cash and cash equivalents	1,181	739
Cash and cash equivalents at beginning of period	3,135	3,135
Cash and cash equivalents at end of period	4,316	3,874
Segment, Liberty Capital [Member]
Cash flows from operating activities:
Net earnings (loss)	(91)	(309)
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	62	78
Impairment of long-lived assets	0	34
Stock-based compensation	5	5
Cash payments for stock-based compensation	0	(1)
Noncash interest expense	0	1
Share of earnings of affiliates, net	26	21
Cash receipts from returns on equity investments	0	0
Realized and unrealized losses on financial instruments, net	58	188
Gains on disposition of assets, net	(96)	(15)
Other than temporary declines in fair value of investments	0	1
Intergroup tax allocation	(196)	(173)
Intergroup tax payments	289	252
Other intergroup cash transfers, net	53	65
Deferred income tax benefit	(1)	(221)
Other noncash charges, net	41	53
Changes in operating assets and liabilities, net of the effects of acquisitions and dispositions:
Current and other assets	35	(154)
Payables and other current liabilities	54	50
Net cash provided by operating activities	239	(125)
Cash flows from investing activities:
Cash proceeds from dispositions	206	18
Proceeds from settlement of financial instruments	1,067	12
Cash received in exchange transactions	0	0
Cash paid for acquisitions, net of cash acquired	(1)	(1)
Investments in and loans to cost and equity investees	(705)	(213)
Repayment of loan by equity investee	409	0
Capital expended for property and equipment	(10)	(25)
Net sales of short term investments	58	79
Reclass of cash to short-term marketable securities	0	(523)
Net decrease in restricted cash	75	367
Other investing activities, net	(25)	(64)
Net cash provided (used) by investing activities	1,074	(350)
Cash flows from financing activities:
Borrowings of debt	1,970	1,226
Intergroup debt borrowings	(255)	0
Repayments of debt	(1,785)	(1,008)
Repurchases of Liberty common stock	(3)	(407)
Intergroup cash transfers	0	(450)
Other financing activities, net	187	(18)
Net cash provided (used) by financing activities	114	(657)
Effect of foreign currency exchange rates on cash	0	0
Net increase in cash and cash equivalents	1,427	(1,132)
Cash and cash equivalents at beginning of period	1,496	2,488
Cash and cash equivalents at end of period	2,923	1,356
Segment, Liberty Entertainment [Member]
Cash flows from operating activities:
Net earnings (loss)	232	5,713
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	27	36
Impairment of long-lived assets	0	0
Stock-based compensation	60	37
Cash payments for stock-based compensation	(2)	(12)
Noncash interest expense	52	34
Share of earnings of affiliates, net	(316)	(314)
Cash receipts from returns on equity investments	28	0
Realized and unrealized losses on financial instruments, net	235	(24)
Gains on disposition of assets, net	(54)	(3,664)
Other than temporary declines in fair value of investments	0	4
Intergroup tax allocation	80	44
Intergroup tax payments	(121)	(63)
Other intergroup cash transfers, net	(53)	3
Deferred income tax benefit	(49)	(1,655)
Other noncash charges, net	45	0
Changes in operating assets and liabilities, net of the effects of acquisitions and dispositions:
Current and other assets	(94)	(46)
Payables and other current liabilities	62	15
Net cash provided by operating activities	132	108
Cash flows from investing activities:
Cash proceeds from dispositions	65	6
Proceeds from settlement of financial instruments	21	0
Cash received in exchange transactions	0	465
Cash paid for acquisitions, net of cash acquired	(1)	(7)
Investments in and loans to cost and equity investees	(90)	(1,996)
Repayment of loan by equity investee	0	0
Capital expended for property and equipment	(10)	(6)
Net sales of short term investments	0	0
Reclass of cash to short-term marketable securities	0	0
Net decrease in restricted cash	1	0
Other investing activities, net	14	(11)
Net cash provided (used) by investing activities	0	(1,549)
Cash flows from financing activities:
Borrowings of debt	0	1,977
Intergroup debt borrowings	(255)	0
Repayments of debt	(148)	(2)
Repurchases of Liberty common stock	0	0
Intergroup cash transfers	0	450
Other financing activities, net	49	2
Net cash provided (used) by financing activities	(354)	2,427
Effect of foreign currency exchange rates on cash	(8)	0
Net increase in cash and cash equivalents	(230)	986
Cash and cash equivalents at beginning of period	807	90
Cash and cash equivalents at end of period	577	1,076
Segment, Liberty Interactive [Member]
Cash flows from operating activities:
Net earnings (loss)	91	(41)
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	421	418
Impairment of long-lived assets	0	0
Stock-based compensation	33	25
Cash payments for stock-based compensation	(9)	(9)
Noncash interest expense	63	2
Share of earnings of affiliates, net	47	(58)
Cash receipts from returns on equity investments	0	0
Realized and unrealized losses on financial instruments, net	114	81
Gains on disposition of assets, net	0	0
Other than temporary declines in fair value of investments	0	440
Intergroup tax allocation	116	129
Intergroup tax payments	(168)	(189)
Other intergroup cash transfers, net	0	(68)
Deferred income tax benefit	(162)	(314)
Other noncash charges, net	(7)	24
Changes in operating assets and liabilities, net of the effects of acquisitions and dispositions:
Current and other assets	183	116
Payables and other current liabilities	(23)	(214)
Net cash provided by operating activities	699	342
Cash flows from investing activities:
Cash proceeds from dispositions	82	0
Proceeds from settlement of financial instruments	7	0
Cash received in exchange transactions	0	0
Cash paid for acquisitions, net of cash acquired	(2)	(69)
Investments in and loans to cost and equity investees	(23)	(340)
Repayment of loan by equity investee	0	0
Capital expended for property and equipment	(132)	(100)
Net sales of short term investments	0	0
Reclass of cash to short-term marketable securities	0	0
Net decrease in restricted cash	(13)	0
Other investing activities, net	(11)	15
Net cash provided (used) by investing activities	(92)	(494)
Cash flows from financing activities:
Borrowings of debt	1,124	1,455
Intergroup debt borrowings	510	0
Repayments of debt	(2,128)	(274)
Repurchases of Liberty common stock	0	(75)
Intergroup cash transfers	0	0
Other financing activities, net	(124)	(70)
Net cash provided (used) by financing activities	(618)	1,036
Effect of foreign currency exchange rates on cash	(5)	1
Net increase in cash and cash equivalents	(16)	885
Cash and cash equivalents at beginning of period	832	557
Cash and cash equivalents at end of period	$816	$1,442

4_Condensed Consolidated Statem

Condensed Consolidated Statement of Equity (USD $)
In Millions	9 Months Ended Sep. 30, 2009
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	$19,757
Net earnings (loss)	232
Other comprehensive earnings (loss)	250
Stock compensation	54
Issuance of common stock upon exercise of stock options	54
Series A Liberty Capital stock repurchases	(3)
Distribution to noncontrolling interest	(59)
Other	(1)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	20,284
Common Stock [Member] | Series A [Member] | Segment, Liberty Capital [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	1
Common Stock [Member] | Series A [Member] | Segment, Liberty Entertainment [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	5
Common Stock [Member] | Series A [Member] | Segment, Liberty Interactive [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	6
Common Stock [Member] | Series B [Member] | Segment, Liberty Capital [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	0
Common Stock [Member] | Series B [Member] | Segment, Liberty Entertainment [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	0
Common Stock [Member] | Series B [Member] | Segment, Liberty Interactive [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	0
Additional Paid-in Capital [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	25,132
Stock compensation	54
Issuance of common stock upon exercise of stock options	54
Series A Liberty Capital stock repurchases	(3)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	25,237
Accumulated other comprehensive earnings [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	70
Other comprehensive earnings (loss)	252
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	322
Accumulated deficit [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	(5,612)
Net earnings (loss)	206
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	(5,406)
Noncontrolling interest in equity of subsidiaries [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	155
Net earnings (loss)	26
Other comprehensive earnings (loss)	(2)
Distribution to noncontrolling interest	(59)
Other	(1)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	119
Preferred Stock [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	0
Segment, Liberty Capital [Member]
Net earnings (loss)	(91)
Other comprehensive earnings (loss)	34
Segment, Liberty Entertainment [Member]
Net earnings (loss)	232
Other comprehensive earnings (loss)	15
Segment, Liberty Interactive [Member]
Net earnings (loss)	91
Other comprehensive earnings (loss)	$201

Basis of Presentation

Basis of Presentation
	9 Months Ended Sep. 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 January 1, 2009, Liberty adopted new guidance which establishes accounting and reporting standards for the noncontrolling interest in a subsidiary, previously referred to as minority interest. Among other matters, (a) the noncontrolling interest is reported within equity in the balance sheet and (b) the amount of consolidated net income attributable to the parent and to the noncontrolling interest is presented in the statement of income. Also, SAB 51 Gains for subsidiaries are recorded in equity and SAB 51 Gains for equity affiliates are recorded in earnings. Liberty has applied these changes 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 Form 10-Q and Article 10 of Regulation S-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. Subsequent events have been evaluated for recognition and disclosure through the date of the filing of this Quarterly Report on From 10-Q. 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 Form 10K for the year ended December 31, 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 are accounted for using the equity method. Liberty does not control the decisi

Tracking Stocks

Tracking Stocks
	9 Months Ended Sep. 30, 2009
Tracking Stocks [Abstract]
Tracking Stocks	(2) Tracking Stocks Prior to March 3, 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 March 3, 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 Series A Liberty Capital common stock was reclassified into four shares of Series A Liberty Entertainment common stock and one share of new Series A Liberty Capital common stock, and each share of Old Series B Liberty Capital common stock was reclassified into four shares of Series B Liberty Entertainment common stock and one share of new Series B 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 $2,135 million principal amount (as of September 30, 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

Stock-Based Compensation

Stock-Based Compensation
	9 Months Ended Sep. 30, 2009
Stock-Based Compensation [Abstract]
Stock-Based Compensation	(3) Stock-Based Compensation The Company has granted to certain of 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 measures 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 recognizes that cost over the period during which the employee is required to provide service (usually the vesting period of the Award). The company measures 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 remeasures 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: September 30, 2009 $ 35 September 30, 2008 $ 24 Nine months ended: September 30, 2009 $ 98 September 30, 2008 $ 67 During the nine months ended September 30, 2009, Liberty granted, primarily to QVC employees, 7.0 million options to purchase shares of Series A Liberty Interactive common stock. Such options had a weighted average grant-date fair value of $.94 per share. 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 Series A 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 $3 million, will be recognized as stock compensation expense over the vesting term of the options granted. During the nine months ended September 30, 2009, Liberty granted, primarily to one of its directors, 507,870 options to purchase shares of Series A Liberty Entertainment common stock. Such options had a weighted average grant-date fair value of $4.57 per share. 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

Earnings

Earnings (Loss) Per Common Share
	9 Months Ended Sep. 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 Series A and Series B Liberty Capital Common Stock Old Liberty Capital basic EPS for the period from January 1, 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 (129 million). Fully diluted EPS for the two months in 2008 includes 1 million common stock equivalents. Series A and Series B 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 nine months ended September 30, 2009 are less than 1 million potential common shares because their inclusion would be antidilutive. Liberty Capital Common Stock Period from Nine months March 4, 2008 Three months ended ended to September 30, September 30, September 30, 2009 2008 2009 2008 numbers of shares in millions Basic EPS 96 109 96 119 Stock options -- -- -- -- Diluted EPS 96 109 96 119 Series A and Series B 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 nine months ended September 30, 2009 are less than 1 million potential common shares because their inclusion would be antidilutive. Liberty Entertainment Common Stock Period from Nine months March 4, 2008 Three months ended ended to September 30, September 30, September 30, 2009 2008 2009 2008 numbers of shares in millions Basic EPS 518 517 517 517 Stock options 5 -- 4 -- Diluted EPS 523 517 521 517 Series A and Series B 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 nine months ended September 30, 2009 are 21.4 million potential common shares because their inclusion would be antidilutive. Liberty Interactive Common Stock Three months ended Nine months ended September 30, September 30, 2009 2008 2009 2008 numbers of shares in millions Basic EPS 594 594 594 594 Stock options -- -- 5 -- Diluted EPS 594 594 599 594

Assets and Liabilities Measured

Assets and Liabilities Measured at Fair Value
	9 Months Ended Sep. 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 For assets and liabilities required to be reported at fair value, GAAP provides a hierarchy that prioritizes inputs to valuation techniques used to measure fair value into three broad levels. Level 1 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. Level 2 inputs are inputs, other than quoted market prices included within Level 1, that are observable for the asset or liability, either directly or indirectly. Level 3 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 September 30, 2009 Using Quoted prices Significant other Significant in active markets observable unobservable for identical assets inputs inputs Description Total (Level 1) (Level 2) (Level 3) amounts in millions Available-for-sale securities $ 4,150 3,786 364 -- Financial instrument assets $ 1,036 -- 1,036 -- Financial instrument liabilities $ 1,217 865 352 -- Debt $ 2,168 -- 2,168 -- The Company uses the Black-Scholes Model to estimate fair value for the majority of its Level 2 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 GAAP. Accordingly, the debt instruments are reported in the foregoing table as Level 2 fair value. The Company incorporates a credit risk valuation adjustment in its 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 Level 3 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 Level 2.

Investments in Available-for-Sa

Investments in Available-for-Sale Securities and Other Cost Investments
	9 Months Ended Sep. 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. GAAP 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 (the "fair value option"). 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 the fair value option for those of its AFS securities which it considers to be non-strategic ("Non-strategic Securities"). Accordingly, changes in the fair value of Non-strategic 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 the Non-strategic Securities aggregated $2,974 million as of September 30, 2009. Investments in AFS securities and other cost investments are summarized as follows: September 30, December 31, 2009 2008 amounts in millions Capital Group Time Warner Inc. (1) $ 985 1,033 Time Warner Cable Inc. (2) 370 -- Sprint Nextel Corporation ("Sprint") (3) 307 160 Motorola, Inc. (4) 446 328 Viacom, Inc. 213 145 CenturyTel, Inc./Embarq Corporation (5) 196 157 Other AFS equity securities (6) 92 40 Other AFS debt securities 643 224 Other cost investments and related receivables 31 31 Total attributed Capital Group 3,283 2,118 Interactive Group IAC/InterActiveCorp 717 638 Other 186 101 Total attributed Interactive Group 903 739 Entertainment Group Other 2 2 Total attributed Entertainment Group 2 2 Consolidated Liberty $ 4,188 2,859 (1) Includes $87 million and $91 million of shares pledged as collateral for share borrowing arrangements at September 30, 2009 and December 31, 2008, respectively. (2) Includes $33 million of shares pledged as collateral for share borrowing arrangements at September 30, 2009. (3) Includes $134 million and $17 million of shares pledged as collateral for share borrowing arrangements at September 30, 2009 and December 31, 2008, respectively. (4) Includes $446 million and $230 million of shares pledged as collateral for share borrowing arrangements at September 30, 2009 and December 31, 2008, respectively. (5) Includes $78 mil

Investments in Affiliates Accou

Investments in Affiliates Accounted for Using the Equity Method
	9 Months Ended Sep. 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 September 30, 2009 and the carrying amount at December 31, 2008: December 31, September 30, 2009 2008 Percentage Carrying Carrying ownership amount amount dollar amounts in millions Entertainment Group DIRECTV 57% $ 13,382 13,085 Other various 458 281 Interactive Group Expedia 24% 606 559 Other various 254 342 Capital Group Sirius 40% 63 -- Other various 215 223 $ 14,978 14,490 The following table presents Liberty's share of earnings (losses) of affiliates: Nine months ended September 30, 2009 2008 amounts in millions Entertainment Group DIRECTV $ 304 301 Other 12 13 Interactive Group Expedia 47 58 Other (94) -- Capital Group Sirius (14) -- Other (12) (21) $ 243 351 DIRECTV On February 27, 2008, Liberty completed a transaction with News Corporation (the "News Corporation Exchange") in which Liberty exchanged all of its 512.6 million shares of News Corporation common stock valued at $10,143 million 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 $463 million in cash. In addition, Liberty incurred $21 million of acquisition costs. Liberty recognized a pre-tax gain of $3,666 million 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. 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, the value attributed to Liberty's investment in DIRECTV exceeded Liberty's proportionate share of DIRECTV's equity by $8,022 million. Due to additional purchases of DIRECTV stock by Liberty and stock repurchases by DIRECTV, such excess basis has increased to $11,032 million as of September 30, 2009. Such amount has been allocated within memo accounts used for equity accounting purposes to DIRECTV's assets and liabilities. Amortization related to the intangible assets with identifiable useful lives within the memo accounts

Financial Instruments

Financial Instruments
	9 Months Ended Sep. 30, 2009
Financial Instruments [Abstract]
Financial Instruments	(8) Financial Instruments The Company's financial instruments are summarized as follows: Type of September 30, December 31, financial instrument 2009 2008 amounts in millions Assets Equity collars (1) $ 1,036 2,392 Other -- 93 1,036 2,485 Less current portion (1,036) (1,157) $ -- 1,328 Liabilities Borrowed shares $ 865 392 Other 352 350 1,217 742 Less current portion (1,007) (553) $ 210 189 (1) Represents the Company's Sprint equity collars at September 30, 2009. 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 note 10. 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: Nine months ended September 30, 2009 2008 amounts in millions Non-strategic Securities $ 1,008 (1,889) Exchangeable senior debentures (771) 866 Equity collars (375) 443 Borrowed shares (314) 585 Other derivatives 45 (250) $ (407) (245)

Intangible Assets

Intangible Assets
	9 Months Ended Sep. 30, 2009
Intangible Assets [Abstract]
Intangible Assets	(9) Intangible Assets Goodwill Changes in the carrying amount of goodwill are as follows: Starz QVC Entertainment Other Total amounts in millions Balance at January 1, 2009 $ 5,363 132 1,055 6,550 Dispositions -- -- (118) (118) Foreign currency translation adjustments 29 -- -- 29 Other 12 -- (4) 8 Balance at September 30, 2009 $ 5,404 132 933 6,469 Intangible Assets Subject to Amortization Amortization expense for intangible assets with finite useful lives was $369 million and $389 million for the nine months ended September 30, 2009 and 2008, respectively. Based on its amortizable intangible assets as of September 30, 2009, Liberty expects that amortization expense will be as follows for the next five years (amounts in millions): Remainder of 2009 $ 138 2010 $ 495 2011 $ 450 2012 $ 401 2013 $ 383

Long-Term Debt

Long-Term Debt
	9 Months Ended Sep. 30, 2009
Long-Term Debt [Abstract]
Long-Term Debt	(10) Long-Term Debt Debt, excluding intergroup debt, is summarized as follows: Outstanding principal Carrying value September 30, September 30, December 31, 2009 2009 2008 Capital Group amounts in millions Exchangeable senior debentures 3.125% Exchangeable Senior Debentures due 2023 $ 1,138 1,104 918 4% Exchangeable Senior Debentures due 2029 469 241 256 3.75% Exchangeable Senior Debentures due 2030 460 216 241 3.5% Exchangeable Senior Debentures due 2031 494 306 138 Liberty bank facility 750 750 750 Liberty derivative loan 1,155 1,155 625 Subsidiary debt 80 80 135 Total attributed Capital Group debt 4,546 3,852 3,063 Interactive Group Senior notes and debentures 7.875% Senior Notes due 2009 -- -- 104 7.75% Senior Notes due 2009 -- -- 13 5.7% Senior Notes due 2013 803 801 801 8.5% Senior Debentures due 2029 287 284 284 8.25% Senior Debentures due 2030 504 501 501 3.25% Exchangeable Senior Debentures due 2031 541 301 138 QVC 7.5% Senior Secured Notes due 2019 1,000 983 -- QVC bank credit facilities 3,235 3,235 5,230 Other subsidiary debt 190 190 60 Total attributed Interactive Group debt 6,560 6,295 7,131 Entertainment Group DIRECTV Collar Loan 1,888 1,888 1,981 Subsidiary debt 49 49 52 Total attributed Entertainment Group debt 1,937 1,937 2,033 Total consolidated Liberty debt $ 13,043 12,084 12,227 Less current maturities (3,015) (868) Total long-term debt $ 9,069 11,359 Exchangeable Senior Debentures During the second quarter of 2009, Liberty used cash for the voluntary early retirement of $750 million face amount of its Exchangeable Senior Debentures attributable to Liberty Capital. Liberty paid $187.5 million (of which $37.5 million was existing cash collateral) to retire $400 million face amount of its 4% Exchangeable Senior Debentures due 2029 and $350 million face amount of its 3-3/4% Exchangeable Senior Debentures due 2030. Liberty also terminated swap arrangements that reference the 4% and 3-3/4% Exchangeable Senior Debentures with no additional payment. The total cash used to retire the $750 million face amount of Exchangeable Senior Debentures and swaps referencing these Exchangeable Senior Debentures was $503 million, of which $315 million was paid to settle swap arrangements that were settled in November 2008. Liberty also purchased and retired $126 million principal amount of its 3.125% Exchangeable Senior Debentures for aggregate cash payments of $106 million. LibertyDerivative Loan During the first quarter of 2009, Liberty made additional net borrowings of $1,638 million against the present value of its Sprint derivatives. Such debt is due when the derivatives expire in 20

Stockholders' Equity

Stockholders' Equity
	1/1/2009 - 9/30/2009
Stockholders' Equity [Abstract]
Stockholders' Equity	(11) Stockholders' Equity As of September 30, 2009, there were 3.6 million and 1.4 million shares of Series A and Series B Liberty Capital common stock, respectively, reserved for issuance under exercise privileges of outstanding stock options. As of September 30, 2009, there were 30.8 million and 7.5 million shares of Series A and Series B Liberty Interactive common stock, respectively, reserved for issuance under exercise privileges of outstanding stock options. As of September 30, 2009, there were 12.2 million and 6.0 million shares of Series A and Series B Liberty Entertainment common stock, respectively, reserved for issuance under exercise privileges of outstanding stock options. In addition to the Series A and Series B Liberty Capital common stock, the Series A and Series B Liberty Interactive common stock and the Series A and Series B Liberty Entertainment common stock, there are 2.0 billion, 4.0 billion and 4.0 billion shares of Series C Liberty Capital, Series C Liberty Interactive and Series C Liberty Entertainment common stock, respectively, authorized for issuance. As of September 30, 2009, no shares of any Series C common stock were issued or outstanding. During the nine months ended September 30, 2009, the Company settled put options on Series A Liberty Capital common stock for cash payments of $5 million. As of September 30, 2009, put options with respect to 12.6 million shares of LINTA with a weighted average put price of $16.97 remained outstanding. Such put options expire on or before September 30, 2010. The Company accounts for the foregoing put options as financial instrument liabilities due to their settlement provisions. 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
	9 Months Ended Sep. 30, 2009
Transactions with Related Parties [Abstract]
Transactions with Related Parties	(12) Transactions with Related Parties During the nine months ended September 30, 2009 and the seven months ended September 30, 2008, subsidiaries of Liberty recognized aggregate revenue of $255 million and $183 million, respectively, from DIRECTV for distribution of their programming. In addition, subsidiaries of Liberty made aggregate payments of $27 million and $21 million to DIRECTV for carriage and marketing. In 2009, QVC executed a five-year affiliation agreement with DIRECTV. Pursuant to such agreement, QVC paid DIRECTV approximately $11 million for improved channel position.

Commitments and Contingencies

Commitments and Contingencies
	9 Months Ended Sep. 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 September 30, 2009 is reflected as a liability in the accompanying condensed consolidated balance sheet. The balance due as of September 30, 2009 is payable as follows: $116 million in 2009, $21 million in 2010 and $4 million 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 September 30, 2009. In addition, Starz Entertainment has agreed to pay Sony Pictures Entertainment ("Sony") a total of $190 million in four annual installments of $47.5 million beginning in 2011 for a contract extension. In December 2008, Starz Entertainment entered into a new agreement with Sony requiring $120 million in three equal annual installments beginning in 2015. Starz Entertainment's estimate of amounts payable under these agreements is as follows: $58 million in 2009; $480 million in 2010; $95 million in 2011; $94 million in 2012; $84 million in 2013 and $212 million 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 through 2016. Films are generally available to Starz Entertainment for exhibition 10-12 months 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 September 30, 2009, Liberty's guarantees for obligations for films released by such date aggregated $786 million. While

Information About Liberty's Ope

Information About Liberty's Operating Segments
	9 Months Ended Sep. 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 nine months ended September 30, 2009, Liberty has identified the following businesses as its reportable segments: QVCconsolidated subsidiary attributed to 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 attributed to 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
	9 Months Ended Sep. 30, 2009
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	2009-09-30

Entity Information

Entity Information (USD $)
	9 Months Ended Sep. 30, 2009	Oct. 30, 2009 Series A [Member] Segment, Liberty Capital [Member]	Oct. 30, 2009 Series A [Member] Segment, Liberty Entertainment [Member]	Oct. 30, 2009 Series A [Member] Segment, Liberty Interactive [Member]	Oct. 30, 2009 Series B [Member] Segment, Liberty Capital [Member]	Oct. 30, 2009 Series B [Member] Segment, Liberty Entertainment [Member]	Oct. 30, 2009 Series 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 Filer Category	Large Accelerated Filer
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding		90,266,848	498,284,059	566,965,732	6,024,724	23,658,487	29,291,666