EXHIBIT 99.4


LIBERTY MEDIA AGREES TO ACQUIRE 100% OF FOUR
MEDIA COMPANY FOR CASH AND STOCK

BURBANK, California December 6, 1999 -- Four Media Company (Nasdaq: FOUR) today
announced that it has entered into a definitive agreement to sell 100% of its
issued and outstanding common stock to Liberty Media Corporation (NYSE: LMG.A,
LMG.B). Liberty Media will acquire each issued and outstanding share of Four
Media Company common stock for a combination of $6.25 of cash and approximately
0.1613 of a share of Class A Liberty Media Group Stock, par value $1.00 ("LMG.A
Share(s)"), in a taxable exchange. An aggregate of approximately 3.2 million
LMG.A Shares will be issued to Four Media shareholders. The terms of the
definitive agreement supersede and modify the terms of the letter of intent
which was announced by the parties on November 1, 1999. Based on the closing
price of LMG.A Shares on December 6, 1999, the transaction values the issued and
outstanding common stock of Four Media in the aggregate at approximately $263.6
million, or approximately $13.39 per share. This value will fluctuate with
changes in the price of LMG.A Shares.

Warburg, Pincus Equity Partners, L.P., Fleming Asset Management USA and Robert
T. Walston, collectively holders of approximately 70% of the issued and
outstanding shares of Four Media, have entered into agreements with Liberty
Media to vote in favor of the transaction. The transaction is subject to the
expiration of applicable waiting periods under pre-notification regulations,
Four Media stockholder approval, and other customary closing conditions. Closing
is anticipated to occur in the first quarter of 2000.

Commenting on the announcement, Robert T. Walston, Chairman and Chief Executive
Officer of Four Media Company, stated, "The signing of the definitive
acquisition agreement between Four Media Company and Liberty Media marks a
significant step in the development of an exciting new entity that will be the
catalyst for the creation and delivery of new forms of entertainment and
advertising content. We are very enthusiastic about becoming a member of the
Liberty Media family."

Four Media Company is a leading provider of technical and creative services
to owners, producers and distributors of television programming, feature
films and other entertainment product both domestically and internationally. The
Company's services integrate a variety of systems and processes to enhance the
creation and distribution of entertainment content. Four Media's client base
includes the world's largest entertainment companies. As a result of its
investments and acquisitions, Four Media Company is one of


the largest and most diversified providers of technical and creative services to
the entertainment industry, which enables the Company to offer its customers a
single source for such services.

Liberty Media holds interests in a broad range of video programming,
communications, technology and Internet businesses in the United States, Europe,
South America and Asia. Liberty Media Group Class A and Class B Stock are traded
on the New York Exchange under the symbols LMG.A and LMG.B, respectively.

This press release contains forward-looking statements which are made pursuant
to the Safe-Harbor provisions of the Private Securities Litigation Reform Act of
1995. Words such as "intends", "believes" and similar expressions reflecting
something other than historical fact are intended to identify forward-looking
statements, but are not the exclusive means of identifying such statements.
These forward-looking statements involve a number of risks and uncertainties,
including the closing of the Liberty acquisition, the expiration of applicable
waiting periods under pre-notification regulations, the timely development and
market acceptance of products and technologies, successful integration of
acquisitions, the ability to secure additional sources of financing, the ability
to reduce operating expenses and other factors described in the Company's
filings with the Securities and Exchange Commission. The actual results that the
Company achieves may differ materially from any forward-looking statement due to
such risks and uncertainties. The Company undertakes no obligations to revise or
update any forward-looking statements in order to reflect events or
circumstances that may arise after the date of this release.