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                                                                    Exhibit 99.1

FOR IMMEDIATE RELEASE
FEBRUARY 27, 2004

               LIBERTY MEDIA CORPORATION ANNOUNCES SHARE EXCHANGE
                          AGREEMENT WITH MAGNESS GROUP

ENGLEWOOD, Colorado - Liberty Media Corporation (NYSE: L, LMC.B) today announced
that it has reached agreements with parties related to the Bob Magness family
pursuant to which those parties will exchange all of their 96 million shares of
Liberty Media Series B common stock for 105 million shares of Liberty Media
Series A common stock. The Magness parties involved in the transaction include
estates and other persons or entities related to the late founder of Liberty
Media's former parent company, Tele-Communications, Inc., and members of his
family. Closing of this transaction is expected within one week.

Pursuant to a stockholders' agreement among Liberty Media, members of the Malone
family and members of the Magness group, John Malone has the right to direct the
vote of all Series B Liberty Media shares held by the Magness group. The
acquisition by Liberty Media of Series B shares in the pending transaction will
reduce Mr. Malone's percentage voting power in Liberty Media from approximately
43% to approximately 28%. Mr. Malone will own approximately 90% of the Series B
shares outstanding after completion of the transaction.

Liberty Media Corporation (NYSE: L, LMC.B) is a holding company owning interests
in a broad range of electronic retailing, media, communications and
entertainment businesses operating in the United States, Europe, South America
and Asia. Our businesses are classified in three groups; Interactive, Networks
and International and include some of the world's most recognized and respected
brands, including QVC, Encore, STARZ!, Discovery, UnitedGlobalCom, Inc.,
IAC/InterActiveCorp, and News Corporation.

Contact:
Mike Erickson 877-772-1518