<Page>

IMPORTANT NOTICE: Liberty Media Corporation President and CEO, Robert Bennett,
will discuss this press release as well as Liberty Media's supplemental
financial information and guidance in a conference call which will begin today
at 11:00 a.m. (ET). The call can be accessed by dialing (913) 981-4901 at least
10 minutes prior to the start time. The call will also be broadcast live across
the internet. To access the web cast go to
http://libertymedia.com/investor_relations/default.htm.

FOR IMMEDIATE RELEASE
March 15, 2004


                   LIBERTY MEDIA CORPORATION ANNOUNCES PLAN TO
                        SEPARATE INTERNATIONAL BUSINESSES

ENGLEWOOD, Colorado - Liberty Media Corporation (NYSE: L, LMC.B) today announced
that it intends to spin-off to its shareholders a separate company comprised of
its international businesses. The transaction, which is intended to be tax-free
to shareholders, will create a new publicly-traded company called Liberty Media
International, Inc. (LMI).

LMI will be comprised of Liberty Media's interests in various broadband and
content businesses operating principally in Europe, Japan and Latin America.
These businesses include UnitedGlobalCom, Inc. (NASDAQ: UCOMA), Jupiter
Telecommunications, Co., Ltd., and Jupiter Programming Co., Ltd., and Liberty
Cablevision of Puerto Rico, Inc. among others.

Within the coming weeks, Liberty Media will make the appropriate SEC filings
with completion of the transaction expected to occur in the early-Summer.

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


Certain statements in this press release may constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements involve known and unknown risks,
uncertainties and other important factors that could cause the actual results,
performance or achievements of Liberty Media Corporation and subsidiaries or
industry results, to differ materially from any future results, performance or
achievements expressed or implied by such forward-looking statements. Such
risks, uncertainties and other factors include, among others: the risks and
factors described in the publicly filed documents of Liberty Media Corporation,
including the most recently filed Form 10-K of Liberty Media Corporation;
general economic and business conditions and industry trends including in the
advertising and retail markets; the continued strength of the industries in
which we operate; uncertainties inherent in proposed business strategies and
development plans; rapid technological changes; future financial performance,
including availability, terms and deployment of capital; availability of
qualified personnel; changes in, or the failure or the inability to comply with,
government regulation, including, without limitation, regulations of the Federal
Communications Commission, and adverse outcomes from regulatory proceedings;
changes in the nature of key strategic relationships with partners and joint
venturers; competitor responses to Liberty Media Corporation's products and
services, and the overall market acceptance of such products and services,
including acceptance of the pricing of such products and services. These
forward-looking statements speak only as of the date of this Release. Liberty
Media Corporation expressly disclaims any obligation or undertaking to
disseminate any updates or revisions to any forward-looking statement contained
herein to reflect any change in Liberty Media Corporation's expectations with
regard thereto or any change in events, conditions or circumstances on which any
such statement is based.

The transactions are subject to completion of definitive agreements and
customary closing conditions, including regulatory and other third party
consents and approvals.