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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

                         Pursuant to Section 13 or 15(d)
                     of the Securities Exchange Act of 1934

        Date of Report (date of earliest event reported): AUGUST 24, 2006

                            LIBERTY MEDIA CORPORATION
             (Exact name of registrant as specified in its charter)

           DELAWARE                      000-51990                84-1288730
- -------------------------------         ------------         -------------------
(State or other jurisdiction of         (Commission           (I.R.S. Employer
 incorporation or organization)         File Number)         Identification No.)

                               12300 LIBERTY BLVD.
                            ENGLEWOOD, COLORADO 80112
              (Address of principal executive offices and zip code)

       Registrant's telephone number, including area code: (720) 875-5400


          (Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

[  ] Written communications pursuant to Rule 425 under the Securities Act (17
     CFR 230.425)

[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
     CFR 240.14a-12)

[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
     Exchange Act (17 CFR 240.14d-2(b))

[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
     Exchange Act (17 CFR 240.13e-4(c))

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ITEM 7.01.  REGULATION FD DISCLOSURE

On August 24, 2006, Liberty Media Corporation ("Liberty") issued a press release
announcing that it and IDT Corporation ("IDT") had completed the first stage of
the previously announced acquisition by Liberty of IDT's Entertainment Division.
The closing encompasses all of IDT Entertainment's U.S. and certain
international operations. The parties expect that the remainder of the
transaction comprising IDT Entertainment's Canadian and Australian operations
will occur in the next several weeks. IDT Entertainment will be combined with
Liberty subsidiary Starz Entertainment Group and will be attributed to the
Liberty Capital Group.

This Form 8-K and the press release attached hereto as Exhibit 99.1 are being
furnished to the SEC under Item 7.01 of Form 8-K in satisfaction of the public
disclosure requirements of Regulation FD.


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                                    SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.

Date: August 25, 2006

                                        LIBERTY MEDIA CORPORATION


                                        By: /s/ CHRISTOPHER W. SHEAN
                                            ------------------------------------
                                            Name:  Christopher W. Shean
                                            Title: Senior Vice President
                                                      and Controller