Liberty Media Corporation and Starz Announce Completion of Spin-Off

  Liberty Media Corporation and Starz Announce Completion of Spin-Off

Business Wire

ENGLEWOOD, Colo. -- January 11, 2013

Liberty Media Corporation (“Liberty”) (Nasdaq: former LMCAV, former LMCBV,
LMCAD, LMCBD) and Starz (Nasdaq: STRZA, STRZB) announced the completion of the
spin-off (the “Spin-Off”) of Liberty from Starz at 5:00 p.m., New York City
time, today. As a result, Liberty and Starz are now separate publicly traded
companies. As announced earlier, in connection with the Spin-Off, Liberty
changed its name from “Liberty Spinco, Inc.” to “Liberty Media Corporation,”
and Starz changed its name from “Liberty Media Corporation” to “Starz.” Both
companies will begin trading regular way on The Nasdaq Stock Market, under the
symbols listed above, on Monday, January 14, 2013.

Following the Spin-Off, Liberty’s principal businesses and assets include its
consolidated subsidiaries Atlanta National League Baseball Club, Inc. and
TruePosition, Inc., equity affiliates Sirius XM Radio Inc. and Live Nation
Entertainment, Inc. and minority investments in public companies such as
Barnes & Noble, Inc., Time Warner Inc., Time Warner Cable Inc. and Viacom
Inc.. Starz’ businesses and assets consist of those of Starz, LLC, its wholly
owned subsidiary.

As a result of the Spin-Off, Christopher Albrecht, Irving Azoff, Derek Chang,
Susan Lyne, Jeffrey Sagansky, Daniel Sanchez, Charles Tanabe and Robert
Wiesenthal joined the board of directors of Starz, following the resignation
of all of the former Liberty Media Corporation directors (other than Gregory
Maffei, who remains a director of Starz). Liberty’s board of directors
currently consists of all of the directors who previously served on the board
of directors of the former Liberty Media Corporation prior to the Spin-Off:
John Malone, Gregory Maffei, Robert Bennett, Donne Fisher, Ian Gilchrist, Evan
Malone, David Rapley, Larry Romrell and Andrea Wong.

Prior to the Spin-Off, Starz utilized cash on hand and borrowings under its
bank credit facility and distributed an additional $1.2 billion to Liberty
Media Corporation (previously, Starz had distributed $600 million to Liberty
Media Corporation). Starz has approximately $450 million available to borrow
under its bank credit facility after this distribution.

Following the Spin-Off, Liberty will have approximately $450 million available
under its stock repurchase program, and Starz will have approximately $400
million available under its stock repurchase program.

About Liberty Media Corporation

Liberty (Nasdaq: former LMCAV, former LMCBV, LMCAD, LMCBD) owns interests in a
broad range of media, communications and entertainment businesses, including
its subsidiaries Atlanta National League Baseball Club, Inc. and TruePosition,
Inc., its interests in SiriusXM, Live Nation Entertainment and Barnes & Noble,
and minority equity investments in Time Warner Inc. and Viacom.

About Starz

Starz (NASDAQ: STRZA, STRZB) is a leading integrated global media and
entertainment company with operating units that provide premium subscription
video programming on domestic U.S. pay television channels (Starz Channels),
global content distribution (Starz Distribution) and animated television and
movie production (Starz Animation), www.starz.com.

Starz Channels is a leading provider of premium subscription video programming
through the flagship STARZ® and ENCORE® pay TV networks which showcase premium
original programming and movies to U.S. multichannel video distributors,
including cable operators, satellite television providers, and
telecommunications companies. As of September 30, 2012, STARZ and ENCORE serve
a combined 55 million subscribers, including 21 million at STARZ, and 34
million at ENCORE, making them the largest pair of premium flagship channels
in the U.S. STARZ® and ENCORE®, along with Starz Channels’ third network
MOVIEPLEX®, air over 1,000 movies monthly across 17 linear networks,
complemented by On Demand and authenticated online offerings through STARZ
PLAY, ENCORE PLAY, and MOVIEPLEX PLAY. Starz Distribution develops, produces
and acquires entertainment content, distributing it to consumers globally on
DVD, digital formats and traditional television. Starz Distribution’s home
video, digital media and worldwide distribution business units distribute
original programming content produced by Starz, as well as entertainment
content for itself and third parties. Starz Animation produces animated TV and
movie content for studios, networks, distributors and audiences worldwide.

Contact:

Liberty Media Corporation
Courtnee Ulrich, 720-875-5420
or
Starz
Courtnee Ulrich, 720-875-5420
 
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