Market Overview

Liberty Interactive and GCI Liberty Announce Completion of Auto Conversion, Reattribution and Expected Closing of Transactions


Liberty Interactive Corporation ("LIC") (Nasdaq: QVCA, QVCB, LVNTA,
LVNTB) and GCI Liberty, Inc. ("GCI Liberty") (Nasdaq: GNCMA / GLIBA,
GLIBP) today announced that GCI Liberty has effected the automatic
conversion (the "auto conversion"), as of 4:21 p.m., New York City time,
today, of each share of its GCI Liberty Class A-1 and Class B-1 common
stock into (i) 0.63 of a share of GCI Liberty Class A common stock and
(ii) 0.2 of a share of GCI Liberty Series A Cumulative Redeemable
Preferred Stock (the "preferred stock").

LIC has also completed the reattribution of certain assets and
liabilities attributed to its Ventures Group to the QVC Group. The
reattributed assets and liabilities consisted of cash, LIC's interests
in ILG and FTD, certain green energy investments, exchangeable
debentures of Liberty Interactive LLC and certain tax benefits.
The final valuations of assets and liabilities to be reattributed will
be provided after closing. Prior to market open tomorrow, LIC will
contribute to GCI Liberty, in exchange for shares of GCI Liberty Class A
and Class B common stock, the following assets and liabilities currently
attributed to the Ventures Group: LIC's entire equity interests in
Liberty Broadband Corporation, Charter Communications, Lending Tree and
Evite and certain other assets and liabilities attributed to its
Ventures Group following the reattribution. LIC expects to complete the
redemption of its Series A and Series B Liberty Ventures common stock in
exchange for shares of GCI Liberty stock (the "split-off") at 4:01 p.m.,
New York City time, tomorrow.

Following the auto conversion, GCI Liberty has delisted its Class A-1
common stock, and as a result, such securities will no longer trade on
the Nasdaq Global Select Market as of market open tomorrow, March 9. In
addition, GCI Liberty's Class B-1 common stock will no longer be quoted
on the OTC Markets. GCI Liberty's Class A common stock and preferred
stock are expected to commence trading in the regular way under the
symbols "GLIBA" and "GLIBP," respectively, on Monday, March 12. GCI
Liberty intends to cause its Class B common stock to be quoted on the
OTC Markets as soon as is practical following the closing date. However,
LIC and GCI Liberty can give no assurances as to the timing of the
quotation or the symbol under which GCI Liberty's Class B common stock
will be quoted.

In addition, LIC intends to delist its Series A and Series B Liberty
Ventures common stock following the split-off and, as a result, such
securities will cease to be traded on the NASDAQ Global Select Market
following market close tomorrow, March 9.

As previously announced, beginning on Monday, March 12, LIC's Series A
and Series B QVC Group common stock will no longer trade under the
symbols "QVCA" and "QVCB," respectively, and will begin trading under
the symbols "QRTEA" and "QRTEB," respectively, in connection with the
rebranding of LIC and its QVC Group as Qurate Retail Group.

Forward-Looking Statements

This press release includes certain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995,
including statements about the completion of the proposed transactions
between LIC and GCI Liberty and the listing and quotation of GCI
Liberty's capital stock and LIC's common stock. These forward-looking
statements involve many risks and uncertainties that could cause actual
results to differ materially from those expressed or implied by such
statements, including, without limitation, the completion of the
described transactions and the listing and quotation of GCI Liberty's
capital stock. These forward-looking statements speak only as of the
date of this press release, and each of LIC and GCI Liberty expressly
disclaims any obligation or undertaking to disseminate any updates or
revisions to any forward-looking statement contained herein to reflect
any change in LIC's or GCI Liberty's expectations with regard thereto or
any change in events, conditions or circumstances on which any such
statement is based. Please refer to the publicly filed documents of LIC
and GCI Liberty, including their most recent Forms 10-K, for additional
information about LIC, GCI Liberty and about the risks and uncertainties
related to LIC's and GCI Liberty's respective businesses which may
affect the statements made in this press release.

Additional Information

Nothing in this press release shall constitute a solicitation to buy
or an offer to sell shares of GCI Liberty or any of LIC's tracking
stocks. The offer and issuance of shares in the transactions will only
be made pursuant to GCI Liberty's effective registration statement. GCI
Liberty shareholders, LIC stockholders and other investors are urged to
read the registration statement and the joint proxy statement/prospectus
regarding the proposed transactions and any other relevant documents
filed with the SEC, as well as any amendments or supplements to those
documents, because they contain important information about the
transactions. Copies of these SEC filings are available free of charge
at the SEC's website (
Copies of the filings together with the materials incorporated by
reference therein are also available, without charge, by directing a
request to Liberty Interactive Corporation, 12300 Liberty Boulevard,
Englewood, Colorado 80112, Attention: Investor Relations, Telephone:
(720) 875-5420. GCI Liberty investors can access additional information

About Liberty Interactive Corporation

Liberty Interactive Corporation operates and owns interests in a broad
range of digital commerce businesses. Those businesses are currently
attributed to two tracking stock groups: the QVC Group and the Liberty
Ventures Group. The businesses and assets attributed to the QVC Group
(NASDAQ:QVCA, QVCB)) consist of Liberty Interactive Corporation's
subsidiaries, QVC, Inc., HSN, Inc. and zulily, llc, and its interests in
FTD and ILG, and the businesses and assets attributed to the Liberty
Ventures Group (NASDAQ:LVNTA, LVNTB)) consist of all of Liberty
Interactive Corporation's businesses and assets other than those
attributed to the QVC Group, including its subsidiary Evite and
interests in Liberty Broadband Corporation, Lending Tree and Charter

About GCI Liberty, Inc.

GCI Liberty is the largest communications provider in Alaska, providing
data, wireless, video, voice and managed services to consumer and
business customers throughout Alaska and nationwide. Headquartered in
Alaska, GCI Liberty has delivered services for nearly 40 years to some
of the most remote communities and in some of the most challenging
conditions in North America. Learn more about GCI Liberty at

View Comments and Join the Discussion!