Market Overview

Liberty Media Corporation Announces Quarterly Interest Payment and Excess Regular Cash Dividend Amount on 2.25% Exchangeable Senior Debentures Due 2046

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Liberty Media Corporation ("Liberty Media" or "Liberty") (NASDAQ: LSXMA,
LSXMB, LSXMK, FWONA, FWONK, BATRA, BATRK) today announced the payment of
a quarterly interest payment to the holders as of December 15, 2018 of
its 2.25% Exchangeable Senior Debentures due 2046 (the "Debentures").
The amount of the quarterly interest payment is $5.625 per $1,000
original principal amount of Debentures. As of December 31, 2018, the
aggregate adjusted principal amount outstanding is approximately $213
million, after giving effect to today's quarterly interest payment.

Under the Indenture for the Debentures, the original principal amount of
the Debentures is reduced in an amount equal to each Extraordinary
Additional Distribution that is made to holders of the Debentures.
Thereafter, the adjusted principal amount is further reduced on each
successive quarterly interest payment date to the extent necessary to
cause the quarterly interest payment to represent the payment of an
annualized yield of 2.25% of the adjusted principal amount. This latter
adjustment, to the extent it is made by reason of a particular
Extraordinary Additional Distribution that results in a reduction to the
principal amount of the Debentures, takes effect on the second
succeeding interest payment date after the payment of that Extraordinary
Additional Distribution.

To date, Liberty has made one Extraordinary Additional Distribution to
holders of the Debentures. On June 22, 2018, Liberty made an
Extraordinary Additional Distribution of $514.1295 per $1,000 original
principal amount of Debentures (a "Debenture"), which was attributable
to the cash consideration of $53.75 per share paid to former holders of
common stock of Time Warner Inc. ("TWX") on June 15, 2018 in connection
with AT&T Inc.'s ("AT&T") acquisition of TWX ("AT&T/TWX Acquisition").

Reductions to the principal amount of the Debentures do not affect the
amount of the quarterly interest payments received by holders of the
Debentures, which will continue to be a rate equal to 2.25% per annum of
the original principal amount of the Debentures. Below is a detail of
the amount of the quarterly interest payment being made on the
Debentures, its allocation between payment of interest and repayment of
principal and the revised adjusted principal amount of the Debentures
resulting from such payment, per $1,000 original principal amount of the
Debentures:

December 31, 2018
Beginning Adjusted
Principal

      Payment       Interest      

Payment of
Principal

     

December 31, 2018
Ending Adjusted
Principal

$482.9785       $5.625       $2.7168       $2.9082       $480.0703
                       

Liberty also announced the payment today, to holders of the Debentures
as of December 15, 2018, of an excess regular cash dividend amount
distribution of $3.0226 per Debenture, which is attributable to the
regular quarterly dividends paid by AT&T of $0.50 on November 1, 2018.
Payments of additional distributions attributable to regular cash
dividends do not result in a reduction to the principal amount of the
Debentures.

As a result of the AT&T/TWX Acquisition, the reference shares
attributable to each $1,000 original principal of Debentures consist of
13.7452 shares of common stock of AT&T (NYSE:T).

About Liberty Media Corporation

Liberty Media Corporation operates and owns interests in a broad range
of media, communications and entertainment businesses. Those businesses
are attributed to three tracking stock groups: the Liberty SiriusXM
Group, the Braves Group and the Formula One Group. The businesses and
assets attributed to the Liberty SiriusXM Group (Nasdaq: LSXMA, LSXMB,
LSXMK) include Liberty Media Corporation's interest in SiriusXM. The
businesses and assets attributed to the Braves Group (Nasdaq: BATRA,
BATRK) include Liberty Media Corporation's subsidiary Braves Holdings,
LLC. The businesses and assets attributed to the Formula One Group
(NASDAQ:FWONA, FWONK)) consist of all of Liberty Media Corporation's
businesses and assets other than those attributed to the Liberty
SiriusXM Group and the Braves Group, including its subsidiary Formula 1,
its interest in Live Nation Entertainment and minority equity investment
in AT&T Inc.

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