Liberty Media Corporation Announces Early Termination of Total Return Swap With Merrill Lynch

Liberty Media Corporation Announces Early Termination of Total Return Swap With Merrill Lynch

ENGLEWOOD, Colo., Dec. 20 /PRNewswire-FirstCall/ -- Liberty Media Corporation (NYSE:L)(NYSE:LMC.B) today announced that it has agreed with Merrill Lynch International on the early termination of the previously announced total return swap and will acquire shares of News Corp. Class B common stock that were the subject of the total return swap.

Liberty Media will deliver approximately 86.9 million shares of News Corp. Class A common stock to Merrill Lynch in exchange for 92.0 million shares of News Corp. Class B common stock underlying existing total return swaps with Merrill Lynch. The 92.0 million shares of News Corp. Class B common stock consist of 84.7 million shares underlying the previously announced total return swap plus an additional 7.3 million shares underlying another total return swap with Merrill Lynch. This transaction is expected to close no later than mid-January and will terminate the total return swap arrangements.

Liberty Media Corporation (NYSE:L)(NYSE:LMC.B) is a holding company owning interests in a broad range of electronic retailing, media, communications and entertainment businesses classified in four groups; Interactive, Networks, Tech/Ventures and Corporate. Liberty Media's businesses include some of the world's most recognized and respected brands, including QVC, Encore, Starz, Discovery, IAC/InterActiveCorp, and News Corporation.


Source: Liberty Media Corporation

CONTACT: Mike Erickson of Liberty Media Corporation, +1-877-772-1518


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