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Baker Botts Serves As Lead Corporate, Securities Counsel In Discovery Holding Spin Off

Release
NEW YORK, MARCH 16, 2005 -- Baker Botts L.L.P. is serving as principal outside corporate and securities counsel to Liberty Media Corporation (NYSE: L, LMC.B) in connection with its planned spin off of a new company to be known as Discovery Holding Company.

Liberty Media announced details of the spin off in filings with the Securities and Exchange Commission yesterday. Discovery Holding will comprise Liberty Media’s interest in its wholly owned subsidiary, Ascent Media Group, Inc., and its 50 percent interest in Discovery Communications, Inc., which distributes the cable television programming services Discovery Channel, TLC, Animal Planet and the Travel Channel, among others in the United States and internationally.

Baker Botts assisted Liberty Media’s management in structuring the spin off and the preparation of the materials filed with the SEC. In the spin off, which is intended to be tax free to Liberty Media and its stockholders, holders of each share of Liberty Media Series A and Series B common stock will receive .05 of a share of a corresponding series of Discovery Holding’s stock.

Baker Botts regularly represents Liberty Media Corporation as outside legal counsel in corporate finance, M&A and a wide variety of other matters. Most recently, Baker Botts has represented Liberty Media in the separate spin off of Liberty Media’s international businesses to form Liberty Media International, Inc., and has subsequently represented Liberty Media International in its proposed acquisition of UnitedGlobalCom.



About Baker Botts L.L.P. Baker Botts L.L.P., founded in 1840, is a leading international law firm with offices in Austin, Baku, Dallas, Houston, London, Moscow, New York, Riyadh and Washington. With approximately 700 lawyers, Baker Botts provides a full spectrum of legal services to regional, national and international clients. For more information, please visit www.bakerbotts.com.

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