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Liberty Media Corporation announces payment of Extraordinary Additional Distribution and adjusted composition of Reference Shares under 2.25% Exchangeable Senior Debentures Due 2046 arising from the acquisition of Time Warner Inc. by AT&T Inc.

Liberty Media Corporation (“Liberty Media” or “Liberty”) (NASDAQ: LSXMA,
LSXMB, LSXMK, FWONA, FWONK, BATRA, BATRK) announces an Extraordinary
Additional Distribution to the holders of its 2.25% Exchangeable Senior
Debentures due 2046 (the “Debentures”). The amount of the Extraordinary
Additional Distribution is $514.1295 per $1,000 original principal
amount of Debentures (a “Debenture”), which is 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”). As of March
30, 2018, the aggregate principal amount of Debentures outstanding was
approximately $445 million. After giving effect to the Extraordinary
Additional Distribution, the aggregate adjusted principal amount of
Debentures outstanding will be approximately $216 million.

Liberty expects to pay the Extraordinary Additional Distribution on June
22, 2018, to holders of record of the Debentures on June 14, 2018. Under
the indenture governing 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 will take effect on September 30, 2018, the second succeeding
interest payment date after the payment of the Extraordinary Additional
Distribution. Liberty has not made any Extraordinary Additional
Distributions on the Debentures to date.

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 Extraordinary Additional
Distribution being made on the Debentures as a result of the AT&T/TWX
Acquisition and the revised adjusted principal amount of the Debentures
resulting from such payment, per $1,000 original principal amount of the
Debentures:

June 22, 2018 Beginning AdjustedPrincipal

Extraordinary AdditionalDistribution per $1,000original
principal amount ofDebentures

June 22, 2018 Ending AdjustedPrincipal

Holders of the Debentures will not be entitled to the Extraordinary
Additional Distribution if they transferred or submitted through DTC a
notice of exchange prior to June 14, 2018, the special record date for
payment of the additional distribution.

As a result of the AT&T/TWX Acquisition, the reference shares
attributable to each $1,000.00 original principal of Debentures will now
consist of 13.7452 shares of common stock of AT&T Inc. (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 Time Warner Inc.

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