<Page>

                                                                    EXHIBIT 99.1

[LOGO]

               LIBERTY MEDIA REPORTS RECORD SECOND QUARTER RESULTS

        QVC REPORTS 10% REVENUE GROWTH AND 17% OPERATING CASH FLOW GROWTH

Englewood, Colorado - Liberty Media Corporation ("Liberty") reported strong
results at both its Liberty Interactive Group and Liberty Capital Group.

[LOGO]

LIBERTY INTERACTIVE GROUP - Liberty Interactive Group's revenue increased 16%
and operating cash flow(1) increased 19% due to the strong operating results at
QVC and the addition of Provide Commerce which was acquired on February 9th.

"We are pleased with the strong operating performance at Liberty Interactive,
which was fueled by the continued excellent results at QVC," said Liberty
Chairman John C. Malone. "We demonstrated our pleasure by repurchasing more than
19 million shares of stock in the quarter."

QVC

QVC's total revenue increased 10% to $1,630 million and operating cash flow
increased 17% to $378 million.

QVC's domestic revenue and operating cash flow increased 10% and 14%,
respectively. The domestic revenue growth was attributed to increased sales to
existing subscribers primarily in the areas of accessories and jewelry as the
total number of units shipped during the quarter increased 8% and the average
selling price increased 3%. QVC.com sales as a percentage of domestic sales grew
from 18% in the second quarter of 2005 to 20% in 2006. The domestic operating
cash flow margin primarily increased due to higher credit card income associated
with the company's private label credit card and operating leverage.

QVC's international revenue increased 10% to $490 million for the quarter due
to greater sales to existing subscribers in Germany and Japan and new
subscriber growth in each of our international markets partially

- -------------------
1. Please see page 8 of this press release for the definition of operating cash
flow and a discussion of management's use of this performance measure. Schedule
1 to this press release provides a reconciliation of Liberty's consolidated
segment operating cash flow for its operating segments to consolidated earnings
from continuing operations before income taxes and minority interests. Schedule
2 to this press release provides a reconciliation of the operating cash flow for
each privately held entity presented herein to that entity's operating income
for the same period, as determined under GAAP.

                                       1
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offset by unfavorable foreign currency exchange rates. Excluding the effect of
exchange rates, international revenue increased 13%. The operating cash flow of
the international operations increased from $76 million to $95 million, or 25%,
due to the increased revenue, improved gross margins and operating leverage.
International margins increased 2% to 39% due to a lower inventory obsolescence
provision and a higher initial gross mark-on. Excluding the effect of exchange
rates, QVC's international operating cash flow increased 27%.

On July 26th, Liberty announced that it has entered into an agreement to acquire
100% of BUYSEASONS, Inc., the operator of online costume retailer
BuyCostumes.com. BuyCostumes.com will be attributed to Liberty Interactive and
will enhance Liberty's web-based retailing strategy.

During the second quarter, Liberty repurchased approximately 19.3 million shares
of Liberty Interactive Series A common stock at an average cost per share of
$17.66 for aggregate cash consideration of $341 million.

At June 30, 2006, there were approximately 683.7 million outstanding shares of
LINTA and LINTB and 19.6 million shares of LINTA and LINTB reserved for issuance
pursuant to warrants and employee stock options. At June 30, 2006, there were
1.6 million options that had a strike price that was lower than the closing
stock price. Exercise of these options would result in aggregate proceeds of
approximately $23 million.

QVC's outstanding bank debt was $1.2 billion at June 30, 2006; the increase of
$400 million during the quarter was primarily due to funding repurchases of
Liberty Interactive Series A common stock.

OUTLOOK - Liberty expects the operations attributed to the Liberty Interactive
Group, which includes QVC for all of 2006 and Provide Commerce from the date of
its acquisition on February 9, 2006, to increase over the attributed 2005
operating results, which included only QVC's operations, as follows:

     o    Revenue growth in the low double digits %.

     o    Operating cash flow growth in low double digits %.

     o    Operating income growth in low double digits %.

The foregoing estimates assume with respect to QVC, among other factors, that
its product mix and foreign currency exchange rates affecting its international
businesses will be consistent as compared to 2005, while revenue growth rates
will experience a slight slowing due to difficult comparisons to the favorable
results achieved in 2005. These estimated growth rates are not expected to be
achieved ratably on a quarterly basis as the Liberty Interactive Group's
attributed businesses will likely experience different quarter over quarter
growth rates for each calendar quarter of 2006.

                                       2
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The businesses and assets attributed to Liberty Interactive Group are engaged
in, or are ownership interests in companies that are engaged in, sales of goods
and services primarily through television programming and the Internet, and
currently include its subsidiaries QVC and Provide Commerce and its approximate
20% interests in IAC/InterActiveCorp, Expedia and GSI Commerce. Liberty
identified QVC, Inc., a consolidated, 98.9% owned subsidiary, as the principal
operating segment of Liberty Interactive Group.

[LOGO]

LIBERTY CAPITAL GROUP - During the quarter, Liberty sold its 50% interest in
Court TV for $735 million in cash and recorded a gain of $303 million. Also
during the quarter, Liberty announced the acquisition of IDT Entertainment from
IDT Corporation for all of Liberty's interests in IDT, $186 million in cash and
the assumption of existing indebtedness. With this acquisition, Starz
Entertainment will have the capability to create a wide array of CG animated and
live action programming for domestic and international distribution in all major
channels, including broadcast syndication, premium television, theatrical, and
home video/DVD.

"We continue to make progress on divesting non-core assets and reinvesting in
our strategic businesses," said Liberty President and CEO Gregory B. Maffei. "We
were also pleased with the operating and investment performance of News
Corporation, our largest asset in Liberty Capital, during the quarter."

STARZ ENTERTAINMENT GROUP

Starz Entertainment Group ("Starz Entertainment") revenue increased 2% to $264
million and operating cash flow increased 6% to $50 million. The growth in
revenue was primarily due to a $14 million increase resulting from an increase
in the average number of subscription units for Starz Entertainment's services.
Starz average subscription units increased 6% and Encore average subscription
units increased 8%. The effect on revenue of these increases in subscription
units was partially offset by an $8 million decrease due to a decrease in the
effective rate charged for such services due to the fixed-rate affiliation
agreements that Starz Entertainment has entered into in recent years.

Starz Entertainment's operating expenses increased 1% for the quarter. The
increase was due to higher programming costs, which increased 8% from $167
million to $180 million, partially offset by a decrease in SG&A expenses. The
programming increases were primarily due to $16 million of additional
amortization of deposits previously made under certain of Starz
Entertainment's output arrangements. The decrease in

                                       3
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SG&A expenses was due to a $10 million decrease in sales and marketing due to
the elimination of certain marketing support commitments under the new
affiliation agreement with Comcast partially offset by marketing expenses
related to the commercial launch of Vongo. Starz Entertainment expects that
over the course of 2006, additional marketing expenses for Vongo and its
traditional services will exceed the benefits derived from lower marketing
support requirements for Comcast, and that its full-year 2006 sales and
marketing expenses may exceed those of 2005. Operating cash flow increased
due to increased revenue combined with a smaller increase in operating
expenses.

At June 30, 2006, there were approximately 140.5 million outstanding shares of
LCAPA and LCAPB and 3.9 million shares of LCAPA and LCAPB reserved for issuance
pursuant to warrants and employee stock options. At June 30, 2006, there were
1.2 million options that had a strike price that was lower than the closing
stock price. Exercise of these options would result in aggregate proceeds of
approximately $90 million.

OUTLOOK - Liberty does not provide combined guidance for the businesses
attributed to the Liberty Capital Group for 2006 as such information is not
considered meaningful. Guidance is being provided separately for Starz
Entertainment which is the largest operating business attributed to the Liberty
Capital Group.

STARZ ENTERTAINMENT GROUP

     o    Liberty expects that revenue, OCF and operating income of Starz
          Entertainment for 2006 will be substantially similar to those
          recognized in 2005.

The foregoing estimates are premised upon, among other factors, that Starz
Entertainment continues to experience positive trends under its affiliation
agreements, Starz Entertainment's distributors continue to see growth in digital
subscribers consistent with that experienced in 2005, the quantity and timing of
receipt of output product from the studios does not materially change from that
experienced in 2005 and Starz subscription units continue to increase. These
estimates further assume that Starz Entertainment's 2006 programming costs
increase by mid-single digit percentages over the same periods in 2005.

The businesses and assets attributed to Liberty Capital Group are all of Liberty
Media's businesses and assets other than those attributed to Liberty Interactive
Group and include its subsidiaries Starz Entertainment Group LLC, On Command
Corporation, OpenTV Corp. and TruePosition, Inc., its equity affiliates GSN LLC
and WildBlue Communications, Inc. and our interests in News Corporation, Time
Warner, Inc. and Sprint Nextel Corporation. Liberty identified Starz
Entertainment Group, a consolidated, wholly owned subsidiary, as its principal
operating segment of Liberty Capital Group.

                                       4
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NOTES

Liberty Media Corporation operates and owns interests in a broad range of video
and on-line commerce, media, communications and entertainment businesses. Those
interests are attributed to two tracking stock groups: Liberty Interactive Group
and Liberty Capital Group.

As a supplement to Liberty's consolidated statements of operations included in
its 10-Q, the following is a presentation of financial information on a
stand-alone basis for QVC and Starz Entertainment.

Unless otherwise noted, this earnings release compares financial information for
the three months ended June 30, 2006 to the same period in 2005. Please see page
8 of this press release for the definition of operating cash flow and a
discussion of management's use of this performance measure. Schedule 1 to this
press release provides a reconciliation of Liberty's consolidated segment
operating cash flow for its operating segments to consolidated earnings from
continuing operations before income taxes and minority interests. Schedule 2 to
this press release provides a reconciliation of the operating cash flow for each
privately held entity presented herein to that entity's operating income for the
same period, as determined under GAAP. Certain prior period amounts have been
reclassified for comparability with the 2005 presentation.

FAIR VALUE OF PUBLIC HOLDINGS AND DERIVATIVES

<Table>
<Caption>
                                                                              June 30,      March 31,      June 30,
(AMOUNTS IN MILLIONS AND INCLUDE THE VALUE OF DERIVATIVES)                      2005          2006           2006
                                                                              --------      ---------      --------
<S>                                                                           <C>           <C>            <C>
InterActiveCorp                                                                $ 3,325        2,040        1,834
Expedia (1)                                                                         --        1,403        1,038
Non Strategic Public Holdings                                                      138          140          115
                                                                               -------      -------      -------
     TOTAL ATTRIBUTED LIBERTY INTERACTIVE GROUP                                $ 3,463        3,583        2,987
                                                                               -------      -------      -------
News Corporation                                                                 8,374        8,660        9,886
Non Strategic Public Holdings                                                    8,303        7,049        6,975
                                                                               -------      -------      -------
     TOTAL ATTRIBUTED LIBERTY CAPITAL GROUP                                    $16,677       15,709       16,861
                                                                               -------      -------      -------
</Table>
- -------------------
(1)  Represents fair value of Liberty's investment in Expedia. In accordance
     with GAAP, Liberty accounts for this investment using the equity method of
     accounting and includes this investment in its consolidated balance sheet
     at its historical carrying value. Expedia was spun-off from InterActiveCorp
     on August 9, 2005.


                                       5
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CASH AND DEBT

The following presentation is provided to separately identify cash and liquid
investments and debt information.

<Table>
<Caption>
                                                                           June 30,      March 31,     June 30,
(AMOUNTS IN MILLIONS)                                                      2005 (1)       2006           2006
                                                                           --------      ---------     --------
<S>                                                                        <C>           <C>           <C>
CASH AND CASH RELATED INVESTMENTS:
Total Attributed Liberty Interactive Group Cash (GAAP)                      $   830           892           925
Total Attributed Liberty Capital Group Cash (GAAP)                              546           788         1,726
                                                                            -------       -------       -------
     Total Liberty Consolidated Cash (GAAP)                                   1,376         1,680         2,651
                                                                            -------       -------       -------
Short-Term Investments (2)                                                        6             6             8
Long-Term Marketable Securities (3)                                             100           279           409
                                                                            -------       -------       -------
     Total Attributed Liberty Capital Group Liquid Investments                  106           285           417
                                                                            -------       -------       -------

Total Attributed Liberty Interactive Group Cash and Liquid Investments          830           892           925
Total Attributed Liberty Capital Group Cash and Liquid Investments              652         1,073         2,143
                                                                            -------       -------       -------
     TOTAL LIBERTY CONSOLIDATED CASH AND LIQUID INVESTMENTS                 $ 1,482         1,965         3,068
                                                                            =======       =======       =======

DEBT:
Senior Notes and Debentures (4)                                             $ 4,833         4,476         4,476
QVC Bank Credit Facility                                                        800           800         1,200
Other                                                                            74            68            68
                                                                            -------       -------       -------
     TOTAL ATTRIBUTED LIBERTY INTERACTIVE GROUP DEBT                        $ 5,707         5,344         5,744
Less:  Unamortized Discount                                                     (18)          (17)          (16)
                                                                            -------       -------       -------
     TOTAL ATTRIBUTED LIBERTY INTERACTIVE GROUP DEBT (GAAP)                 $ 5,689         5,327         5,728
                                                                            -------       -------       -------

Senior Exchangeable Debentures (5)                                            4,588         4,580         4,580
Other                                                                            36            60            60
                                                                            -------       -------       -------
     TOTAL ATTRIBUTED LIBERTY CAPITAL GROUP DEBT                            $ 4,624         4,640         4,640
Less:  Unamortized Discount Attributable To Call Option Obligations          (2,246)       (2,170)       (2,147)
                                                                            -------       -------       -------
     TOTAL ATTRIBUTED LIBERTY CAPITAL GROUP DEBT (GAAP)                     $ 2,378         2,470         2,493
                                                                            -------       -------       -------
     TOTAL CONSOLIDATED LIBERTY DEBT (GAAP)                                 $ 8,067         7,797         8,221
                                                                            =======       =======       =======
</Table>
- -------------------
(1)  Cash and cash related investments of Ascent Media Group, Inc. have been
     excluded for June 30, 2005 as these assets were spun off on July 21, 2005
     as part of Discovery Holding Company.

(2)  Short-term marketable debt securities which are included in other current
     assets in Liberty's consolidated balance sheet.

(3)  Long-term marketable debt securities which are included in investments in
     available-for-sale securities and other cost investments in Liberty's
     consolidated balance sheet.

(4)  Face amount of Senior Notes and Debentures with no reduction for the
     unamortized discount.

(5)  Face amount of Senior Exchangeable Debentures with no reduction for the
     unamortized discount attributable to the embedded call option obligation.

Total Attributed Liberty Interactive Group Cash and Liquid Investments remained
relatively flat compared to March 31, 2006 due to cash flow from QVC operations
and borrowings on the QVC bank credit facility partially offset by the purchase
of Liberty Interactive Series A common stock, interest payments and working
capital needs at QVC. Total Attributed Liberty Interactive Group Debt increased
$400 million due to borrowings on the QVC bank credit facility.

Total Attributed Liberty Capital Group Cash and Liquid Investments increased
$1.1 billion compared to March 31, 2006 due to the sale of Liberty's 50%
interest in Court TV, cash flows from operations of subsidiaries attributed to
Liberty Capital Group and dividend and interest income received. Total
Attributed Liberty Capital Group Debt remained flat.

                                        6
<Page>

IMPORTANT NOTICE: Liberty Media Corporation ("Liberty") (Nasdaq: LINTA, LINTB,
LCAPA, LCAPB) President and CEO, Gregory B. Maffei will discuss Liberty's
earnings release in a conference call which will begin at 11:00am (ET) on August
9, 2006. The call can be accessed by dialing (719) 785-9444 or (866) 719-0110 at
least 10 minutes prior to the start time. Replays of the conference call can be
accessed from 2:00 p.m. (ET) on August 9, 2006 through 5:00 p.m. (ET) August 16,
2006, by dialing (719) 457-0820 or (888) 203-1112 plus the pass code 7932844#.
The call will also be broadcast live across the Internet and archived on our
website until August 16, 2007. To access the web cast go to
http://www.libertymedia.com/investor_relations/default.htm. Links to this press
release will also be available on the Liberty Media web site.

CERTAIN STATEMENTS IN THIS PRESS RELEASE MAY CONSTITUTE "FORWARD-LOOKING
STATEMENTS" WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT
OF 1995, INCLUDING THE STATEMENTS REGARDING STARZ ENTERTAINMENT'S MARKETING
EXPENSE TREND FOR THE REMAINDER OF 2006 AND THE STATEMENTS UNDER THE HEADING
"2006 OUTLOOK." SUCH FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS,
UNCERTAINTIES AND OTHER IMPORTANT FACTORS THAT COULD CAUSE THE ACTUAL RESULTS,
PERFORMANCE OR ACHIEVEMENTS OF THE OPERATING BUSINESSES OF LIBERTY INCLUDED
HEREIN OR INDUSTRY RESULTS, TO DIFFER MATERIALLY FROM ANY FUTURE RESULTS,
PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING
STATEMENTS. SUCH RISKS, UNCERTAINTIES AND OTHER FACTORS INCLUDE, AMONG OTHERS:
THE RISKS AND FACTORS DESCRIBED IN THE PUBLICLY FILED DOCUMENTS OF LIBERTY,
INCLUDING THE MOST RECENTLY FILED FORM 10-Q AND FORM 10-K OF LIBERTY; GENERAL
ECONOMIC AND BUSINESS CONDITIONS AND INDUSTRY TRENDS INCLUDING IN THE
ADVERTISING AND RETAIL MARKETS; THE CONTINUED STRENGTH OF THE INDUSTRIES IN
WHICH SUCH BUSINESSES OPERATE; CONTINUED CONSOLIDATION OF THE BROADBAND
DISTRIBUTION AND MOVIE STUDIO INDUSTRIES; UNCERTAINTIES INHERENT IN PROPOSED
BUSINESS STRATEGIES AND DEVELOPMENT PLANS; CHANGES IN DISTRIBUTION AND VIEWING
OF TELEVISION PROGRAMMING, INCLUDING THE EXPANDED DEPLOYMENT OF PERSONAL VIDEO
RECORDERS AND IP TELEVISION AND THEIR IMPACT ON TELEVISION ADVERTISING REVENUE
AND HOME SHOPPING NETWORKS; INCREASED DIGITAL TELEVISION PENETRATION AND THE
IMPACT ON CHANNEL POSITIONING OF OUR NETWORKS; RAPID TECHNOLOGICAL CHANGES;
FUTURE FINANCIAL PERFORMANCE, INCLUDING AVAILABILITY, TERMS AND DEPLOYMENT OF
CAPITAL; AVAILABILITY OF QUALIFIED PERSONNEL; THE DEVELOPMENT AND PROVISION OF
PROGRAMMING FOR NEW TELEVISION AND TELECOMMUNICATIONS TECHNOLOGIES; CHANGES IN,
OR THE FAILURE OR THE INABILITY TO COMPLY WITH, GOVERNMENT REGULATION,
INCLUDING, WITHOUT LIMITATION, REGULATIONS OF THE FEDERAL COMMUNICATIONS
COMMISSION, AND ADVERSE OUTCOMES FROM REGULATORY PROCEEDINGS; ADVERSE OUTCOMES
IN PENDING LITIGATION; CHANGES IN THE NATURE OF KEY STRATEGIC RELATIONSHIPS WITH
PARTNERS AND JOINT VENTURES; COMPETITOR RESPONSES TO SUCH OPERATING BUSINESSES'
PRODUCTS AND SERVICES, AND THE OVERALL MARKET ACCEPTANCE OF SUCH PRODUCTS AND
SERVICES, INCLUDING ACCEPTANCE OF THE PRICING OF SUCH PRODUCTS AND SERVICES; AND
THREATENED TERRORIST ATTACKS AND ONGOING MILITARY ACTION, INCLUDING ARMED
CONFLICT IN THE MIDDLE EAST AND OTHER PARTS OF THE WORLD. THESE FORWARD-LOOKING
STATEMENTS SPEAK ONLY AS OF THE DATE OF THIS PRESS RELEASE. 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
LIBERTY'S EXPECTATIONS WITH REGARD THERETO OR ANY CHANGE IN EVENTS, CONDITIONS
OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENT IS BASED.

Contact:  John Orr (720) 875-5622

                                       7
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SUPPLEMENTAL INFORMATION

As a supplement to Liberty's consolidated statements of operations, the
following is a presentation of quarterly financial information and operating
metrics on a stand-alone basis for the two largest privately held businesses
(QVC, Inc. and Starz Entertainment Group LLC) owned by or in which Liberty held
an interest at June 30, 2006.

Please see below for the definition of operating cash flow (OCF) and Schedule 2
at the end of this document for reconciliations for the applicable periods in
2005 and 2006 of operating cash flow to operating income, as determined under
GAAP, for each identified entity.

QUARTERLY SUMMARY

<Table>
<Caption>
(AMOUNTS IN MILLIONS)                      2Q05         3Q05         4Q05          1Q06         2Q06
                                          ------       ------       ------        ------       ------
<S>                                       <C>          <C>          <C>           <C>          <C>
LIBERTY INTERACTIVE GROUP
QVC, INC. (98.9%)
Revenue - Domestic                        $1,034        1,039        1,542         1,088        1,140
Revenue - International                      445          436          541           467          490
                                          ------       ------       ------        ------       ------
Revenue - Total                           $1,479        1,475        2,083         1,555        1,630
                                          ------       ------       ------        ------       ------
OCF - Domestic                            $  248          235          360           257          283
OCF - International                           76           71          109            98           95
                                          ------       ------       ------        ------       ------
OCF - Total                               $  324          306          469           355          378
                                          ------       ------       ------        ------       ------
Operating Income                          $  193          179          349           212          242
Gross Margin - Domestic                     38.0%        36.5%        35.8%         36.7%        38.0%
Gross Margin - International                36.7%        35.3%        36.3%         39.4%        38.8%
Homes Reached - Domestic                    89.9         90.5         90.8          90.8         91.1
Homes Reached - International               69.8         70.3         71.9          73.1         74.1
                                          ------       ------       ------        ------       ------

LIBERTY CAPITAL GROUP
STARZ ENTERTAINMENT GROUP LLC (100%)
Revenue                                   $  258          245          247           259          264
OCF                                       $   47           47           29            41           50
Operating Income (Loss)                   $   36           35           (2)           33           44
Subscription Units - Starz                  14.1         13.9         14.1          14.6         15.1
Subscription Units - Encore                 24.9         25.3         25.8          26.4         27.1
                                          ------       ------       ------        ------       ------
</Table>

NON-GAAP FINANCIAL MEASURES

This press release includes a presentation of operating cash flow, which is a
non-GAAP financial measure, for each of the privately held entities of Liberty
included herein together with a reconciliation of that non-GAAP measure to the
privately held entity's operating income, determined under GAAP. Liberty defines
operating cash flow as revenue less cost of sales, operating expenses, and
selling, general and administrative expenses (excluding stock and other
equity-based compensation). Operating cash flow, as defined by Liberty, excludes
depreciation and amortization, stock and other equity-based compensation and
restructuring and impairment charges that are included in the measurement of
operating income pursuant to GAAP.

Liberty believes operating cash flow is an important indicator of the
operational strength and performance of its businesses, including the ability to
service debt and fund capital expenditures. In addition, this measure allows
management to view operating results and perform analytical comparisons and
benchmarking between businesses and identify strategies to improve performance.
Because operating cash flow is used as a measure of operating performance,
Liberty views operating income as the most directly comparable GAAP measure.
Operating cash flow is not meant to replace or supercede operating income or any
other GAAP

                                       8
<Page>

measure, but rather to supplement such GAAP measures in order to present
investors with the same information that Liberty's management considers in
assessing the results of operations and performance of its assets. Please see
the attached schedules for a reconciliation of consolidated segment operating
cash flow to consolidated earnings from continuing operations before income
taxes and minority interest (Schedule 1) and a reconciliation, for QVC and Starz
Entertainment, of each identified entity's operating cash flow to its operating
income calculated in accordance with GAAP (Schedule 2).


SCHEDULE 1

The following table provides a reconciliation of consolidated segment operating
cash flow to earnings from continuing operations before income taxes and
minority interest for the three months ended June 30, 2005 and 2006,
respectively.

<Table>
<Caption>
(AMOUNTS IN MILLIONS)                                                                             2Q05        2Q06
                                                                                                 ------      ------
<S>                                                                                              <C>         <C>
Liberty Interactive Group                                                                        $ 323         385
Liberty Capital Group                                                                               45          53
                                                                                                 -----       -----
     CONSOLIDATED SEGMENT OPERATING CASH FLOW                                                    $ 368         438
                                                                                                 =====       =====

Consolidated segment operating cash flow                                                           368         438
Stock compensation                                                                                 (19)        (22)
Depreciation and amortization                                                                     (161)       (169)
Interest expense                                                                                  (146)       (160)
Realized and unrealized gains (losses) on financial instruments, net                              (288)        362
Gains (losses) on disposition of assets, net                                                        17         303
Other, net                                                                                           5          70
                                                                                                 -----       -----
       EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND MINORITY INTEREST      $(224)        822
                                                                                                 =====       =====
</Table>

SCHEDULE 2

The following table provides reconciliation, for QVC and Starz Entertainment, of
operating cash flow to operating income calculated in accordance with GAAP for
the three months ended June 30, 2005, September 30, 2005, December 31, 2005,
March 31, 2006 and June 30, 2006, respectively.

<Table>
<Caption>
(AMOUNTS IN MILLIONS)                      2Q05        3Q05       4Q05        1Q06        2Q06
                                          ------      ------     ------      ------      ------
<S>                                       <C>         <C>        <C>         <C>         <C>
LIBERTY INTERACTIVE GROUP
QVC, INC. (98.9%)
Operating Cash Flow                       $ 324         306         469         355         378
Depreciation and Amortization              (114)       (117)       (103)       (118)       (120)
Stock Compensation Expense                  (17)        (10)        (17)        (25)        (16)
                                          -----       -----       -----       -----       -----
     OPERATING INCOME                     $ 193         179         349         212         242
                                          =====       =====       =====       =====       =====

LIBERTY CAPITAL GROUP
STARZ ENTERTAINMENT GROUP LLC (100%)
Operating Cash Flow                       $  47          47          29          41          50
Depreciation and Amortization               (11)        (12)        (14)         (8)         (6)
Stock Compensation Expense                   --          --         (17)         --          --
                                          -----       -----       -----       -----       -----
     OPERATING INCOME (LOSS)              $  36          35          (2)         33          44
                                          =====       =====       =====       =====       =====
</Table>

                                       9