Liberty Media Reports Third Quarter 2012 Financial Results

Please see below for the definition of adjusted OIBDA and a discussion of why management believes the presentation of adjusted OIBDA provides useful information for investors. Schedule 2 to this press release provides a reconciliation of adjusted OIBDA for Starz, LLC to its operating income for the same period, as determined under GAAP.

QUARTERLY SUMMARY
(amounts in millions)				3Q11					4Q11				1Q12				2Q12				3Q12
Starz, LLC
Revenue				$	389				432				405				403				400
Adjusted OIBDA					107				93				127				108				108
Operating income					101				87				120				100				99
Subscription units – Starz					19.0				19.6				20.1				20.7				20.8
Subscription units – Encore					32.8				33.2				33.6				34.2				34.3

NON-GAAP FINANCIAL MEASURES

This press release includes a presentation of adjusted OIBDA, which is a non-GAAP financial measure, for Liberty Media and Starz LLC, together with a reconciliation to that entity’s operating income, as determined under GAAP. Liberty Media defines adjusted OIBDA as revenue less operating expenses, and selling, general and administrative expenses (excluding stock and other equity-based compensation) and excludes from that definition depreciation and amortization, restructuring and impairment charges and legal settlements that are included in the measurement of operating income pursuant to GAAP.

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