<Page>

                                                                  Exhibit 10.37


                            INDEMNIFICATION AGREEMENT

     This AGREEMENT is made and entered into as of this 9th day of May, 2006, by
and between Liberty Media Corporation, a Delaware corporation (the "Company"),
and [            ] (the "Indemnitee").

     WHEREAS, it is essential to the Company and its mission to retain and
attract as officers and directors the most capable persons available;

     WHEREAS, the Company has asked Indemnitee to serve as a(n)
[officer]/[director] of the Company;

     WHEREAS, both the Company and Indemnitee recognize the omnipresent risk of
litigation and other claims that are routinely asserted against officers and
directors of companies operating in the public arena in the current environment,
and the attendant costs of defending even wholly frivolous claims;

     WHEREAS, it has become increasingly difficult to obtain insurance against
the risk of personal liability of officers and directors on terms providing
reasonable protection to the individual at reasonable cost to the companies;

     WHEREAS, the certificate of incorporation and Bylaws of the Company provide
certain indemnification rights to the officers and directors of the Company, as
provided by Delaware law;

     WHEREAS, to induce Indemnitee to become a(n) [officer]/[director] of the
Company, in recognition of Indemnitee's need for substantial protection against
personal liability in order to enhance Indemnitee's continued service to the
Company in an effective manner, the increasing difficulty in obtaining and
maintaining satisfactory insurance coverage, and Indemnitee's reliance on
assurance of indemnification, the Company wishes to provide in this Agreement
for the indemnification of and the advancing of expenses to Indemnitee to the
fullest extent permitted by law (whether partial or complete) and as set forth
in this Agreement, and, to the extent insurance is maintained, for the continued
coverage of Indemnitee under the Company's directors' and officers' liability
insurance policies;

     NOW, THEREFORE, in consideration of the premises, the mutual covenants and
agreements contained herein and Indemnitee's continuing to serve as an officer
of the Company, the parties hereto agree as follows:

     1.   CERTAIN DEFINITIONS:

          (a) CHANGE IN CONTROL: shall be deemed to have occurred if (i) any
     "person" (as such term is used in Sections 13(d) and 14(d) of the
     Securities Exchange Act of 1934, as amended), other than a trustee or other
     fiduciary holding securities under an employee benefit plan of the Company
     or a corporation owned directly or indirectly by the stockholders of the
     Company in substantially the same proportions as their ownership of stock
     of the Company, is or becomes the "beneficial owner" (as defined in Rule
     13d-3


<Page>

     under such Act), directly or indirectly, of securities of the Company
     representing 20% or more of the total voting power represented by the
     Company's then outstanding Voting Securities, or (ii) during any period of
     two consecutive years, individuals who at the beginning of such period
     constituted the Board of Directors of the Company and any new director
     whose election by the Board of Directors or nomination for election by the
     Company's stockholders was approved by a vote of at least two-thirds
     (66-2/3%) of the directors then still in office who either were directors
     at the beginning of the period or whose election or nomination for election
     was previously so approved, cease for any reason to constitute a majority
     thereof, or (iii) the stockholders of the Company approve a merger or
     consolidation of the Company with any other corporation, other than a
     merger or consolidation which would result in the Voting Securities of the
     Company outstanding immediately prior thereto continuing to represent
     (either by remaining outstanding or by being converted into Voting
     Securities of the surviving entity) at least 80% of the total voting power
     represented by the Voting Securities of the Company or such surviving
     entity outstanding immediately after such merger or consolidation, or the
     stockholders of the Company approve a plan of complete liquidation of the
     Company or an agreement for the sale or disposition by the Company of (in
     one transaction or a series of transactions) all or substantially all the
     Company's assets.

          (b) CLAIM: any threatened, pending or completed action, suit or
     proceeding, whether instituted by the Company or any other party, or any
     inquiry or investigation that Indemnitee in good faith believes might lead
     to the institution of any such action, suit or proceeding, whether civil
     (including intentional and unintentional tort claims), criminal,
     administrative, investigative or other.

          (c) EXPENSES: include attorneys' fees and all other costs, expenses
     and obligations paid or incurred in connection with investigating,
     defending, being a witness in or participating in (including on appeal), or
     preparing to defend, be a witness in or participate in, any Claim relating
     to any Indemnifiable Event.

          (d) INDEMNIFIABLE EVENT: any event or occurrence related to the fact
     that Indemnitee is or was a director, officer, employee, agent or fiduciary
     of the Company, or is or was serving at the request of the Company as a
     director, officer, employee, trustee, agent or fiduciary of another
     corporation, partnership, joint venture, employee benefit plan, trust or
     other enterprise, or by reason of anything done or not done by Indemnitee
     in any such capacity.

          (e) INDEPENDENT LEGAL COUNSEL: an attorney or firm of attorneys,
     selected in accordance with the provisions of Section 3, who shall not have
     otherwise performed services for the Company or Indemnitee within the last
     five years (other than with respect to matters concerning the rights of
     Indemnitee under this Agreement, or of other indemnitees under similar
     indemnification agreements).

          (f) REVIEWING PARTY: any appropriate person or body consisting of a
     member or members of the Company's Board of Directors or any other person
     or body appointed by the Company's Board of Directors who is not a party to
     the particular Claim for which Indemnitee is seeking indemnification, or
     Independent Legal Counsel.

                                       2
<Page>

          (g) VOTING SECURITIES: shares of any series or class of common stock
     or preferred stock of the Company, in each case, entitled to vote generally
     upon all matters that may be submitted to a vote of stockholders of the
     Company at any annual or special meeting thereof.

     2.   BASIC INDEMNIFICATION ARRANGEMENT.

          (a) In the event Indemnitee was, is or becomes a party to or witness
     or other participant in, or is threatened to be made a party to or witness
     or other participant in, a Claim by reason of (or arising in part out of)
     an Indemnifiable Event, the Company shall indemnify Indemnitee to the
     fullest extent permitted by law as soon as practicable but in any event no
     later than thirty days after written demand is presented to the Company,
     against any and all Expenses, judgments, fines, penalties and amounts paid
     in settlement (including all interest, assessments and other charges paid
     or payable in connection with or in respect of such Expenses, judgments,
     fines, penalties or amounts paid in settlement) of such Claim. If so
     requested by Indemnitee, the Company shall advance (within two business
     days of such request) any and all Expenses to Indemnitee as incurred (an
     "Expense Advance").

          (b) Notwithstanding the foregoing, (i) the obligations of the Company
     under Section 2(a) shall be subject to the condition that the Reviewing
     Party shall not have determined (in a written opinion, in any case in which
     the Independent Legal Counsel referred to in Section 3 hereof is involved)
     that Indemnitee would not be permitted to be indemnified under applicable
     law, and (ii) the obligation of the Company to make an Expense Advance
     pursuant to Section 2(a) shall be subject to the condition that, if, when
     and to the extent that the Reviewing Party determines that Indemnitee would
     not be permitted to be so indemnified under applicable law, the Company
     shall be entitled to be reimbursed by Indemnitee (who hereby agrees to
     reimburse the Company) for all such amounts theretofore paid; provided,
     however, that if Indemnitee has commenced or thereafter commences legal
     proceedings in a court of competent jurisdiction to secure a determination
     that Indemnitee should be indemnified under applicable law, any
     determination made by the Reviewing Party that Indemnitee would not be
     permitted to be indemnified under applicable law shall not be binding and
     Indemnitee shall not be required to reimburse the Company for any Expense
     Advance until a final judicial determination is made with respect thereto
     (as to which all rights of appeal therefrom have been exhausted or lapsed).
     If there has not been a Change in Control, the Reviewing Party shall be
     selected by the Board of Directors, and if there has been such a Change in
     Control (other than a Change in Control which has been approved by a
     majority of the Company's Board of Directors who were directors immediately
     prior to such Change in Control), the Reviewing Party shall be the
     Independent Legal Counsel referred to in Section 3 hereof. If there has
     been no determination by the Reviewing Party or if the Reviewing Party
     determines that Indemnitee substantively would not be permitted to be
     indemnified in whole or in part under applicable law, Indemnitee shall have
     the right to commence litigation in any court in Delaware having subject
     matter jurisdiction thereof and in which venue is proper seeking an initial
     determination by the court or challenging any such determination by the
     Reviewing Party or any aspect thereof, including the legal or factual bases
     therefor, and the Company hereby consents to

                                       3
<Page>

     service of process and agrees to appear in any such proceeding. Any
     determination by the Reviewing Party otherwise shall be conclusive and
     binding on the Company and Indemnitee.

     3. CHANGE IN CONTROL. The Company agrees that if there is a Change in
Control of the Company (other than a Change in Control which has been approved
by a majority of the Company's Board of Directors who were directors immediately
prior to such Change in Control) then with respect to all matters thereafter
arising concerning the rights of Indemnitee to indemnity payments and Expense
Advances under this Agreement or any other agreement or Company Bylaw or charter
provision now or hereafter in effect relating to Claims for Indemnifiable
Events, the Company shall seek legal advice only from Independent Legal Counsel
selected by Indemnitee and approved by the Company (which approval shall not be
unreasonably withheld). Such counsel, among other things, shall render its
written opinion to the Company and Indemnitee as to whether and to what extent
Indemnitee would be permitted to be indemnified under applicable law. The
Company agrees to pay the reasonable fees of the Independent Legal Counsel
referred to above and to fully indemnify such counsel against any and all
expenses (including attorneys' fees), claims, liabilities and damages arising
out of or relating to this Agreement or its engagement pursuant hereto.

     4. INDEMNIFICATION FOR ADDITIONAL EXPENSES. The Company shall indemnify
Indemnitee against any and all expenses (including attorneys' fees) and, if
requested by Indemnitee, shall (within two business days of such request)
advance such expenses to Indemnitee, which are incurred by Indemnitee in
connection with any action brought by Indemnitee (whether pursuant to Section 17
of this Agreement or otherwise) for (i) indemnification or advance payment of
Expenses by the Company under this Agreement or any other agreement or Company
Bylaw or charter provision now or hereafter in effect relating to Claims for
Indemnifiable Events or (ii) recovery under any directors' and officers'
liability insurance policies maintained by the Company, to the fullest extent
permitted by law, regardless of whether Indemnitee ultimately is determined to
be entitled to such indemnification, advance expense payment or insurance
recovery, as the case may be.

     5. PARTIAL INDEMNITY. If Indemnitee is entitled under any provision of this
Agreement to indemnification by the Company for some or a portion of the
Expenses, judgments, fines, penalties and amounts paid in settlement of a Claim
but not, however, for all of the total amount thereof, the Company shall
nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is
entitled. Moreover, notwithstanding any other provision of this Agreement, to
the extent that Indemnitee has been successful on the merits or otherwise in
defense of any or all Claims relating in whole or in part to an Indemnifiable
Event or in defense of any issue or matter therein, including dismissal without
prejudice, Indemnitee shall be indemnified against all Expenses incurred in
connection therewith.

     6. BURDEN OF PROOF. In connection with any determination by the Reviewing
Party or otherwise as to whether Indemnitee is entitled to be indemnified
hereunder, the burden of proof shall be on the Company to establish that
Indemnitee is not so entitled.

     7. NO PRESUMPTIONS. For purposes of this Agreement, the termination of any
claim, action, suit or proceeding, by judgment, order, settlement (whether with
or without court

                                       4
<Page>

approval) or conviction, or upon a plea of nolo contendere, or its equivalent,
shall not create a presumption that Indemnitee did not meet any particular
standard of conduct or have any particular belief or that a court has determined
that indemnification is not permitted by applicable law. In addition, neither
the failure of the Reviewing Party to have made a determination as to whether
Indemnitee has met any particular standard of conduct or had any particular
belief, nor an actual determination by the Reviewing Party that Indemnitee has
not met such standard of conduct or did not have such belief, prior to the
commencement of legal proceedings by Indemnitee to secure a judicial
determination that Indemnitee should be indemnified under applicable law shall
be a defense to Indemnitee's claim or create a presumption that Indemnitee has
not met any particular standard of conduct or did not have any particular
belief.

     8. NONEXCLUSIVITY; SUBSEQUENT CHANGE IN LAW. The rights of the Indemnitee
hereunder shall be in addition to any other rights Indemnitee may have under the
Company's Bylaws or certificate of incorporation, under Delaware law or
otherwise. To the extent that a change in Delaware law (whether by statute or
judicial decision) permits greater indemnification by agreement than would be
afforded currently under the Company's Bylaws and certificate of incorporation
and this Agreement, it is the intent of the parties hereto that Indemnitee shall
enjoy by this Agreement the greater benefits so afforded by such change.

     9. LIABILITY INSURANCE. To the extent the Company maintains an insurance
policy or policies providing directors' and officers' liability insurance,
Indemnitee shall be covered by such policy or policies, in accordance with its
or their terms, to the maximum extent of the coverage available for any Company
director or officer.

     10. AMENDMENTS; WAIVER. No supplement, modification or amendment of this
Agreement shall be binding unless executed in writing by both of the parties
hereto. No waiver of any of the provisions of this Agreement shall be deemed or
shall constitute a waiver of any other provisions hereof (whether or not
similar) nor shall such waiver constitute a continuing waiver.

     11. SUBROGATION. In the event of payment under this Agreement, the Company
shall be subrogated to the extent of such payment to all of the rights of
recovery of Indemnitee, who shall execute all papers required and shall do
everything that may be necessary to secure such rights, including the execution
of such documents necessary to enable the Company effectively to bring suit to
enforce such rights.

     12. NO DUPLICATION OF PAYMENTS. The Company shall not be liable under this
Agreement to make any payment in connection with any Claim made against
Indemnitee to the extent Indemnitee has otherwise actually received payment
(under any insurance policy, Bylaw or otherwise) of the amounts otherwise
indemnifiable hereunder.

     13. BINDING EFFECT. This Agreement shall be binding upon and inure to the
benefit of and be enforceable by the parties hereto and their respective
successors (including any direct or indirect successor by purchase, merger,
consolidation or otherwise to all or substantially all of the business or assets
of the Company), assigns, spouses, heirs, executors and personal and legal
representatives. This Agreement shall continue in effect regardless of whether
Indemnitee


                                       5
<Page>

continues to serve as a director, officer, employee, agent or fiduciary of the
Company or of any other enterprise at the Company's request.

     14. SEVERABILITY. The provisions of this Agreement shall be severable in
the event that any of the provisions hereof (including any provision within a
single section, paragraph or sentence) is held by a court of competent
jurisdiction to be invalid, void or otherwise unenforceable in any respect, and
the validity and enforceability of any such provision in every other respect and
of the remaining provisions hereof shall not be in any way impaired and shall
remain enforceable to the fullest extent permitted by law.

     15. EFFECTIVE DATE. This Agreement shall be effective as of the date hereof
and shall apply to any claim for indemnification by the Indemnitee on or after
such date.

     16. GOVERNING LAW. This Agreement shall be governed by and construed and
enforced in accordance with the laws of the State of Delaware applicable to
contracts made and to be performed in such state without giving effect to the
principles of conflicts of laws.

     17. INJUNCTIVE RELIEF. The parties hereto agree that Indemnitee may enforce
this Agreement by seeking specific performance hereof, without any necessity of
showing irreparable harm or posting a bond, which requirements are hereby
waived, and that by seeking specific performance, Indemnitee shall not be
precluded from seeking or obtaining any other relief to which he may be
entitled.

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date set forth above.

                                        LIBERTY MEDIA CORPORATION



                                        By:
                                           -------------------------------------


                                        INDEMNITEE



                                        ----------------------------------------


                                       6