Document:

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                                                                   EXHIBIT 10.38

                            SHARE EXCHANGE AGREEMENT

                                 by and between

                                NEWS CORPORATION

                                       and

                            LIBERTY MEDIA CORPORATION

                                   ----------

                             As of December 22, 2006

                                   ----------

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                                TABLE OF CONTENTS

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                                                                                    Page
<S>                                                                                  <C>
ARTICLE I. CERTAIN DEFINITIONS AND OTHER MATTERS                                      2

   Section 1.1.     CERTAIN DEFINITIONS                                               2

   Section 1.2.     TERMS DEFINED IN OTHER SECTIONS                                  14

ARTICLE II. INTERPRETATION                                                           15

   Section 2.1.     INTERPRETATION                                                   15

ARTICLE III. EXCHANGE OF STOCK; CLOSING                                              15

   Section 3.1.     EXCHANGE OF STOCK                                                15

   Section 3.2.     CLOSING                                                          16

   Section 3.3.     PARENT'S DELIVERIES AT THE CLOSING                               16

   Section 3.4.     LMC'S DELIVERIES AT THE CLOSING                                  16

   Section 3.5.     PERFORMANCE                                                      17

   Section 3.6.     ADJUSTMENT TO NUMBER AND TYPE OF SECURITIES                      17

   Section 3.7.     PARENT RESTRUCTURING AND RELATED MATTERS                         18

   Section 3.8.     ESTIMATED NET WORKING CAPITAL ADJUSTMENT                         18

   Section 3.9.     FINAL NET WORKING CAPITAL ADJUSTMENT                             18

ARTICLE IV. REPRESENTATIONS AND WARRANTIES OF PARENT                                 20

   Section 4.1.     ORGANIZATION AND STANDING                                        21

   Section 4.2.     CAPITALIZATION                                                   21

   Section 4.3.     CORPORATE POWER AND AUTHORITY                                    23

   Section 4.4.     SHAREHOLDER VOTES REQUIRED                                       23

   Section 4.5.     CONFLICTS; CONSENTS AND APPROVALS                                24

   Section 4.6.     OPERATIONS OF THE TRANSFERRED BUSINESS                           25
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<S>                                                                                  <C>
   Section 4.7.     COMPLIANCE WITH LAW                                              25

   Section 4.8.     INTELLECTUAL PROPERTY                                            25

   Section 4.9.     ABSENCE OF SPLITCO OPERATIONS; SPLITCO ASSETS AND LIABILITIES    26

   Section 4.10.    ENVIRONMENTAL MATTERS                                            26

   Section 4.11.    LITIGATION                                                       27

   Section 4.12.    EMPLOYEE BENEFIT PLANS                                           28

   Section 4.13.    CONTRACTS                                                        30

   Section 4.14.    LABOR MATTERS                                                    32

   Section 4.15.    RSN SUBSIDIARIES FINANCIAL STATEMENTS                            32

   Section 4.16.    PERMITS                                                          33

   Section 4.17.    REAL ESTATE                                                      34

   Section 4.18.    GUARANTEES                                                       34

   Section 4.19.    TITLE TO DTV SHARES                                              34

   Section 4.20.    CERTAIN TAX MATTERS                                              34

   Section 4.21.    AFFILIATE TRANSACTIONS                                           36

   Section 4.22.    BROKERS OR FINDERS                                               36

   Section 4.23.    INVESTIGATION; RELIANCE                                          37

ARTICLE V. REPRESENTATIONS AND WARRANTIES OF LMC                                     37

   Section 5.1.     ORGANIZATION AND STANDING                                        37

   Section 5.2.     CORPORATE POWER AND AUTHORITY                                    37

   Section 5.3.     NO VOTE REQUIRED                                                 38

   Section 5.4.     CONFLICTS; CONSENTS AND APPROVALS                                38

   Section 5.5.     LMC PARENT SHARES                                                39

   Section 5.6.     LITIGATION                                                       39

   Section 5.7.     GOVERNMENTAL ACTIONS                                             39
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<S>                                                                                  <C>
   Section 5.8.     FCC MATTERS                                                      39

   Section 5.9.     INVESTMENT PURPOSE AND EXPERIENCE                                40

   Section 5.10.    Investigation; Reliance                                          40

   Section 5.11.    BROKERS AND FINDERS                                              40

ARTICLE VI. COVENANTS AND AGREEMENTS                                                 41

   Section 6.1.     ACCESS AND INFORMATION                                           41

   Section 6.2.     CONDUCT OF BUSINESS BY PARENT                                    41

   Section 6.3.     CONDUCT OF BUSINESS BY LMC                                       44

   Section 6.4.     PROXY STATEMENT                                                  44

   Section 6.5.     PARENT STOCKHOLDERS' MEETING                                     46

   Section 6.6.     APPROPRIATE ACTION; CONSENTS; FILINGS                            47

   Section 6.7.     FURTHER ASSURANCES                                               49

   Section 6.8.     STANDSTILL AGREEMENTS                                            49

   Section 6.9.     CONFIDENTIALITY; ACCESS TO RECORDS AFTER CLOSING                 53

   Section 6.10.    EMPLOYEE MATTERS                                                 55

   Section 6.11.    INTERCOMPANY SERVICES AND ACCOUNTS                               57

   Section 6.12.    COOPERATION WITH RESPECT TO FINANCIAL REPORTING                  57

   Section 6.13.    NO SOLICITATION                                                  57

   Section 6.14.    DTV CHARTER RESTRICTIONS                                         59

   Section 6.15.    CERTAIN TAX MATTERS                                              60

   Section 6.16.    ANCILLARY AGREEMENTS                                             60

   Section 6.17.    PLEDGED SHARES                                                   60

ARTICLE VII. CONDITIONS TO CLOSING                                                   60

   Section 7.1.     MUTUAL CONDITIONS                                                60

   Section 7.2.     CONDITIONS TO LMC'S OBLIGATIONS                                  61
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<S>                                                                                  <C>
   Section 7.3.     CONDITIONS TO PARENT'S OBLIGATIONS                               62

   Section 7.4.     FRUSTRATION OF CLOSING CONDITIONS                                63

ARTICLE VIII. INDEMNIFICATION                                                        63

   Section 8.1.     SURVIVAL OF REPRESENTATIONS, WARRANTIES AND COVENANTS            63

   Section 8.2.     INDEMNIFICATION                                                  64

   Section 8.3.     PROCEDURES                                                       65

   Section 8.4.     EXCLUSIVITY                                                      67

   Section 8.5.     CERTAIN RIGHTS AND LIMITATIONS                                   67

ARTICLE IX. TERMINATION                                                              67

   Section 9.1.     TERMINATION                                                      67

   Section 9.2.     EFFECT OF TERMINATION                                            69

ARTICLE X. MISCELLANEOUS                                                             70

   Section 10.1.    NOTICES                                                          70

   Section 10.2.    EXPENSES                                                         71

   Section 10.3.    GOVERNING LAW; CONSENT TO JURISDICTION                           71

   Section 10.4.    WAIVER OF JURY TRIAL                                             71

   Section 10.5.    ASSIGNMENT; SUCCESSORS AND ASSIGNS; NO THIRD PARTY RIGHTS        72

   Section 10.6.    COUNTERPARTS                                                     72

   Section 10.7.    TITLES AND HEADINGS                                              72

   Section 10.8.    AMENDMENT AND MODIFICATION                                       72

   Section 10.9.    PUBLICITY; PUBLIC ANNOUNCEMENTS                                  72

   Section 10.10.   WAIVER                                                           73

   Section 10.11.   SEVERABILITY                                                     73

   Section 10.12.   NO STRICT CONSTRUCTION                                           73
</Table>

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   Section 10.13.   ENTIRE AGREEMENT                                                 73

   Section 10.14.   EQUITABLE REMEDIES                                               73
</Table>

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EXHIBITS

Exhibit A-I   Tax Matters Agreement

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                            SHARE EXCHANGE AGREEMENT

          This SHARE EXCHANGE AGREEMENT, dated as of December 22, 2006 (this
"Agreement"), is entered into by and between NEWS CORPORATION, a Delaware
corporation ("Parent") and LIBERTY MEDIA CORPORATION, a Delaware corporation
("LMC").

                                   WITNESSETH:

          WHEREAS, Greenlady Corp. ("Splitco"), a Delaware corporation, as an
indirect wholly owned subsidiary of Parent;

          WHEREAS, the Networks (as defined in Article I) conduct a business
consisting of regional sports programming networks (the "Transferred Business");

          WHEREAS, Parent through its wholly owned subsidiary Fox Entertainment
Group, Inc. ("FEG") owns the DTV Shares (as defined in Article I);

          WHEREAS, the Stockholders (as defined in Article I) are indirect
wholly owned subsidiaries of LMC;

          WHEREAS, the Stockholders collectively own the LMC Parent Shares (as
defined in Article I);

          WHEREAS, as of the Closing (as defined in Article III) the assets of
Splitco will consist solely of (i) all issued and outstanding equity interests
of each RSN Subsidiary (as defined in Article I), (ii) the DTV Shares and (iii)
the Cash Amount (as defined in Article I);

          WHEREAS, upon the terms and subject to the conditions set forth in
this Agreement, (a) Parent desires to exchange the Splitco Shares (as defined in
Article I) for the LMC Parent Shares, and (b) LMC desires to cause the
Stockholders to exchange the LMC Parent Shares for the Splitco Shares;

          WHEREAS, the parties hereto intend that the Exchange (as defined in
Section 3.1) qualify as a tax-free exchange under Section 355(a) of the Code (as
defined in Article I) and this Agreement, together with the Tax Matters
Agreement (as defined in Article I), constitute a "plan of reorganization," as
defined in Section 368 of the Code;

          WHEREAS, concurrently with the execution of this Agreement, Parent and
certain of its Affiliates party thereto, on the one hand, and LMC and certain of
its Affiliates party thereto, on the other hand, are entering into the Tax
Matters Agreement;

          WHEREAS, at or prior to the Closing Parent and LMC shall enter into
the Global Affiliation Agreement Side Letter (as defined in Article I);

          WHEREAS, at or prior to the Closing, Parent and certain of its
Affiliates (other than the Transferred Subsidiaries) party thereto, on the one
hand, and the Transferred Subsidiaries and DTV, on the other hand, shall enter
into the following agreements, each in a form reasonably satisfactory to each of
Parent and LMC: (i) the NSP Agreements, (ii) the NAP

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Agreements, (iii) the Technical Services Agreement, (iv) the Transitional
Services Agreement, (v) the Production Services Agreement, (vi) the Sports
Access Agreement, (vii) the Webpage Services Agreement, (viii) the FSD
Representation Agreement, (ix) the Fox College Sports License Agreement, (x) the
DTV Non-Competition Agreement and (xi) the RSN Subsidiary Non-Competition
Agreement (such agreements, together with the Global Affiliation Side Letter and
the Tax Matters Agreement, the "Ancillary Agreements");

          WHEREAS, the Board of Directors of Parent and the Board of Directors
of LMC and each Stockholder have, in each case, determined that it is in the
best interests of their respective corporations and their respective
stockholders to enter into this Agreement.

          NOW, THEREFORE, in consideration of the mutual covenants contained in
this Agreement, and intending to be legally bound, the parties hereto agree as
follows:

                                   ARTICLE I.

                      CERTAIN DEFINITIONS AND OTHER MATTERS

     Section 1.1. CERTAIN DEFINITIONS. As used in this Agreement and the
schedules hereto, the following terms have the respective meanings set forth
below.

          "ACTION" means any demand, action, claim, suit, countersuit,
litigation, arbitration, prosecution, proceeding (including any civil, criminal,
administrative, investigative or appellate proceeding), hearing, inquiry, audit,
examination or investigation commenced, brought, conducted or heard by or
before, or otherwise involving, any court, grand jury or other Governmental
Authority or any arbitrator or arbitration panel.

          "AFFILIATE" means, with respect to any Person, any other Person that,
directly or indirectly, through one or more intermediaries, controls, is
controlled by, or is under common control with, such Person; PROVIDED, however
that (i) the Transferred Subsidiaries will be treated as Affiliates of Parent
prior to the Closing and as Affiliates of LMC after the Closing, and (ii) the
term "Affiliate" when used with respect to Parent or any Affiliate of Parent
prior to the Closing, or LMC or any Affiliate of LMC after the Closing, shall
not include DTV or any of its Subsidiaries. The term "control" means the
possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of a Person, whether through the
ownership of voting securities, by contract or otherwise, including the ability
to elect the members of the board of directors or other governing body of a
Person, and the terms "controlled" and "controlling" have correlative meanings.

          "ANTITRUST LAWS" means the HSR Act, the Sherman Act, as amended, the
Clayton Act, as amended, the Federal Trade Commission Act, as amended, and all
other federal, state, and foreign statutes, rules, regulations, orders, decrees,
administrative and judicial doctrines and other laws that are designed or
intended to prohibit, restrict or regulate actions having the purpose or effect
of monopolization or restraint of trade or lessening competition through merger
or acquisition.

          "ASSOCIATE" shall have the meaning ascribed to such term under the ASX
Listing Rules.

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          "ASX" means the Australian Stock Exchange.

          "BENEFICIAL OWNERSHIP" shall have (and related terms such as
"beneficially owned" or "beneficial owner") the meaning set forth in Rule 13d-3
under the Exchange Act; PROVIDED, HOWEVER that a Person shall be deemed to
beneficially own any securities which such Person has the right to acquire
whether such right is exercisable immediately or only after the passage of time
or upon the satisfaction of one or more conditions (whether or not within the
control of such Person) pursuant to any agreement, arrangement or understanding
(whether or not in writing) or upon the exercise of conversion rights, exchange
rights, other rights, warrants or options.

          "BUSINESS DAY" means any day that is not a Saturday, Sunday or other
day on which banking institutions in New York, New York are authorized or
required by Law or executive order to close.

          "BUSINESS FCC LICENSES" means the material licenses, permits,
authorizations, and approvals issued by the FCC to each of the RSN Subsidiaries
which are used in connection with the operation of the Networks.

          "CASH AMOUNT" means five hundred and fifty million dollars
($550,000,000), plus the Estimated Net Working Capital Deficiency Amount (if
any) or minus the Estimated Net Working Capital Excess Amount (if any).

          "CLEANUP" means all actions required to (a) clean up, remove, treat or
remediate Hazardous Materials in the indoor or outdoor environment, (b) perform
pre-remedial studies and investigations and post-remedial monitoring and care,
(c) respond to any requests by a Governmental Authority for information or
documents relating to cleanup, removal, treatment or remediation or potential
cleanup, removal, treatment or remediation of Hazardous Materials in the indoor
or outdoor environment or (d) prevent the Release of Hazardous Materials so that
they do not migrate, endanger, or threaten to endanger public health or welfare
or the indoor or outdoor environment.

          "CODE" means the Internal Revenue Code of 1986, as amended.

          "COMMUNICATIONS ACT" means the Communications Act of 1934, as amended,
and the rules, regulations and published orders of the FCC thereunder.

          "COMMUNICATIONS REGULATION" means the Communications Act, the
Telecommunications Act of 1996, any rule, regulation or policy of the FCC,
and/or any statute, rule, regulation or policy of any other Governmental
Authority with respect to the operation of channels of radio communication
and/or the provision of communications services (including the provision of
direct-to-home video programming).

          "CONFIDENTIALITY AGREEMENT" means the letter agreement, dated
September 5, 2006, by and between Parent and LMC.

          "CONTRACT" means any agreement, contract, lease, power of attorney,
note, loan, evidence of indebtedness, purchase and sales order, letter of
credit, settlement agreement, franchise agreement, undertaking, covenant not to
compete, employment agreement, license,

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instrument, obligation, option, commitment, understanding and other executory
commitment, whether oral or written, express or implied.

          "CUSTOMER AGREEMENTS" means all Contracts between any RSN Subsidiary
and a customer of the Transferred Business.

          "DAMAGES" means any and all losses, Liabilities, claims, damages,
deficiencies, fines, payments, costs and expenses, whenever or however arising
and whether or not resulting from third party claims (including all amounts paid
in connection with any demands, assessments, judgments, settlements and
compromises relating thereto; interest and penalties with respect thereto; and
costs and expenses, including reasonable attorneys', accountants' and other
experts' fees and expenses, incurred in investigating, preparing for or
defending against any such Actions or other legal matters or in asserting,
preserving or enforcing an Indemnified Party's rights hereunder). Damages shall
expressly exclude special, punitive and consequential damages and any and all
losses, Liabilities, claims, damages, deficiencies, fines, payments, costs or
expenses with respect to diminution of value; PROVIDED that Damages shall
include any of the foregoing awarded in an Action (or settlement thereof) to any
third party against an Indemnified Party, without regard to the foregoing
limitations.

          "DIT" means any "deferred intercompany transaction" or "intercompany
transaction" within the meaning of the Treasury Regulations (or predecessors
thereto) that does not occur pursuant to the Parent Restructuring.

          "DTV" means The DirecTV Group, Inc., a Delaware corporation.

          "DTV NON-COMPETITION AGREEMENT" means the letter agreement relating to
Parent's confidentiality, non-competition and non-solicitation provisions
relating to DTV to be entered into by and between Parent and DTV.

          "DTV SHARES" means, the shares of common stock of DTV held by FEG, as
specified in Section 1.1 of the Parent Disclosure Letter, and to be transferred
to Splitco pursuant to Section 3.1.

          "ELA" means any "excess loss account" within the meaning of the
Treasury Regulations (or predecessors thereto).

          "ENCUMBRANCES" means security interests, liens, charges, claims, title
defects, deficiencies or exceptions (including, with respect to the Leased Real
Property, defects, deficiencies or exceptions in, or relating to, marketability
of title, or leases, subleases or the like affecting title), mortgages, pledges,
easements, encroachments, restrictions on use, rights-of-way, rights of first
refusal, rights of first negotiation or any similar right in favor of any third
party, any restriction on the receipt of any income derived from any asset and
any limitation or restriction on the right to own, vote, sell or otherwise
dispose of any security, conditional sales or other title retention agreements,
covenants, conditions or other similar restrictions (including restrictions on
transfer) or other encumbrances of any nature whatsoever, other than Permitted
Encumbrances.

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          "ENVIRONMENTAL CLAIM" means any claim, action, cause of action,
investigation, request for information or notice (written or oral) by any Person
or entity alleging potential liability for investigatory costs, cleanup costs,
governmental response costs, natural resources damages, property damages,
personal injuries, or penalties arising out of, based on or resulting from (a)
the presence, or Release into the environment, of any Hazardous Material at any
location, whether or not owned or operated by such Person or any of its
Subsidiaries or (b) circumstances forming the basis of any violation, or alleged
violation, of any Environmental Law or (c) any contractual liabilities.

          "ENVIRONMENTAL LAWS" means all Laws relating to pollution or
protection of human health and safety or the environment (including ambient air,
surface water, groundwater, land surface, natural resources or subsurface
strata), including all such Laws relating to Releases or threatened Releases of
Hazardous Materials into the environment or work place, or otherwise relating to
the environmental or worker health and safety aspects of manufacturing,
processing, distribution, importation, use, treatment, storage, disposal,
transport or handling of Hazardous Materials, including the Comprehensive
Response, Compensation, and Liability Act and its state equivalents, chemical
inventories in all relevant jurisdictions, and all such Laws relating to the
registration of products of the Transferred Business or Splitco under the
Federal Insecticide, Fungicide and Rodenticide Act, the Food Drug and Cosmetic
Act, the Toxic Substances Control Act, the European List of Notified Chemical
Substances, the European Inventory of Existing Commercial Chemical Substances or
similar Laws.

          "ERISA" means the Employee Retirement Income Security Act of 1974, as
amended.

          "EXCHANGE ACT" means the Securities Exchange Act of 1934, as amended.

          "FCC" means the United States Federal Communications Commission,
including a Bureau or subdivision thereof acting on delegated authority.

          "FCC CONSENT" means the grant, without regard to whether such grant
has become a final order, by the FCC of its consent to, or approval of, the
transfer of control of Splitco, and consent to, or approval of, transfer of the
DTV Shares and any transfer of control of DTV, to LMC (or any Affiliate of LMC),
pursuant to appropriate applications filed by the parties with the FCC, as
contemplated by this Agreement.

          "FLSA" means the Fair Labor Standards Act, 29 U.S.C. Section 201, as
amended.

          "FSD REPRESENTATION AGREEMENT" means the FSD representation agreement
entered into by and among Fox Sports Direct and each of the RSN Subsidiaries,
respectively.

          "FOX COLLEGE SPORTS LICENSE AGREEMENT" means the agreement relating to
the license of Network programming by the RSN Subsidiaries to Fox College
Sports, Inc.

          "GAAP" means United States generally accepted accounting principles,
consistently applied.

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          "GLOBAL AFFILIATION AGREEMENT SIDE LETTER" means the letter agreement
relating to global affiliation agreements entered into by and between LMC and
Parent.

          "GOVERNMENTAL AUTHORITY" means any supranational, national, federal,
state or local government, foreign or domestic, or the government of any
political subdivision of any of the foregoing, or any entity, authority, agency,
ministry, department, board, commission, court or other similar body exercising
executive, legislative, judicial, regulatory or administrative authority or
functions of or pertaining to government, including any authority or other
quasi-governmental entity established by a Governmental Authority to perform any
of such functions.

          "HAZARDOUS MATERIALS" means any substance which is listed, defined or
regulated as a pollutant, contaminant, hazardous, dangerous or toxic substance,
material or waste, or is otherwise classified as hazardous, dangerous or toxic
in or pursuant to any Environmental Law or which is or contains any explosives,
radon, radioactive materials, asbestos, urea formaldehyde foam insulation,
polychlorinated biphenyls, petroleum and petroleum products (including waste
petroleum and petroleum products) as regulated under any applicable
Environmental Law.

          "INDEBTEDNESS" of any Person means, without duplication, (i) all
obligations of such Person for money borrowed, whether current or unfunded, or
secured or unsecured; (ii) all obligations of such Person evidenced by notes,
debentures, bonds or other similar instruments or debt securities for the
payment of which such Person is responsible or liable (excluding current
accounts payable incurred in the ordinary course of business); (iii) all
obligations of such Person issued or assumed for deferred purchase price
payments associated with acquisitions, divestments or other transactions; (iv)
all obligations of such Person under leases required to be capitalized in
accordance with GAAP, (v) all obligations of such Person for the reimbursement
of any obligor on any letter of credit, banker's acceptance, guarantees or
similar credit transaction, (vi) all interest, fees, prepayment premiums and
other expenses owed with respect to the indebtedness referred to above and (vii)
all indebtedness of others referred to above which is directly or indirectly
guaranteed by such Person or which such Person has agreed (contingently or
otherwise) to purchase or otherwise acquire or in respect of which it has
otherwise assured a creditor against loss, including through the grant of a
security interest upon any assets of such Person.

          "INTELLECTUAL PROPERTY" shall mean all United States and foreign (i)
patents, patent applications, patent disclosures, and all related continuations,
continuations-in-part, divisionals, reissues, re-examinations, substitutions,
and extensions thereof, (ii) trademarks, service marks, trade names, domain
names, logos, slogans, trade dress, and other similar designations of source or
origin, together with the goodwill symbolized by any of the foregoing, (iii)
copyrights and copyrightable subject matter, (iv) rights of publicity, (v) moral
rights and rights of attribution and integrity, (vi) trade secrets and all
confidential information, know-how, inventions, proprietary processes, formulae,
models, and methodologies, (vii) all rights in the foregoing and in other
similar intangible assets, (viii) all applications and registrations for the
foregoing, and (ix) all rights and remedies against infringement,
misappropriation, or other violation thereof.

          "IRS" means the Internal Revenue Service of the United States of
America.

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          "KNOWLEDGE" means (i) with respect to Parent, the actual knowledge of
any of the individuals set forth on Schedule 1.1(a) of the Parent Disclosure
Letter, and (ii) with respect to LMC, the actual knowledge of any of the
individuals set forth on Schedule 1.1(b) of the LMC Disclosure Letter. "Know,"
"knows" and correlative terms will be read to have similar meanings.

          "LAWS" means all United States federal, state or local, foreign or
supranational laws, constitutions, statutes, codes, rules, regulations,
ordinances, orders, judgments, writs, stipulations, awards, injunctions,
arbitration awards or findings decrees or edicts by a Governmental Authority
having the force of law, including any of the foregoing as they relate to Tax.

          "LEASED REAL PROPERTY" means any real property leased or subleased by
the Transferred Subsidiaries and set forth (and designated as leased) in Section
4.17.2 of the Parent Disclosure Letter.

          "LIABILITIES" means any and all Indebtedness, liabilities, commitments
and obligations, whether or not fixed, contingent or absolute, matured or
unmatured, direct or indirect, liquidated or unliquidated, accrued or unaccrued,
known or unknown, whether or not required by GAAP to be reflected in financial
statements or disclosed in the notes thereto, including those arising under any
Action, Law, order, judgment, injunction or consent decree of any Governmental
Authority or any award of any arbitrator of any kind, and those arising under
any contract, commitment or undertaking.

          "LIBERTY BASKET AMOUNT" means $12,000,000.

          "LIBERTY BASKET BREACH" means the failure of any representation or
warranty contained in this Agreement and made by LMC (other than those
representations or warranties contained in Sections 5.1, 5.2, 5.3, 5.5, 5.10 and
5.11) to be true and correct when made or deemed made.

          "LIBERTY BASKET EXCEPTION BREACH" means the failure of any
representation or warranty contained in Sections 5.1, 5.2, 5.3, 5.5, 5.10 and
5.11 of this Agreement to be true and correct when made or deemed made.

          "LMC DISCLOSURE LETTER" means the disclosure letter that LMC has
delivered to Parent on the date of this Agreement prior to the execution hereof,
which letter is incorporated by reference herein.

          "LMC INDEMNITEES" means, collectively, LMC, its Affiliates, and their
respective stockholders, members, partners, officers, directors, employees,
attorneys, representatives and agents.

          "LMC PARENT SHARES" means the 324,637,067 Shares of Parent Class A
Common Stock and 188,000,000 shares of Parent Class B Common Stock owned by the
Stockholders.

          "LMC TAX OPINION" means the written opinion of LMC's Tax counsel,
addressed to LMC and dated as of the Closing Date, in form and substance
reasonably satisfactory to LMC,

                                       7

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to the effect that, based upon the Rulings, the Tax Opinion Representations, and
any other facts, representations and assumptions set forth or referred to in
such opinion, and subject to such qualifications and limitations as may be set
forth in such opinion, for United States federal income tax purposes, no gain or
loss will be recognized by (and no amount will be includible in the income of)
the Stockholders on the Exchange.

          "LMC TAX OPINION REPRESENTATIONS" means the representations set forth
in a letter, which shall be executed by LMC on the Closing Date and dated and
effective as of the Closing Date, to be made by LMC to each of the firms
providing the Tax Opinions as a condition to, and in connection with, the
issuance of the Tax Opinions, including representations in form and substance
substantially as set forth in Schedule A to this Agreement (amended as necessary
to reflect changes in relevant facts occurring after the date of this Agreement
and on or before the Closing Date).

          "MATERIAL ADVERSE EFFECT" means, with respect to a Person or the
Transferred Business, any change, effect, event, occurrence, development,
condition or circumstance that, individually or in the aggregate with all other
adverse changes, effects, events, occurrences, developments, conditions or
circumstances, is, or is reasonably likely to be, materially adverse to the
business, operations, results of operations, assets, liabilities, or condition
(financial or otherwise) of such Person and its Subsidiaries, taken as a whole,
or the Transferred Business, taken as a whole, or on the ability of such Person
to consummate the Transactions, other than any change, effect, event,
occurrence, development, condition or circumstance resulting from, or relating
to (i) the United States economy in general or (ii) the industry in which such
Person or the Transferred Business operates in general, and not having a
materially disproportionate effect (relative to the effect on other Persons
operating in such industry) on such Person or the Transferred Business; PROVIDED
that for the purposes of any determination as to the existence of a "Material
Adverse Effect" with respect to Splitco, Splitco's assets shall be deemed to
consist of the following as of the time of such determination: (i) all issued
and outstanding equity interests of each RSN Subsidiary and (ii) the DTV Shares;
PROVIDED further that any determination as to the existence of a "Material
Adverse Effect" with respect to Splitco shall be made after taking into account
(without duplication) any amounts actually recovered, under any insurance policy
maintained by Parent or any of its Affiliates or DTV, and/or by Parent, any
Affiliate of Parent or DTV from any other third party, and, in each case, after
giving effect to the application of any such amounts for the benefit of the
Transferred Subsidiaries or DTV. No change, effect, event or occurrence arising
or resulting from any of the following, either alone or in combination, shall
constitute or be taken into account in determining whether there has been, a
Material Adverse Effect: (i) the announcement or performance of this Agreement
and the transactions contemplated hereby (including compliance with the
covenants set forth herein, or any action taken or omitted to be taken by
Parent, any Transferred Subsidiary, Splitco or DTV at the request or with the
prior written consent of LMC), including, to the extent arising therefrom, any
termination of, reduction in or similar negative impact on relationships,
contractual or otherwise, with any customers, suppliers, distributors, partners
or employees of the Transferred Business or DTV, (ii) acts of war or terrorism
or natural disasters, (iii) changes in any Laws or regulations or applicable
accounting regulations or principles or the interpretations thereof, (iv) the
fact, in and of itself (and not the underlying causes thereof) that any
Transferred Subsidiary or DTV failed to meet any projections, forecasts, or
revenue or earnings predictions for any period, or (v) any

                                       8

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change, in and of itself (and not the underlying causes thereof) in the stock
price of the LMC Parent Shares or the DTV Shares.

          "MAXIMUM AMOUNT" means $75,000,000 (provided that it is the
understanding of the parties that such $75,000,000 amount shall not have
deducted therefrom the amount of the Parent Basket Amount or the Liberty Basket
Amount, as the case may be).

          "MULTIEMPLOYER PLAN" means any "multiemployer plan" within the meaning
of Section 3(37) of ERISA.

          "MURDOCH INTERESTS" means each of Mr. K. Rupert Murdoch, the Murdoch
Family Trust and Cruden Financial Services LLC and (x) any successor to any of
the foregoing and (y) any transferee of Parent Class B Stock of any of the
foregoing.

          "NAP AGREEMENTS" means each national advertising sales representation
agreement by and among National Advertising Partners and each of the RSN
Subsidiaries.

          "NETWORK" means each of the regional sports programming cable networks
operated by the RSN Subsidiaries and listed on Section 1.1 of the Parent
Disclosure Letter.

          "NET WORKING CAPITAL" means the (A) current assets (excluding cash and
excluding Tax assets) less (B) current liabilities (excluding Tax liabilities,
and calculated after giving effect to the settlement of intercompany accounts
contemplated by Section 6.11), in each case, of the RSN Subsidiaries on a
consolidated basis, all as determined in accordance with the methods, principles
and classifications used in preparing the Interim Balance Sheet included in the
Financial Statements and set forth on Schedule B attached hereto and in
accordance with GAAP (excluding footnotes and normal year-end adjustments).

          "NSP AGREEMENTS" mean each national sports programming service license
agreement by and among National Sports Programming and each of the RSN
Subsidiaries.

          "PARENT BASKET AMOUNT" means $12,000,000.

          "PARENT BASKET BREACH" means the failure of any representation or
warranty contained in this Agreement and made by Parent (other than those
representations or warranties contained in Sections 4.1, 4.2, 4.3, 4.4, 4.19,
4.22 and 4.23 and other than the representations and warranties contained in
Section 4.20 which shall not be the subject of any claim for indemnification
under Article VIII) to be true and correct when made or deemed made.

          "PARENT BASKET EXCEPTION BREACH" means the failure of any
representation or warranty contained in Sections 4.1, 4.2, 4.3, 4.4, 4.19, 4.22
and 4.23 of this Agreement to be true and correct when made or deemed made.

          "PARENT COMMON STOCK" means, collectively, the Class A Common Stock,
par value $0.01 per share, of Parent ("Parent Class A Stock") and the Class B
Common Stock, par value $0.01 per share, of Parent ("Parent Class B Stock").

                                       9

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          "PARENT DISCLOSURE LETTER" means the disclosure letter that Parent has
delivered to LMC on the date of this Agreement prior to the execution hereof,
which letter is incorporated by reference herein.

          "PARENT INDEMNITEES" means, collectively, Parent, its Affiliates and
its and their respective stockholders (other than LMC and any of its
Affiliates), members, partners, officers, directors, employees, attorneys,
representatives and agents.

          "PARENT RESTRUCTURING" means the restructuring effected by Parent and
its Affiliates pursuant to the steps set forth on Schedule C hereto, as the same
may be modified in accordance with the Tax Matters Agreement.

          "PARENT TAX OPINION" means the written opinion of Parent's Tax
counsel, addressed to Parent and dated as of the Closing Date, in form and
substance reasonably satisfactory to Parent, to the effect that, based upon the
Rulings, the Tax Opinion Representations and any other facts, representations
and assumptions set forth or referred to in such opinion, and subject to such
qualifications and limitations as may be set forth in such opinion, for United
States federal income tax purposes, no gain or loss will be recognized by (and
no amount will be includible in the income of) Parent or any of its Affiliates
on the Exchange or the Parent Restructuring, except with respect to any DITS or
ELAs.

          "PARENT TAX OPINION REPRESENTATIONS" means the representations set
forth in the letter, which shall be executed by Parent on the Closing Date and
dated and effective as of the Closing Date, to be made by Parent to each of the
firms providing the Tax Opinions as a condition to, and in connection with, the
issuance of the Tax Opinions, including representations in form and substance
substantially as set forth in Schedule D to this Agreement (amended as necessary
to reflect changes in relevant facts occurring after the date of this Agreement
and on or before the Closing Date).

          "PERMITTED ENCUMBRANCES" means (i) Encumbrances for Taxes not yet due
or being contested in good faith by appropriate proceedings and for which
adequate accruals or reserves have been established, (ii) the claims of
mechanics, materialmen or like Persons that have arisen in the ordinary course
of business or imperfections of title, restrictions and other Encumbrances that,
in any such case, do not materially interfere with the use of (in the ordinary
course of business) or the value (as so used) of, the property subject thereto,
(iii) rights granted to any licensee of any Intellectual Property Rights in the
ordinary course of business consistent with past practices, (iv) Encumbrances
securing Indebtedness not yet in default for the purchase price or lease
payments on property purchased or leased in the ordinary course of business, (v)
Encumbrances created by actions of LMC or its Affiliates, (vi) with respect to
securities, including capital stock, Encumbrances imposed by the Securities Act
or the Exchange Act or (vii) Encumbrances arising from the rights and
obligations under this Agreement or any Ancillary Agreement.

          "PERSON" means an individual, partnership (general or limited),
corporation, limited liability company, joint stock company, unincorporated
organization or association, trust, joint venture or other entity, or a
Governmental Authority.

                                       10

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          "PLEDGED SHARES" means the 60,000,000 shares of Parent Class A Common
Stock owned beneficially and of record by the Stockholders pledged, as of the
date hereof, to secure certain of the Stockholders' obligations under variable
forward OTC contracts.

          "PRODUCTION SERVICES AGREEMENT" means the agreement relating to the
provision of production services identified therein by the Transferred
Subsidiaries to be entered into by and among each of the Transferred
Subsidiaries and Fox Sports Net, Inc.

          "REAL PROPERTY LEASE" means the lease or sublease agreement pursuant
to which a Leased Real Property is leased or subleased.

          "RELEASE" means any release, spill, emission, discharge, leaking,
pumping, injection, deposit, disposal, dispersal, leaching or migration into the
indoor or outdoor environment (including ambient air, surface water, groundwater
and surface or subsurface strata) or into or out of any property, including the
movement of Hazardous Materials through or in the air, soil, surface water,
groundwater or property.

          "RSN SUBSIDIARIES" means each of Fox Sports Net Rocky Mountain, LLC,
Fox Sports Net Pittsburgh, LLC, and Fox Sports Net Northwest, LLC.

          "RSN SUBSIDIARY NON-COMPETITION AGREEMENT" means the letter agreement
relating to Parent's confidentiality, non-competition and non-solicitation
obligations relating to the RSN Subsidiaries to be entered into by and among
Parent, Splitco and each RSN Subsidiary.

          "RULINGS" shall mean the Exchange Rulings and the Parent Restructuring
Ruling.

          "SEC" means the United States Securities and Exchange Commission.

          "SECURITIES ACT" means the United States Securities Act of 1933.

          "SECURITIES ENCUMBRANCES" means security interests, liens, charges,
claims, title defects, deficiencies or exceptions, mortgages, pledges, rights of
first refusal, rights of first negotiation or any similar right in favor of any
Person, any restriction on the receipt of any income derived from any security
and any limitation or restriction on the right to own, vote, sell or otherwise
dispose of any security, conditional sales or other title retention agreements,
covenants, conditions or other similar restrictions (including restrictions on
transfer) or other encumbrances of any nature whatsoever, other than (i)
Encumbrances imposed by the Securities Act or the Exchange Act or (ii)
Encumbrances arising from the rights and obligations under this Agreement.

          "SPLITCO COMMON STOCK" means the common stock, par value $0.01 per
share, of Splitco.

          "SPLITCO SHARES" means all of the issued and outstanding shares of
Splitco Common Stock.

          "SPORTS ACCESS AGREEMENTS" means the agreements relating to the
license of highlights and clips for news access by media organizations to the
RSN Subsidiaries to be

                                       11

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entered into by and among each of the RSN Subsidiaries and Sports Access, a
division of ARC Holding, Ltd.

          "STOCKHOLDERS" means Liberty NC, Inc., Liberty NC II, Inc., Liberty NC
IV, Inc., Liberty NC V, Inc., Liberty NC VI, Inc., Liberty NC VII, Inc., Liberty
NC VIII, Inc., Liberty NC IX, Inc., Liberty NC XII, Inc. and LMC Bay Area
Sports, Inc.

          "SUBSIDIARY" when used with respect to any Person, means (i)(A) a
corporation of which a majority in voting power of its share capital or capital
stock with voting power, under ordinary circumstances, to elect directors is at
the time, directly or indirectly, owned by such Person, by a Subsidiary of such
Person, or by such Person and one or more Subsidiaries of such Person, whether
or not such power is subject to a voting agreement or similar Encumbrance, (B) a
partnership or limited liability company in which such Person or a Subsidiary of
such Person is, at the date of determination, (1) in the case of a partnership,
a general partner of such partnership with the power affirmatively to direct the
policies and management of such partnership or (2) in the case of a limited
liability company, the managing member or, in the absence of a managing member,
a member with the power affirmatively to direct the policies and management of
such limited liability company, or (C) any other Person (other than a
corporation) in which such Person, a Subsidiary of such Person or such Person
and one or more Subsidiaries of such Person, directly or indirectly, at the date
of determination thereof, has (1) the power to elect or direct the election of a
majority of the members of the governing body of such Person, whether or not
such power is subject to a voting agreement or similar Encumbrance, or (2) in
the absence of such a governing body, at least a majority ownership interest or
(ii) any other Person of which an aggregate of more than 50% of the equity
interests are, at the time, directly or indirectly, owned by such Person and/or
one or more Subsidiaries of such Person. For the purposes of the foregoing, the
Transferred Subsidiaries will be treated as Subsidiaries of Parent until the
Closing is completed and as Subsidiaries of LMC immediately after the Closing,
and neither IAC/InterActiveCorp nor Expedia, Inc., or any of their respective
Subsidiaries, will be treated as Subsidiaries of LMC.

          "TAX" or "TAXES" means (i) any and all taxes, charges, fees, levies,
customs, duties, tariffs, or other assessments, including income, gross
receipts, excise, real or personal property, sales, withholding, social
security, retirement, unemployment, occupation, use, goods and services, service
use, license, value added, capital, net worth, payroll, profits, withholding,
franchise, transfer and recording taxes, fees and charges, and any other taxes,
charges, fees, levies, customs, duties, tariffs or other assessments imposed by
the IRS or any taxing authority (whether domestic or foreign including any
state, county, local or foreign government or any subdivision or taxing agency
thereof (including a United States possession)), whether computed on a separate,
consolidated, unitary, combined or any other basis; and such term shall include
any interest thereon, fines, penalties, additions to tax, or additional amounts
attributable to, or imposed upon, or with respect to, any such taxes, charges,
fees, levies, customs, duties, tariffs, or other assessments; (ii) any Liability
for the payment of any amounts described in clause (i) as a result of being a
member of an affiliated, consolidated, combined, unitary or similar group or as
a result of transferor, successor or similar Liability; and (iii) any Liability
for the payments of any amounts as a result of being a party to any Tax sharing
agreement or as a result of any express or implied obligation to indemnify any
other Person with respect to the payment of any amounts of the type described in
clause (i) or (ii).

                                       12

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          "TAX MATTERS AGREEMENT" means the Tax Matters Agreement by and among
Parent and LMC, attached as Exhibit A-I hereto.

          "TAX OPINIONS" means the Parent Tax Opinion and the LMC Tax Opinion.

          "TAX OPINION REPRESENTATIONS" means the LMC Tax Opinion
Representations and the Parent Tax Opinion Representations.

          "TAX RETURNS" means any return, report, certificate, form or similar
statement or document (including any related or supporting information or
schedule attached thereto and any information return, amended Tax Return, claim
for refund or declaration of estimated Tax) required to be supplied to, or filed
with, a Taxing Authority in connection with the determination, assessment or
collection of any Tax or the administration of any laws, regulations or
administrative requirements relating to any Tax.

          "TAXING AUTHORITY" shall have the meaning given to such term in the
Tax Matters Agreement.

          "TAX SHARING AGREEMENT" shall have the meaning given to such term in
the Tax Matters Agreement.

          "TECHNICAL SERVICES AGREEMENT" means the agreement relating to the
provision of uplink, engineering and other services identified therein by and
among Fox Sports Net, Inc. and each of the RSN Subsidiaries.

          "TRANSACTIONS" means the transactions contemplated hereby and each of
the Ancillary Agreements, including the Exchange and the Parent Restructuring.

          "TRANSFERRED EMPLOYEES" means the individuals listed on Section 1.1 of
the Parent Disclosure Letter (which section of the Disclosure Letter shall be
updated as of the Closing Date to reflect individuals hired following the date
hereof and prior to the Closing Date in compliance with Section 6.2 hereof,
PROVIDED, HOWEVER that any individual listed on Section 1.1.1(a) of the Parent
Disclosure Letter as of the Closing Date whose employment with any Transferred
Subsidiary terminates in the ordinary course of business following the date
hereof and prior to the Closing Date shall not be deemed to be a "Transferred
Employee").

          "TRANSFERRED SUBSIDIARIES" means, collectively, Splitco and each RSN
Subsidiary.

          "TRANSITIONAL SERVICES AGREEMENT" means the agreement relating to the
provision of corporate transitional services identified therein by and among Fox
Sports Net, Inc. and each of the RSN Subsidiaries.

          "TREASURY REGULATIONS" mean the regulations promulgated under the
Code.

          "WARN ACT" means the Worker Adjustment and Retraining Notification Act
and any similar state or local Law of any jurisdiction in the United States of
America.

                                       13

<Page>

          "WEBPAGE SERVICES AGREEMENT" means the agreement relating to the
provision of website management and other information technology services
identified therein by and among Fox Interactive Media, Inc. and each of the RSN
Subsidiaries.

     Section 1.2. TERMS DEFINED IN OTHER SECTIONS. The following terms are
defined elsewhere in this Agreement in the following Sections:

          Ancillary Agreements                              Recitals
          Affiliate Transaction                             Section 4.21
          Agreement                                         Preamble
          Broker                                            Section 4.22
          Broker Fees                                       Section 4.22
          Business Records                                  Section 6.9.3
          Closing                                           Section 3.2
          Closing Certificates                              Section 3.4.3
          Closing Date                                      Section 3.2
          Collective Bargaining Agreement                   Section 4.14.1
          Conclusive Net Working Capital Statement          Section 3.9.3
          Controlled Group Liability                        Section 4.12.2
          Disinterested Stockholder Approval                Section 6.4.1
          Disputed Items                                    Section 3.9.2
          Employee Benefit Plan                             Section 4.12.1
          Employment Agreement                              Section 4.12.1
          ERISA Affiliate                                   Section 4.12.2
          Estimated Net Working Capital                     Section 3.8.1
          Estimated Net Working Capital Deficiency Amount   Section 3.8.2
          Estimated Net Working Capital Excess Amount       Section 3.8.2
          Exchange                                          Section 3.1
          Exchange Rulings                                  Section 7.2.4
          Extended Termination Date                         Section 9.1.2
          Extraordinary Transaction                         Section 6.13.2
          FCC Applications                                  Section 6.6.3
          Final Net Working Capital Deficiency Amount       Section 3.9.4
          Final Net Working Capital Excess Amount           Section 3.9.4
          HSR Act                                           Section 4.5.4
          Indemnified Party                                 Section 8.3.1
          Indemnifying Party                                Section 8.3.1
          L Acquisition Proposal                            Section 6.13.2
          Licensed Intellectual Property                    Section 4.8.2
          LMC                                               Preamble
          LMC Exchange Ruling                               Section 7.2.4
          LMC Related Party                                 Section 10.5
          LMC Ruling                                        Section 7.2.4
          Material Contracts                                Section 4.13
          Net Working Capital Statement                     Section 3.9.1
          Neutral Arbitrator                                Section 3.9.3
          Owned Intellectual Property                       Section 4.8.1

                                       14

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          Parent                                            Preamble
          Parent Acquisition Proposal                       Section 6.13.1
          Parent Change in Recommendation                   Section 6.4.1
          Parent Exchange Ruling                            Section 7.2.4
          Parent Group                                      Section 4.20.5
          Parent Recommendation                             Section 6.4.1
          Parent Restructuring Date                         Section 3.7
          Parent Restructuring Ruling                       Section 7.3.5
          Parent Stockholder Approval                       Section 4.4
          Parent Stockholders' Meeting                      Section 6.5
          Permits                                           Section 4.16
          Proxy Statement                                   Section 6.4.1
          Records                                           Section 6.9.3
          Representatives                                   Section 6.13.1
          Requisite Parent Stockholder Approval             Section 6.4.1
          Resolution Period                                 Section 3.9.2
          Seller Disability Plans                           Section 6.10.2
          Settlement                                        Section 6.6.5
          Splitco                                           Recitals
          Subsidiary Employee Benefit Plan                  Section 4.12.1
          Termination Date                                  Section 9.1.2
          Termination Fee                                   Section 9.2.2
          Transfer                                          Section 6.8.1
          Transferred Business                              Recitals

                                  ARTICLE II.

                                 INTERPRETATION

     Section 2.1. INTERPRETATION. Unless otherwise indicated to the contrary in
this Agreement by the context or use thereof: (a) the words, "herein," "hereto,"
"hereof" and words of similar import refer to this Agreement as a whole and not
to any particular Section or paragraph hereof; (b) words importing the masculine
gender shall also include the feminine and neutral genders, and vice versa; (c)
words importing the singular shall also include the plural, and vice versa; and
(d) the word "including" means "including without limitation"; and (e) the words
"as of the date hereof" means "as of the date of this Agreement."

                                  ARTICLE III.

                           EXCHANGE OF STOCK; CLOSING

     Section 3.1. EXCHANGE OF STOCK. Upon the terms and subject to the
conditions of this Agreement, at the Closing, (a) Parent shall assign, transfer,
convey and deliver to the Stockholders (in accordance with instructions relating
to allocation of such shares provided by LMC to Parent no later than three (3)
Business Days prior to the Closing Date) and LMC shall cause the Stockholders to
accept and acquire from Parent, all of the Splitco Shares (free and clear

                                       15

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of all Securities Encumbrances) in exchange for the LMC Parent Shares, and (b)
LMC shall cause the Stockholders to assign, transfer, convey and deliver to
Parent, and Parent shall accept and acquire from the Stockholders, the LMC
Parent Shares (free and clear of all Securities Encumbrances) in exchange for
the Splitco Shares (collectively, the "Exchange).

     Section 3.2. CLOSING. The closing of the Exchange and the other
transactions contemplated hereby (the "Closing") shall take place at the offices
of Skadden, Arps, Slate, Meagher & Flom LLP, 4 Times Square, New York, New York,
as soon as practicable, but in no event later than three (3) Business Days after
the satisfaction or waiver of the conditions set forth in Article VII (excluding
conditions that, by their terms, cannot be satisfied until the Closing, but
subject to the satisfaction or waiver of such conditions at the Closing), or at
such other place or on such other date as Parent and LMC may mutually agree. The
date upon which the Closing shall be effective is referred to herein as the
"Closing Date."

     Section 3.3. PARENT'S DELIVERIES AT THE CLOSING. At the Closing, Parent
shall deliver or cause to be delivered to LMC or the Stockholders, as
applicable, the following:

     3.3.1   one or more stock certificates, together with stock powers executed
             in blank, representing all of the issued and outstanding capital
             stock of Splitco;

     3.3.2   the stock books, stock ledgers and minute books of each of the
             Transferred Subsidiaries;

     3.3.3   each of the Ancillary Agreements (other than the Tax Matters
             Agreement which shall be executed and delivered concurrently with
             this Agreement) duly executed by Parent and any of its Affiliates
             party thereto;

     3.3.4   letters of resignation, dated as of the Closing Date, from (i) each
             of the directors and officers of Splitco and each RSN Subsidiary
             and (ii) each of K. Rupert Murdoch, David DeVoe and Peter Chernin
             from the Board of Directors of DTV;

     3.3.5   a certificate of an authorized officer of Parent pursuant to
             Sections 7.2.1 and 7.2.2 hereof; and

     3.3.6   such other documents as are reasonably required by LMC to be
             delivered to effectuate the Transactions or to evidence the
             authority, existence and good standing of Parent and its relevant
             Subsidiaries, including evidence of the possession by Splitco of
             the Cash Amount; PROVIDED that LMC shall use its reasonable best
             efforts to identify such documents to Parent in writing reasonably
             in advance of the anticipated Closing Date.

     Section 3.4. LMC'S DELIVERIES AT THE CLOSING. At the Closing, LMC shall
deliver or cause to be delivered to Parent the following:

     3.4.1   one or more stock certificates, together with stock powers executed
             in blank, representing the LMC Parent Shares owned by the
             Stockholders, or a confirmation from Parent's transfer agent,
             Computershare Investor Services, LLC, of a book-entry transfer of
             the LMC Parent Shares to Parent;

                                       16

<Page>

     3.4.2   each of the Ancillary Agreements to which LMC and any of its
             Affiliates are party (other than the Tax Matters Agreement which
             shall be executed and delivered concurrently with this Agreement)
             duly executed by LMC and any of its Affiliates party thereto;

     3.4.3   a certificate of an authorized officer of LMC pursuant to Sections
             7.3.1 and 7.3.2 hereof (together with the certificate delivered
             pursuant to Section 3.3.5 hereof, the "Closing Certificates"); and

     3.4.4   such other documents as are reasonably required by Parent to be
             delivered to effectuate the Transactions or to evidence the
             authority, existence and good standing of LMC and its relevant
             Subsidiaries; PROVIDED that Parent shall use its reasonable best
             efforts to identify such documents to LMC in writing reasonably in
             advance of the anticipated Closing Date.

Each document of transfer or assumption referred to in this Article III (or in
any related definition set forth in Article I) that is not attached as an
Exhibit to this Agreement or is not otherwise an Ancillary Agreement shall be in
customary form and shall be reasonably satisfactory in form and substance to the
parties hereto.

     Section 3.5. PERFORMANCE.

     3.5.1   LMC undertakes to Parent that to the extent that any Subsidiary of
             LMC fails to comply with any of its obligations under this
             Agreement and the Tax Matters Agreement when performance of such
             obligation has become due, LMC shall either (i) procure that such
             Subsidiary shall perform such obligation; or (ii) if such
             Subsidiary fails to so perform or if the Parent so elects, itself
             perform any such unperformed obligation.

     3.5.2   Parent undertakes to LMC that to the extent that any Subsidiary of
             Parent fails to comply with any of its obligations under this
             Agreement, the Tax Matters Agreement, the DTV Non-Competition
             Agreement or the RSN Non-Competition Agreement, when performance of
             such obligation has become due, Parent shall either (i) procure
             that such Subsidiary shall perform such obligation; or (ii) if such
             Subsidiary fails to so perform or if LMC so elects, itself perform
             any such unperformed obligation.

     Section 3.6. ADJUSTMENT TO NUMBER AND TYPE OF SECURITIES.

     3.6.1   If, after the date of this Agreement, there is a subdivision, share
             split, consolidation, share dividend, combination, reclassification
             or similar event with respect to the securities referred to in this
             Agreement, then, in any such event, the numbers and types of such
             securities (and if applicable, the share prices thereof) shall be
             appropriately adjusted.

     3.6.2   In the event that DTV pays any dividend or makes any distribution
             (other than any periodic cash dividends paid or set aside in the
             ordinary course), in each case on the DTV Shares, in cash, property
             or other securities (other than any dividend

                                       17

<Page>

             or distribution for which appropriate adjustment is made in
             accordance with Section 3.6.1 above) to holders of record prior to
             the Closing Date, then upon payment of such dividend or the making
             of such distributions, such cash, property or other securities will
             (A) continue to be held by Parent and (B) be contributed (including
             any dividend or distributions thereon and, in the case of cash,
             interest thereon) to Splitco in connection with the Parent
             Restructuring without the payment of any additional consideration.

     Section 3.7. PARENT RESTRUCTURING AND RELATED MATTERS. Prior to the Closing
Date, Parent shall complete the Parent Restructuring such that after the Parent
Restructuring (the date on which the Parent Restructuring is complete, the
"Parent Restructuring Date"):

          (a) Parent will be the sole shareholder of Splitco;

          (b) Splitco will be the sole record and beneficial owner of (i) all of
the outstanding equity securities of each RSN Subsidiary and (ii) the DTV
Shares; and (iii) will hold directly the Cash Amount; and

          (c) the RSN Subsidiaries will own, directly or indirectly, the
Transferred Business.

     Section 3.8. ESTIMATED NET WORKING CAPITAL ADJUSTMENT.

     3.8.1   For the purpose of determining the Cash Amount, two (2) Business
             Days prior to the Closing Date, Parent shall cause to be prepared
             and delivered to LMC a statement setting forth a good faith
             estimate of the Net Working Capital (the "Estimated Net Working
             Capital") and the components thereof as of the Closing Date,
             together with a certificate from the principal financial officer of
             Parent stating that the Estimated Net Working Capital has been
             calculated in accordance with GAAP (excluding footnotes and normal
             year-end adjustments) and in accordance with the methods,
             principles and classifications used in preparing the Interim
             Balance Sheet included in the Financial Statements.

     3.8.2   If the Estimated Net Working Capital is a positive amount (the
             "Estimated Net Working Capital Excess Amount"), the Cash Amount
             shall be decreased by the Estimated Net Working Capital Excess
             Amount. If the Estimated Net Working Capital is a negative amount
             (the "Estimated Net Working Capital Deficiency Amount"), the Cash
             Amount shall be increased by the Estimated Net Working Capital
             Deficiency Amount. If the Estimated Net Working Capital is equal to
             zero dollars ($0), no adjustment pursuant to this Section 3.8.2
             shall be made to the Cash Amount.

     Section 3.9. FINAL NET WORKING CAPITAL ADJUSTMENT.

     3.9.1   Within forty-five (45) calendar days after the Closing Date, LMC
             shall cause to be prepared and delivered to Parent a statement (the
             "Net Working Capital Statement") setting forth the Net Working
             Capital and the components thereof as of the Closing Date, together
             with a certificate from the principal financial officer

                                       18

<Page>

             of LMC stating that the Estimated Net Working Capital has been
             calculated in accordance with GAAP (excluding footnotes and normal
             year-end adjustments) and in accordance with the methods,
             principles and classifications used in preparing the Interim
             Balance Sheet included in the Financial Statements. For purposes of
             preparing such Net Working Capital Statement, no effect shall be
             given to any new accounting pronouncements that may be issued
             following the delivery of the statement pursuant to Section 3.8.1.
             Following the delivery of such Net Working Capital Statement, LMC
             shall provide Parent and any of Parent's Representatives (as
             defined below) with access during normal business hours to (and to
             examine and make copies of) all documents, records, work papers
             (including those of accountants), facilities and personnel of the
             Transferred Subsidiaries as is reasonably necessary for purposes of
             reviewing the Net Working Capital Statement.

     3.9.2   After receipt of the Net Working Capital Statement, Parent will
             have thirty (30) calendar days to review the Net Working Capital
             Statement. Unless Parent delivers written notice to LMC setting
             forth the specific items disputed by Parent on or prior to the
             thirtieth (30th) day after Parent's receipt of the Net Working
             Capital Statement, Parent will be deemed to have accepted and
             agreed to the Net Working Capital Statement and such statement (and
             the calculations contained therein) will be final, binding and
             conclusive. If Parent notifies LMC of its objections to the Net
             Working Capital Statement (or specific calculations contained
             therein) within such thirty (30) day period, Parent and LMC shall,
             within thirty (30) days following delivery of such notice by Parent
             to LMC (the "Resolution Period"), attempt in good faith to resolve
             their differences with respect to the disputed items (or
             calculations) specified in the notice (the "Disputed Items"), and
             all other items (and all calculations relating thereto) will be
             final, binding and conclusive. Any resolution by Parent and LMC
             during the Resolution Period as to any Disputed Item shall be set
             forth in writing and will be final, binding and conclusive.

     3.9.3   If Parent and LMC do not resolve all Disputed Items by the end of
             the Resolution Period, then all Disputed Items remaining in dispute
             will be submitted to an independent accounting firm not retained by
             Parent or LMC or such other United States national independent
             accounting firm, in each case, mutually acceptable to Parent and
             LMC (the "Neutral Arbitrator"). The Neutral Arbitrator, acting as
             an expert and not as an arbitrator, shall determine only those
             Disputed Items remaining in dispute, consistent with this Section
             3.9.3, and shall request a statement from Parent and LMC regarding
             such Disputed Items. In resolving each Disputed Item, the Neutral
             Arbitrator (i) may not assign a value to any Disputed Item greater
             than the greatest value for such Disputed Item claimed by any party
             or less than the lowest value for such Disputed Item claimed by any
             party and (ii) shall make its determination in accordance with the
             methods, principles and classifications used in preparing the
             Interim Balance Sheet included in the Financial Statements and in
             accordance with GAAP (excluding footnotes and normal year-end
             adjustments). All fees and expenses relating to the work, if any,
             to be performed by the Neutral Arbitrator will be allocated between

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             Parent and LMC based upon the percentage which the portion of the
             contested amount not awarded to each party hereto bears to the
             amount actually contested by such party hereto. In addition, Parent
             and LMC shall give the Neutral Arbitrator access to all documents,
             records, work papers, facilities and personnel of such party and
             its Subsidiaries as reasonably necessary to perform its function as
             arbitrator. The Neutral Arbitrator will deliver to Parent and LMC a
             written determination (such determination to include a work sheet
             setting forth all material calculations used in arriving at such
             determination and to be based solely on information provided to the
             Neutral Arbitrator by Parent and LMC) of the Disputed Items
             submitted to the Neutral Arbitrator within thirty (30) days of
             receipt of such Disputed Items, which determination will be final,
             binding and conclusive. The final, binding and conclusive Net
             Working Capital Statement based either upon agreement or deemed
             agreement by Parent and LMC or the written determination delivered
             by the Neutral Arbitrator in accordance with this Section 3.9.3,
             will be the "Conclusive Net Working Capital Statement." If any
             party fails to submit a statement regarding any Disputed Item
             submitted to the Neutral Arbitrator within the time determined by
             the Neutral Arbitrator or otherwise fails to give the Neutral
             Arbitrator access as reasonably requested, then the Neutral
             Arbitrator shall render a decision based solely on the evidence
             timely submitted and the access afforded to the Neutral Arbitrator
             by Parent and LMC.

     3.9.4   If the amount of Net Working Capital on the Conclusive Net Working
             Capital Statement is less than the Estimated Net Working Capital
             (the "Final Net Working Capital Deficiency Amount"), Parent shall
             pay to Splitco an amount in cash equal to the Final Net Working
             Capital Deficiency Amount. If the amount of Net Working Capital on
             the Conclusive Net Working Capital Statement is greater than the
             Estimated Net Working Capital (the "Final Net Working Capital
             Excess Amount"), Splitco shall pay to Parent an amount in cash
             equal to the Final Net Working Capital Excess Amount. If the amount
             of Net Working Capital on the Conclusive Net Working Capital
             Statement is equal to the Estimated Net Working Capital, no payment
             shall be required.

     3.9.5   All payments to be made pursuant to this Section 3.9 will (i) be
             made by wire transfer of immediately available funds on the second
             (2nd) Business Day following the date on which Parent and LMC agree
             or are deemed to have agreed to, or the Neutral Arbitrator
             delivers, the Conclusive Net Working Capital Statement, and (ii)
             will bear interest from the Closing Date through the date of
             payment at the prime rate of Citibank, N.A. in effect on the date
             such payment was required to be made.

                                  ARTICLE IV.

                    REPRESENTATIONS AND WARRANTIES OF PARENT

          Except as set forth in the Parent Disclosure Letter delivered by
Parent to LMC prior to the execution of this Agreement, Parent hereby represents
and warrants to LMC as follows:

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     Section 4.1. ORGANIZATION AND STANDING. Each of Parent and the Transferred
Subsidiaries is (a) a corporation, limited liability company or other legal
entity duly organized, validly existing and duly qualified or licensed and in
good standing under the Laws of the state or jurisdiction of its organization
with full corporate or other power, as the case may be, and authority to own,
lease, use and operate its properties and to conduct its business as currently
conducted, and (b) duly qualified or licensed to do business and, to the extent
applicable, in good standing in any other jurisdiction in which the nature of
the business conducted by it or the property it owns, leases, uses or operates
requires it to be so qualified, licensed or in good standing, except where the
failures to be so qualified, licensed or in good standing have not had a
Material Adverse Effect on the Transferred Business. Parent has made available
to LMC a complete and correct copy of the certificate of incorporation and
by-laws (or other comparable organizational documents) of each of the
Transferred Subsidiaries as in effect on the date hereof.

     Section 4.2. CAPITALIZATION.

     4.2.1   As of the Closing, Splitco's authorized capital stock will consist
             of one thousand (1,000) shares of Splitco Common Stock (the
             "Splitco Shares"). As of the date of this Agreement, Parent owns
             indirectly, through wholly owned Subsidiaries of Parent, all of the
             issued and outstanding shares of Splitco beneficially and of
             record, free and clear of any Securities Encumbrances. Immediately
             prior to the Closing, Parent shall own directly all of the issued
             and outstanding shares of Splitco beneficially and of record, free
             and clear of any Securities Encumbrances. There are no shares of
             capital stock of Splitco issued or outstanding other than the
             Splitco Shares. Parent has the sole, absolute and unrestricted
             right, power and capacity to exchange, assign and transfer all of
             the Splitco Shares to the Stockholders.

     4.2.2   Parent, indirectly through one of its Subsidiaries, owns all of the
             issued and outstanding equity interests of each of the RSN
             Subsidiaries beneficially and of record, free and clear of any
             Encumbrances. A Subsidiary of Parent has the sole, absolute and
             unrestricted right, power and capacity to exchange, assign and
             transfer all of the equity interests of each RSN Subsidiary to
             Splitco.

     4.2.3   The Splitco Shares are duly authorized, validly issued, fully paid
             and nonassessable, and have not been issued in violation of any
             preemptive or similar rights. Other than this Agreement, there are
             no outstanding subscriptions, options, warrants, puts, calls,
             agreements or other rights of any type or other securities (a)
             requiring the issuance, sale, transfer, repurchase, redemption or
             other acquisition of any shares of capital stock of Splitco or any
             equity interests of any RSN Subsidiary, (b) restricting the
             transfer of any shares of capital stock of Splitco or any equity
             interests of any RSN Subsidiary, or (c) relating to the voting of
             any shares of capital stock of Splitco or any equity interests of
             any RSN Subsidiary. There are no issued or outstanding bonds,
             debentures, notes or other indebtedness of Splitco or any RSN
             Subsidiary having the right to vote (or convertible into, or
             exchangeable for, securities having the right to vote), upon the
             happening of a certain event or otherwise, on any matters on which
             the equity holders of Splitco or any RSN Subsidiary may vote.

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     4.2.4   Neither Splitco nor any RSN Subsidiary is in default under or in
             violation (and no event shall have occurred which, with notice or
             the lapse of time or both, would constitute such a default or
             violation) of any term, condition or provision of its certificate
             of incorporation or bylaws except for any such defaults or
             violations which would not materially delay or impair the
             performance of this Agreement by Parent.

     4.2.5   As of the date hereof, Parent or one of its Subsidiaries has good
             and valid title to the Splitco Shares and all issued and
             outstanding equity interests of each of the Transferred
             Subsidiaries, free and clear of any and all Securities
             Encumbrances. As of the Closing, Splitco will have good and valid
             title to all shares of the RSN Subsidiaries, free and clear of any
             and all Securities Encumbrances. Except as specified in this
             Agreement, as of the Closing, Splitco shall not have entered into
             any agreement, arrangement or understanding to purchase, capital
             stock or other equity interests in any other Person. There exists
             no Subsidiary of any RSN Subsidiary. No RSN Subsidiary owns any
             equity interest of any Person.

     4.2.6   Except as set forth in this Section 4.2, there are no outstanding
             subscriptions, options, warrants, puts, calls, trusts (voting or
             otherwise), rights (including conversion or preemptive rights and
             rights of first refusal), exchangeable or convertible securities or
             other commitments or agreements of any nature relating to the
             capital stock or other securities or ownership interests of Splitco
             (including any phantom shares, phantom equity interests, stock or
             equity appreciation rights or similar rights) or obligating Splitco
             or any of its Subsidiaries, at any time or upon the happening of
             any event, to issue, transfer, deliver, sell repurchase, redeem or
             otherwise acquire, or cause to be issued, transferred, delivered,
             sold, repurchased, redeemed or otherwise acquired, any of its
             capital stock or any phantom shares, phantom equity interests,
             stock or equity appreciation rights or similar rights, or other
             ownership interest of Splitco or obligating Splitco to grant,
             extend or enter into any such subscription, option, warrant, put,
             call, trust, right, exchangeable or convertible security,
             commitment or agreement.

     4.2.7   Immediately after the Closing, the Stockholders will have good
             title to all of the Splitco Shares free and clear of all Securities
             Encumbrances. As of the Closing, except for the Splitco Shares,
             there shall be no outstanding (i) shares of capital stock or voting
             securities of, or other ownership interests in, Splitco, (ii)
             securities of Splitco or any of its Subsidiaries convertible into
             or exchangeable for shares of capital stock or other voting
             securities of, or ownership interests in, Splitco or (iii) options
             or other rights to acquire from Splitco or any of its Subsidiaries,
             or other obligations of Splitco or any of its Subsidiaries to
             issue, any capital stock or other voting securities of, or other
             ownership interests in, or any securities convertible into or
             exercisable or exchangeable for any capital stock or other voting
             securities of Splitco. As of the Closing, there will be no
             outstanding obligations of any Transferred Subsidiary to
             repurchase, redeem or otherwise acquire any such securities from
             any other Person.

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     Section 4.3. CORPORATE POWER AND AUTHORITY. Parent has all requisite
corporate power and authority to enter into and deliver this Agreement and to
consummate the Transactions. Each of Parent, Splitco and the other Subsidiaries
of Parent party thereto has all requisite corporate or similar power, as the
case may be, and authority to execute and deliver the Ancillary Agreements and
the other agreements, documents and instruments to be executed and delivered by
it in connection with this Agreement, including the Parent Tax Opinion
Representations, the Closing Certificates required by Sections 7.2.1 and 7.2.2,
or the Ancillary Agreements and to consummate the transactions contemplated
thereby. The execution, delivery and, subject to receipt of the Parent
Stockholder Approval, performance of this Agreement by Parent and the
consummation by Parent, Splitco and the other applicable Subsidiaries of Parent
of the Transactions, including the execution, delivery and performance of the
Ancillary Agreements and the other agreements, documents and instruments to be
executed and delivered in connection with this Agreement or the Ancillary
Agreements by Parent, Splitco and the other applicable Subsidiaries of Parent
and the consummation (other than the payment of any Termination Fee) of the
Transactions, have been duly authorized by all necessary action on the part of
Parent, Splitco and the other applicable Subsidiaries of Parent. Each of this
Agreement and the Tax Matters Agreement has been duly executed and delivered by
Parent and constitutes the legal, valid and binding obligation of Parent,
enforceable against Parent in accordance with its terms, except as may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium or
other similar Laws now or hereafter in effect relating to or affecting
creditors' rights generally, including the effect of statutory and other Laws
regarding fraudulent conveyances and preferential transfers and subject to the
limitations imposed by general equitable principles (regardless of whether such
enforceability is considered in a proceeding at Law or in equity). When signed,
each of the Ancillary Agreements (other than the Tax Matters Agreement which is
the subject of the preceding sentence) and the other agreements, documents,
certificates (including the Parent Tax Opinion Representations) and instruments
to be executed and delivered by Parent, Splitco and each Subsidiary of Parent in
connection with this Agreement and the Transactions shall have been duly
executed and delivered by Parent, Splitco and the other Subsidiaries of Parent
party thereto and shall constitute the legal, valid and binding obligations of
Parent, Splitco and such other Subsidiaries of Parent, enforceable against each
such Person in accordance with their respective terms, except as may be limited
by applicable bankruptcy, insolvency, reorganization, moratorium or other
similar Laws now or hereafter in effect relating to or affecting creditors'
rights generally, including the effect of statutory and other Laws regarding
fraudulent conveyances and preferential transfers and subject to the limitations
imposed by general equitable principles (regardless of whether such
enforceability is considered in a proceeding at Law or in equity).

     Section 4.4. SHAREHOLDER VOTES REQUIRED. At the Parent Stockholders'
Meeting (as defined in Section 6.5), the affirmative vote of a majority of the
votes cast in person or by proxy by holders of Parent Class B Shares other than
LMC, the Stockholders and any of their respective Associates (the "PARENT
STOCKHOLDER APPROVAL"), in accordance with Chapter 10.1 of the ASX Listing Rules
is the only vote of the holders of any class or series of capital stock of
Parent or any of its Subsidiaries required by any applicable Law to approve the
Exchange. Other than the Parent Stockholder Approval, no vote or other action of
the stockholders of Parent is required by Law, the organizational documents of
Parent, the ASX Listing Rules, the rules and regulations of the New York Stock
Exchange or otherwise in order for Parent to consummate the Transactions. The
Board of Directors of Parent, by vote at a meeting duly called and held, has

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approved this Agreement, determined that the Exchange is fair to and in the best
interests of Parent's stockholders and has adopted resolutions recommending
approval of the Exchange by the stockholders of Parent. The Murdoch Interests
have agreed with Parent and LMC to be present, in person or by proxy, at the
Parent Stockholder Meeting and to vote all shares of Parent Class B Stock
beneficially owned by them at the Parent Stockholder Meeting (or any adjournment
thereof) in favor of the approval of the Exchange; provided that the foregoing
shall be deemed not to have been violated if the shares held by the Murdoch
Interests shall have been disregarded for purposes of the Parent Shareholder
Approval under the ASX listing rules.

     Section 4.5. CONFLICTS; CONSENTS AND APPROVALS. Except as set forth in
Section 4.5 of the Parent Disclosure Letter, neither the execution, delivery and
performance by Parent of this Agreement, nor the execution, delivery and
performance by Parent, the Transferred Subsidiaries and the other Subsidiaries
of Parent party thereto of the Ancillary Agreements and the other agreements,
documents and instruments to be executed and delivered by each of them in
connection with this Agreement and the Ancillary Agreements, will:

     4.5.1   conflict with, or result in a breach of any provision of, the
             organizational documents of Parent, any Transferred Subsidiary any
             applicable Parent Subsidiary;

     4.5.2   violate, or conflict with, or result in a breach of any provision
             of, or constitute a change of control or default (or an event that,
             with the giving of notice, the passage of time or otherwise, would
             constitute a default) under, or require any action, consent, waiver
             or approval of any third party or entitle any Person (with the
             giving of notice, the passage of time or otherwise) to terminate,
             accelerate, modify or call a default under, or give rise to any
             obligation to make a payment under, or to any increased, additional
             or guaranteed rights of any Person under, or result in the creation
             of any Encumbrance upon any of the properties or assets of any
             Transferred Subsidiary or under any of the terms, conditions or
             provisions of any material Contract to which Parent or any
             Transferred Subsidiary is a party or pursuant to which any of their
             respective properties or assets are bound, except for any such
             conflicts, violations, breaches, defaults or occurrences which
             would not prevent or materially delay the performance of this
             Agreement by Parent;

     4.5.3   assuming the approvals required under Section 4.5.4 are obtained,
             violate any order, writ, or injunction, or any decree, or any
             material Law applicable to Parent or any Transferred Subsidiary, or
             any of their respective properties or assets; or

     4.5.4   require any consent, approval, authorization or permit of, or
             filing with or notification to, any Governmental Authority, except
             for (i) (A) applicable requirements of the Exchange Act, the
             Securities Act, and state securities or "blue sky" Laws, (B) the
             pre-merger notification requirements of the Hart- Scott-Rodino
             Antitrust Improvements Act of 1976, as amended, and the rules and
             regulations thereunder (the "HSR Act"), and (C) approval of the
             Transactions under the Communications Act and (ii) where the
             failure to obtain such consents, approvals, authorizations or
             permits, or to make such filings or notifications

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             would not prevent or materially delay the performance of this
             Agreement by Parent.

     Section 4.6. OPERATIONS OF THE TRANSFERRED BUSINESS. Except as set forth in
Section 4.6 of the Parent Disclosure Letter, since October 1, 2006 and through
the date of this Agreement, the Transferred Business has been conducted in the
ordinary course of business consistent with past practice and there has not been
since such date the occurrence of any fact, event or circumstance described in
Sections 6.2.8, 6.2.9, 6.2.12 - 6.2.17 (assuming that the period referred to
therein is effective beginning October 1, 2006).

     Section 4.7. COMPLIANCE WITH LAW. The Transferred Business is currently
being conducted, and since January 1, 2004, has been conducted, in compliance
with all material Laws applicable to the Transferred Business or the Transferred
Employees. Since January 1, 2004 and prior to the date of this Agreement, none
of Parent, Splitco or any of the RSN Subsidiaries has received any material
notice from any Governmental Authority that the Transferred Business has been or
is being conducted in violation of any applicable material Law or that an
investigation or inquiry into any noncompliance with any applicable material Law
is ongoing, pending or, to the Knowledge of Parent, threatened. This Section 4.7
does not relate to matters with respect to Taxes, which are the subject of
Section 4.20 or the Tax Matters Agreement, as the case may be, to Environmental
Matters, which are the subject of Section 4.10, to Employee Benefits Plan
matters, which are the subject of Section 4.12 or to Labor and Employment
Matters, which are the subject of Section 4.14.

     Section 4.8. INTELLECTUAL PROPERTY.

     4.8.1   Section 4.8.1 of the Parent Disclosure Letter sets forth a list of
             all patents, patent applications, registered trademarks, material
             unregistered trademarks, registered copyrights and Internet domain
             name registrations that are, as of the date of this Agreement,
             owned by the RSN Subsidiaries (the "Owned Intellectual Property").
             The RSN Subsidiaries own the Owned Intellectual Property, free and
             clear of all Encumbrances and have the exclusive right to use and
             sublicense, without payment to any other Person, all of the Owned
             Intellectual Property. As of the date hereof, no license relating
             to any of the Owned Intellectual Property has been granted, except
             as provided in the Ancillary Agreements, and except for Customer
             Agreements entered into in the ordinary course of business.

     4.8.2   Section 4.8.2 of the Parent Disclosure Letter sets forth a list
             that includes all material Intellectual Property that is held for
             use under license by the RSN Subsidiaries as of the date hereof
             (the "Licensed Intellectual Property"). As of the date hereof,
             neither Parent nor the RSN Subsidiaries have given or received any
             notice of material default or of any event which with the lapse of
             time would constitute a material default under any material
             agreement relating to the Licensed Intellectual Property; neither
             Parent nor the Transferred Subsidiaries, nor, to Parent's
             Knowledge, any other Person, currently is in material default under
             any such agreement.

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     4.8.3   To Parent's Knowledge, as of the date hereof, no third party is
             infringing in any material respect a proprietary right in any Owned
             Intellectual Property. To Parent's Knowledge, the use of any Owned
             Intellectual Property or Licensed Intellectual Property in
             connection with the Transferred Business as currently conducted
             does not materially infringe upon, misappropriate, violate or
             conflict in any way with any material Intellectual Property rights
             of any Person.

     4.8.4   There is no pending or, to Parent's Knowledge, threatened material
             claim (i) challenging the validity or enforceability of, or
             contesting the Parent's or the Transferred Subsidiaries' right to
             make, sell, offer to sell, and/or use any of the Owned Intellectual
             Property or Licensed Intellectual Property; (ii) challenging the
             validity or enforceability of any agreement relating to the Owned
             Intellectual Property or Licensed Intellectual Property; or (iii)
             asserting that the manufacture, sale, offer of sale, and/or use of
             any Owned Intellectual Property or Licensed Intellectual Property
             infringes upon, misappropriates, violates or conflicts in any way
             with the Intellectual Property rights of any Person.

     4.8.5   The making, using, selling, offering to sell, or other
             implementation of any apparatus, systems, processes, methods, or
             other technologies (and/or combination thereof) used in or
             necessary for operation and conducting of the Transferred Business
             as currently conducted do not infringe upon, misappropriate,
             violate, or conflict in any way with the material Intellectual
             Property rights of any Person.

     Section 4.9. ABSENCE OF SPLITCO OPERATIONS; SPLITCO ASSETS AND LIABILITIES.
Splitco has conducted no activities other than in connection with the execution
and delivery of the Ancillary Agreements to which it is or will be a party. As
of the Closing, the assets of Splitco will consist solely of (i) all issued and
outstanding equity interests of each RSN Subsidiary, (ii) the DTV Shares and
(iii) the Cash Amount (collectively, the "Splitco Assets"). As of the Closing,
the Transferred Subsidiaries will have no Liabilities other than Liabilities
arising as a result of its ownership of the Splitco Assets and any Liabilities
set forth in Section 4.9(a) of the Parent Disclosure Letter. Except as set forth
in Section 4.9(b) of the Parent Disclosure Letter, the assets of the RSN
Subsidiaries, along with the rights of Splitco and the RSN Subsidiaries under
the Ancillary Agreements, are sufficient to permit the RSN Subsidiaries to
conduct immediately following the Closing the Transferred Business in all
material respects in the manner as the Transferred Business was being conducted
as of the date hereof.

     Section 4.10. ENVIRONMENTAL MATTERS.

     4.10.1  The Transferred Business is currently being conducted in compliance
             in all material respects with, and, since January 1, 2004 has been
             conducted in compliance in all material respects with, all
             applicable Environmental Laws.

     4.10.2  Except as would not reasonably be expected to form the basis of any
             material Environmental Claim against the Transferred Business,
             since January 1, 2004, the Transferred Business has not disposed
             of, Released, transported, stored, or arranged for the disposal of
             any Hazardous Materials to, at or upon: (i) any

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             location other than a site lawfully permitted to receive such
             Hazardous Materials; (ii) any premises currently or formerly owned
             or leased by any of the RSN Subsidiaries, except for the use of
             household cleaners and office products in the ordinary course of
             business in compliance with applicable Environmental Laws; or (iii)
             any site which has been placed on the National Priorities List,
             CERCLIS or their state equivalents;

     4.10.3  Since January 1, 2004, the operations of the Transferred Business
             have not resulted in any Release of Hazardous Materials at or from
             any Leased Real Property that requires Cleanup that has not been
             completed to the satisfaction of the relevant Governmental
             Authority or would reasonably be expected to form the basis of any
             material Environmental Claim against the Transferred Business;

     4.10.4  The Transferred Business is not subject to, and, since January 1,
             2004, none of the RSN Subsidiaries has received written notice of,
             any existing, pending, or, to the Knowledge of Parent, threatened
             material Action, by any Person under any Environmental Laws or
             involving the presence, Release or threatened Release of any
             Hazardous Material at any location currently or formerly owned or
             operated as part of the Transferred Business.

     Section 4.11. LITIGATION.

     4.11.1  Other than Actions of the type contemplated by Section 4.11.2 and
             judgments, decrees, written agreements, memoranda of understanding
             or orders of Governmental Authorities of the type contemplated by
             Section 4.11.3, (i) as of the date hereof, there are no Actions
             pending or, to the Knowledge of Parent, threatened against any of
             the Transferred Subsidiaries, by or before any Governmental
             Authority, (ii) there are no material Actions pending, or to the
             Knowledge of Parent, threatened against any of the Transferred
             Subsidiaries, by or before any Governmental Authority, (iii) as of
             the date hereof, there is no judgment, decree, injunction, ruling
             or order of any Governmental Authority outstanding against any
             Transferred Subsidiary and (iv) there is no material judgment,
             decree, injunction, ruling or order of any Governmental Authority
             outstanding against any Transferred Subsidiary.

     4.11.2  As of the execution of this Agreement, there is no Action pending
             or, to Parent's Knowledge, threatened against Parent or any of its
             Affiliates that seeks, or would reasonably be expected, to prohibit
             or restrain the ability of Parent or any of its Affiliates to enter
             into this Agreement or any of the Ancillary Agreements to which it
             is a party or to timely consummate the Transactions.

     4.11.3  As of the execution of this Agreement, there are no material
             judgments, decrees, written agreements, memoranda of understanding
             or orders of any Governmental Authority outstanding against Parent
             or any of its Affiliates which would reasonably be expected to
             prevent, prohibit, materially delay or enjoin the consummation of
             the Transactions.

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     Section 4.12. EMPLOYEE BENEFIT PLANS.

     4.12.1  Section 4.12.1 of the Parent Disclosure Letter sets forth, as of
             the date of this Agreement, a list of all material "employee
             pension benefit plans" (as defined in Section 3(2) of ERISA),
             "employee welfare benefit plans" (as defined in Section 3(1) of
             ERISA), and deferred compensation, bonus, retention bonus,
             incentive, severance, stock bonus, stock option, restricted stock,
             stock appreciation right, stock purchase, holiday pay, and vacation
             pay plans, and any other employee benefit plan, program, policy or
             arrangement covering Transferred Employees as of the date hereof,
             that are currently either maintained by or contributed to by Parent
             or any of its Subsidiaries or to which Parent or any of its
             Subsidiaries is obligated to make payments or otherwise have any
             liability (collectively, the "Employee Benefit Plans"), and each
             employment, severance, retention, consulting or similar agreement
             currently in effect that has been entered into by Parent, any
             Transferred Subsidiary or any of their respective Affiliates, on
             the one hand, and any Transferred Employee, on the other hand
             (collectively, the "Employment Agreements"). Each Employee Benefit
             Plan which provides, as of the date of hereof, benefits solely with
             respect to the Transferred Employees and no other active employees
             of Parent or any other Subsidiary is separately identified on
             Section 4.12.1 of the Parent Disclosure Letter (collectively, the
             "Subsidiary Employee Benefit Plans"). Summaries of all Employee
             Benefit Plans (except for plans contributed to pursuant to a
             Collective Bargaining Agreement set forth on Section 4.12.1 of the
             Parent Disclosure Letter), copies of all such written Subsidiary
             Employee Benefit Plans and Employment Agreements and written
             summaries of all unwritten Subsidiary Employee Benefit Plans have
             been made available to LMC.

     4.12.2  No Controlled Group Liability has been incurred by any Transferred
             Subsidiary or any trade or business that together with any
             Transferred Subsidiary would be deemed a "single employer," within
             the meaning of section 4001(b) of ERISA (an "ERISA Affiliate"), no
             condition exists that presents a material risk to any Transferred
             Subsidiary or any ERISA Affiliate of incurring any Controlled Group
             Liability, and no Controlled Group Liability would reasonably be
             expected to be incurred by the Transferred Subsidiaries following
             the Closing by reason of such Transferred Subsidiaries having been
             an ERISA Affiliate of Parent (or of any other ERISA Affiliate of
             Parent) prior to the Closing. For purposes of this Agreement,
             "Controlled Group Liability" means any and all liabilities (i)
             under Title IV of ERISA, other than for payment of premiums to the
             Pension Benefit Guaranty Corporation (which premiums have been paid
             when due), (ii) under Section 302 or 4068(a) of ERISA, (iii) under
             Sections 412(n) or 4971 of the Code and (iv) for violation of the
             continuation coverage requirements of Section 601 et seq. of ERISA
             and Section 4980B of the Code or the group health requirements of
             Sections 9801 et seq. of the Code and Sections 701 et seq. of
             ERISA. The consummation of the Transactions will not result in the
             occurrence of any reportable event within the meaning of Section
             4043(c) of ERISA with respect to any pension plan maintained by
             Parent or an ERISA Affiliate. None of the

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             Subsidiary Employee Benefit Plans is subject to Title IV of ERISA
             or Section 412 of the Code.

     4.12.3  No Transferred Subsidiary has any liability, fixed or contingent,
             with respect to a Multiemployer Plan.

     4.12.4  Each Employee Benefit Plan has been operated and administered in
             all material respects in accordance with its terms and applicable
             law, including but not limited to ERISA and the Code. As of the
             date hereof, there are no actions, suits or claims pending (other
             than routine claims for benefits) or, to the Knowledge of Parent,
             threatened against, or with respect to, any of the Employee Benefit
             Plans or their assets. There are no material actions, suits or
             claims pending (other than routine claims for benefits) or, to the
             Knowledge of Parent, threatened against, or with respect to, any of
             the Employee Benefit Plans or their assets. There have been no
             "prohibited transactions" (as described in Section 406 of ERISA or
             Section 4975 of the Code) with respect to any of the Employee
             Benefit Plans. Other than routine filings, there is no matter
             pending or audit in progress with respect to any of the Employee
             Benefit Plans before or by any Governmental Authority.

     4.12.5  Each Employee Benefit Plan intended to be qualified, within the
             meaning of Section 401(a) of the Code, has received a favorable
             determination letter regarding the Employee Benefit Plan's
             qualification from the IRS with respect to all amendments required
             by applicable law (or such plan has been submitted to the IRS for a
             determination as to its qualification within the applicable
             remedial amendment period).

     4.12.6  The execution and delivery of this Agreement and the consummation
             of the Transactions will not (except as otherwise provided in this
             Agreement) (A) require any Transferred Subsidiary to make a larger
             contribution to, or pay greater benefits or provide other rights
             under, any Employee Benefit Plan, any Employment Agreement or any
             other employee benefit plan or arrangement than it otherwise would,
             whether or not some other subsequent action or event would be
             required to cause such payment or provision to be triggered or (B)
             create, give rise to or accelerate any additional benefits, vested
             rights or service credits under any Employee Benefit Plan,
             Employment Agreement or any other employee benefit plan or
             arrangement. In connection with the consummation of the
             Transactions, no payment of money or other property, acceleration
             of benefits or provision of other rights has been made under this
             Agreement, any Employee Benefit Plan or otherwise that would be
             nondeductible for income Tax purposes by Splitco or the Transferred
             Subsidiaries by virtue Section 280G of the Code.

     4.12.7  No Subsidiary Employee Benefit Plan provides post employment
             medical, disability, life insurance benefits or other welfare
             benefits, except as required by Section 4980B of the Code or Part 6
             of Title I of ERISA and at no expense to any Transferred
             Subsidiary.

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     4.12.8  Except as disclosed on Section 4.12.8 of the Parent Disclosure
             Schedule, no Subsidiary Employee Benefit Plan, Employment Agreement
             or payment or benefit provided pursuant to any Subsidiary Employee
             Benefit Plan, Employment Agreement or other contract, agreement or
             benefit arrangement covering any "service provider" (within the
             meaning of Section 409A of the Code), including the grant, vesting
             or exercise of any option or appreciation right, will or may
             provide for the deferral of compensation subject to Section 409A of
             the Code, whether pursuant to the execution and delivery of this
             Agreement or the consummation of the transactions contemplated
             hereby (either alone or upon the occurrence of any additional or
             subsequent events) or otherwise. Each Subsidiary Employee Benefit
             Plan that is a nonqualified deferred compensation plan subject to
             Section 409A of the Code has been operated and administered in good
             faith compliance with Section 409A of the Code from the period
             beginning January 1, 2005 through the date hereof.

     Section 4.13. CONTRACTS. Section 4.13 of the Parent Disclosure Letter
contains a complete list, as of the date hereof, of all Contracts (together with
each material amendment, modification, change or waiver thereto) by and between
any Transferred Subsidiary and one or more third parties (other than this
Agreement or the Ancillary Agreements), pursuant to which any Transferred
Subsidiary is obligated or liable or is entitled to any rights or benefits or
pursuant to which any Transferred Subsidiary or any of its properties or assets
is subject, in each case, which fall within any of the following categories
(such Contracts as are required to be set forth in Section 4.13 of the Parent
Disclosure Letter, the "Material Contracts"):

          (a) each advertising and sponsorship Contract pursuant to which
payment of more than $100,000 annually is required to be paid to any Transferred
Subsidiary;

          (b) each Contract providing for the sale, lease or other disposition
of a material portion of the assets of any Transferred Subsidiary other than in
the ordinary course of business;

          (c) each material Contract relating to the production or licensing of
any programming for any Network;

          (d) each affiliation, distribution, carriage or similar agreement
between any Transferred Subsidiary (or under which any Transferred Subsidiary is
bound or is liable or pursuant to which any Transferred Subsidiary or any of its
properties or assets is subject) and any of its affiliates, distributors,
carriers, over-the-air broadcast operators and multichannel video programming
distributors, in which such affiliate, distributor, carrier or operator accounts
for at least 50,000 subscribers to a Network operated by such Transferred
Subsidiary as of July 31, 2006;

          (e) each material definitive rights agreement relating to the telecast
of professional, collegiate conference, university or high school sports teams
or any sports related tournaments or events on any Network;

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          (f) each Contract pursuant to which any Transferred Subsidiary is
obligated (or assuming performance of any Contract in effect at the date hereof,
would be obligated) to any Person for payments in respect of capital
expenditures in excess of $1,000,000;

          (g) each currently effective joint venture or partnership or similar
agreement and each Contract providing for the formation of a joint venture,
limited liability company, long-term alliance or partnership or involving an
equity investment;

          (h) each currently effective Contract (including any Employment
Agreements) which (A) materially restricts the ability of any Transferred
Subsidiary or any of its Affiliates or the Transferred Business to engage in any
business activity in any geographic area or line of business following the
Closing or (B) materially restricts the ability of any Transferred Subsidiary or
any of its Affiliates or the Transferred Business to compete with any Person
following the Closing;

          (i) each Contract (or group of related Contracts) under which there
has been created, incurred, assumed, or guaranteed any Indebtedness, or that
relates to the lending or advancing of amounts or investment in any other
Person, in each case, in excess of $100,000, or providing for the creation of
any Encumbrance securing an obligation likely to exceed $100,000 upon any asset
of any Transferred Subsidiary;

          (j) each lease, sublease or similar agreement relating to tangible
personal property used or held for use in the Transferred Business, for an
annual rent in excess of $100,000, or agreement regarding the purchase of real
property;

          (k) each currently effective material Real Property Lease;

          (l) any currently effective Contract concerning the marketing or
distribution by third parties of any products or services of the Transferred
Business (including any Contract requiring the payment of any sales or marketing
or distribution commissions or granting to any Person rights to market,
distribute or sell such products or services) involving sales of products of
more than $100,000 annually;

          (m) any other currently effective Contract which was entered into
other than in the ordinary course of business involving payments to or from
third parties in excess of $500,000 over the remaining term of such Contract;
and

          (n) each satellite and transponder agreement to which any Transferred
Subsidiary is a party or pursuant to which any Transferred Subsidiary or under
which any Transferred Subsidiary is bound or is liable or pursuant to which any
Transferred Subsidiary or any of its properties or assets is subject.

Parent has made available to LMC or its Representatives (as defined below)
correct and complete copies of all such Material Contracts (other than such
Material Contracts referenced in Section 4.13(n) pursuant to which the
Transferred Subsidiaries shall have no liabilities or obligations of any kind
after Closing other than pursuant to the Technical Services Agreement) with all
amendments thereto. Each such Material Contract is valid, binding and
enforceable against a Transferred Subsidiary and the other parties thereto in
accordance with its terms and is

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in full force and effect, subject to expiration in accordance with its terms.
Except as set forth in Section 4.13 of the Parent Disclosure Letter, none of the
Transferred Subsidiaries is in material default under or in material breach of
any such Material Contract, and no event has occurred that, with notice or lapse
of time, or both, would constitute such a material default. Except as set forth
in Section 4.13 of the Parent Disclosure Letter, each of the other parties to
the Material Contracts has performed in all material respects all of the
obligations required to be performed by it under, and is not in material default
under, any such Material Contract, and to the Knowledge of Parent, no event has
occurred that, with notice or lapse of time, or both, would constitute such a
material default.

     Section 4.14. LABOR MATTERS.

     4.14.1  Except as set forth in the Parent Disclosure Letter, as of the date
             hereof, there are no collective bargaining agreements, union
             contracts or similar agreements or arrangements in effect that
             cover any Transferred Employee (each, a "Collective Bargaining
             Agreement"). With respect to the Transferred Business, (a) there is
             no material labor strike, dispute, slowdown, lockout or stoppage
             pending or, to the Knowledge of Parent, threatened, and no
             Transferred Subsidiary has experienced any labor strike, dispute,
             slowdown, lockout or stoppage relating to the Transferred Business
             or any Transferred Employee since January 1, 2004; (b) there is no
             material unfair labor practice charge or complaint pending or, to
             Parent's Knowledge, threatened before the National Labor Relations
             Board or before any similar state or foreign agency; (c) there is
             no material grievance or arbitration arising out of any Collective
             Bargaining Agreement or other grievance procedure; (d) no material
             charges are pending before the Equal Employment Opportunity
             Commission or any other agency responsible for the prevention of
             unlawful employment practices; and (e) Parent, Splitco and the
             Transferred Subsidiaries have complied in all material respects
             with all laws relating to the employment of labor, including
             provisions thereof relating to wages, hours, equal opportunity,
             collective bargaining, affirmative action, occupational safety and
             health, immigration and the withholding and payment of social
             security and other taxes, and no claim to the contrary has been
             made by any employee or Governmental Authority.

     4.14.2  Neither Parent nor any of its Affiliates has effected any of the
             following with respect to any Transferred Employee: (a) a "plant
             closing" (as defined in the WARN Act) affecting any site of
             employment or one or more facilities or operating units within any
             site of employment or facility; or (b) a "mass layoff" (as defined
             in the WARN Act) affecting any site of employment or facility. None
             of the Transactions or any of the actions taken by Parent or its
             Affiliates in preparation for the Closing have or will result in
             plant closing or mass layoff under the WARN Act.

     Section 4.15. RSN SUBSIDIARIES FINANCIAL STATEMENTS.

     4.15.1  Attached as Section 4.15.1 of the Parent Disclosure Letter are the
             unaudited consolidated interim balance sheet (with respect to each
             RSN Subsidiary, the

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             "INTERIM BALANCE SHEET") of each RSN Subsidiary as of October 1,
             2006 (the "INTERIM BALANCE SHEET DATE"), and the unaudited
             consolidated statements of operations and partners' deficit and
             cash flows for each RSN Subsidiary for the fiscal year ended July
             2, 2006 (such unaudited consolidated financial statements,
             collectively, the "FINANCIAL STATEMENTS"). Except as provided in
             Section 4.15.1 of the Parent Disclosure Letter, the Financial
             Statements (i) conform to the books and records of the RSN
             Subsidiaries in all material respects, (ii) present fairly in all
             material respects the financial position of the RSN Subsidiaries as
             of the dates indicated and the results of operations and partners'
             deficit and cash flows for the respective periods indicated, and
             (iii) were prepared in accordance with GAAP, consistently applied;
             PROVIDED that each Interim Balance Sheet is subject to normal,
             recurring year-end audit adjustments (none of which are material,
             individually or in the aggregate, to Parent's Knowledge).

     4.15.2  From the Interim Balance Sheet Date to the date hereof, except as
             set forth on Section 4.15.2 of the Parent Disclosure Letter, (i)
             the business of the RSN Subsidiaries has been conducted in the
             ordinary course of business consistent with past practices, (ii)
             there has not been any event, circumstance, change or effect that
             has had or could reasonably be expected to have, individually or in
             the aggregate, Material Adverse Effect on the Transferred Business,
             (iii) no RSN Subsidiary has redeemed any ownership interests in any
             RSN Subsidiary, (iv) no RSN Subsidiary has waived, released,
             compromised or settled any right or claim of substantial value to
             such RSN Subsidiary or any other Person and (v) no RSN Subsidiary
             has engaged in any transaction or taken any other action except in
             the ordinary course of business consistent with past practices. No
             RSN Subsidiary has engaged in any activity other than the operation
             of the Networks.

     4.15.3  There are no Liabilities of the RSN Subsidiaries, and there is no
             existing condition, situation or set of circumstances that could
             reasonably be expected to result in such a Liability, other than:
             (i) Liabilities disclosed or provided for in the Interim Balance
             Sheet or in the notes to the Financial Statements; (ii) the
             Liabilities set forth on Section 4.15.3 of the Parent Disclosure
             Letter; and (iii) Liabilities incurred in the ordinary course of
             business consistent with past practice since the Interim Balance
             Sheet Date that have not had and could not reasonably be expected
             to have, individually or in the aggregate, a Material Adverse
             Effect on the Transferred Business.

     4.15.4  Except as set forth in Section 4.15.4 of the Parent Disclosure
             Letter, each RSN Subsidiary is, and since the Interim Balance Sheet
             Date has been, in compliance with and, as of the date hereof, to
             the Knowledge of Parent is not under investigation with respect to
             and has not been threatened to be charged with or given any notice
             of any violation of, any applicable Law.

     Section 4.16. PERMITS. The RSN Subsidiaries are in possession of, all
franchises, grants, authorizations, licenses, permits, easements, variances,
exemptions, consents, certificates, approvals and orders necessary to own, lease
and operate the Transferred Business as it is being operated as of the date
hereof, other than such franchises, grants, authorizations, licenses,

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permits, easements, variances, exemptions, consents, certificates, approvals and
orders which the failure to hold would not adversely affect the ability of the
RSN Subsidiaries to conduct the Transferred Business in all material respects as
it is currently conducted by the RSN Subsidiaries (collectively, the "PERMITS").
As of the date hereof, there are no Business FCC Licenses. Except as set forth
in Section 4.16 of the Parent Disclosure Letter (a) (i) as of the date hereof,
there is no Action pending, or, to the Knowledge of Parent, threatened,
regarding any of the Permits and (ii) there is no material Action pending, or to
the Knowledge of Parent, threatened regarding any of the Permits and (b) each
such Permit is in full force and effect. The RSN Subsidiaries do not possess any
Business FCC Licenses.

     Section 4.17. REAL ESTATE.

     4.17.1  None of the Transferred Subsidiaries owns or has owned any real
             property.

     4.17.2  As of the date hereof, the RSN Subsidiaries have good and valid
             leasehold interests in all Leased Real Property except for any such
             Leased Real Property which is no longer used or useful in the
             conduct of the Transferred Business.

     4.17.3  Each of the RSN Subsidiaries has complied in all material respects
             with the terms of all Real Property Leases to which it is a party
             and under which it is in occupancy, and all such Real Property
             Leases and deeds are in full force and effect. Section 4.17.3 of
             the Parent Disclosure Letter sets forth a complete list, as of the
             date hereof, of all leases pursuant to which parcels of the Leased
             Real Property are held. The RSN Subsidiaries enjoy peaceful and
             undisturbed possession under all such leases and there are no
             existing material defaults beyond any applicable grace periods
             under such leases.

     Section 4.18. GUARANTEES. Except to the extent contemplated by this
Agreement or as set forth in Section 4.18 of the Parent Disclosure Letter, none
of the Transferred Subsidiaries is directly or indirectly (a) liable, by
guarantee or otherwise, upon or with respect to or (b) obligated to provide
funds with respect to, or to guarantee or assume, any Indebtedness or other
Liability of any other Person.

     Section 4.19. TITLE TO DTV SHARES. As of the date hereof, FEG is the sole
record owner and has good and valid title to the DTV Shares, free and clear of
any and all Securities Encumbrances. As of the Closing, Splitco will be the sole
record beneficial owner of, and will have good and valid title to the DTV
Shares, free and clear of any and all Securities Encumbrances. The DTV Shares
are duly authorized, validly issued, fully paid and nonassessable, and have not
been issued in violation of any preemptive or similar rights. The DTV Shares
constitute all shares of common stock of DTV beneficially owned by Parent.

     Section 4.20. CERTAIN TAX MATTERS.

     4.20.1  FILING AND PAYMENT. (i) All material Tax Returns required to be
             filed with any Taxing Authority by or on behalf of the Transferred
             Subsidiaries or otherwise with respect to the Transferred Business
             have been filed when due (taking into account any extension of time
             within which to file) in accordance with all applicable Laws; (ii)
             all such Tax Returns are accurate and complete in all

                                       34

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             material respects and have been prepared in substantial compliance
             with all applicable Laws; (iii) all material Taxes due and payable
             by the Transferred Subsidiaries or with respect to the Transferred
             Business have been timely paid, or withheld and remitted to the
             appropriate Taxing Authority; (iv) no written claim has been made
             by any Taxing Authority in a jurisdiction where any of the
             Transferred Subsidiaries does not file a Tax Return that it is, or
             may be, subject to Tax by that jurisdiction; and (v) there are no
             Encumbrances on any of the assets of any of the Transferred
             Subsidiaries that arose in connection with any failure (or alleged
             failure) to pay any Tax (except for Encumbrances that arise by
             operation of Law for Taxes not yet due and payable).

     4.20.2  WITHHOLDING. Each of the Transferred Subsidiaries has complied with
             all applicable Laws relating to the payment and withholding of any
             material amount of Taxes and have, within the time and the manner
             prescribed by applicable Law, withheld from and paid over to the
             proper Taxing Authorities all material amounts required to be so
             withheld and paid over under all applicable Laws.

     4.20.3  PROCEEDINGS AND COMPLIANCE. (i) No outstanding written claim has
             been received, and no audit, action, suit or proceeding is in
             progress, against or with respect to any of the Transferred
             Subsidiaries in respect of any material Tax; and (ii) all material
             deficiencies, assessments or proposed adjustments asserted against
             any of the Transferred Subsidiaries by any Taxing Authority have
             been paid or fully and finally settled.

     4.20.4  AVAILABILITY OF TAX RETURNS. Parent has furnished or made available
             to LMC complete and accurate copies of all portions of United
             States federal income Tax Returns and material state income Tax
             Returns relating to the Transferred Subsidiaries, and including, in
             each case, any amendments thereto, filed by or on behalf of any
             such Transferred Subsidiaries for all taxable periods beginning
             after December 31, 2000.

     4.20.5  CONSOLIDATION AND SIMILAR ARRANGEMENTS; TAX SHARING AGREEMENTS.
             None of the Transferred Subsidiaries (i) is or has been a member of
             an affiliated group (within the meaning of Section 1504 of the
             Code) filing a consolidated federal income Tax Return, other than
             an affiliated group the common parent of which is or was Parent (a
             "Parent Group"), (ii) is or has been a member of any affiliated,
             combined, consolidated, unitary or similar group for state, local
             or foreign Tax purposes other than a group the common parent of
             which is Parent, (iii) is a party to, or has any liability for any
             Tax under, any Tax Sharing Agreement or (iv) has any liability for
             the Taxes of any Person under Treasury Regulations Section 1.1502-6
             (or any similar provision of state, local, or foreign Law) or as a
             transferee or successor, except for such liability arising from
             membership in a Parent Group.

     4.20.6  TIMING. None of the Transferred Subsidiaries will be required to
             include any item of income in, or exclude any item of deduction
             from, taxable income for any taxable period (or portion thereof)
             ending after the Closing Date as a result of any

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             (i) change in method of accounting for a taxable period (or portion
             thereof) ending on or prior to the Closing Date (other than any
             change in method of accounting made by LMC or any of its
             Affiliates, except for any change in method of accounting made on
             any Tax Return of or including the Transferred Subsidiaries which
             Parent is responsible for preparing pursuant to Section 2.1(a) of
             the Tax Matters Agreement), (ii) "closing agreement" as described
             in Section 7121 of the Code (or any corresponding or similar
             provision of state, local or foreign income Tax Law) executed prior
             to the Closing, or (iii) installment sale or open transaction
             occurring prior to the Closing.

     4.20.7  STATUTE OF LIMITATIONS. No waiver or extension of any statute of
             limitations in respect of material Taxes or any extension of time
             with respect to a material Tax assessment or deficiency is in
             effect for any of the Transferred Subsidiaries.

     4.20.8  SECTION 355. Except with respect to the Transactions, none of the
             Transferred Subsidiaries has constituted either a "distributing
             corporation" or a "controlled corporation" (or is otherwise a
             successor to a "distributing corporation" or a "controlled
             corporation") in a distribution of stock qualifying or intended to
             qualify under Section 355 of the Code.

     4.20.9  REPORTABLE TRANSACTIONS. None of the Transferred Subsidiaries has
             participated in a "listed transaction" within the meaning of
             Treasury Regulations Section 1.6011-4(b)(2).

     4.20.10 CERTAIN AGREEMENTS AND RULINGS. None of the Transferred
             Subsidiaries is a party to or bound by any advance pricing
             agreement, closing agreement or other agreement or ruling relating
             to Taxes with any Taxing Authority that will remain in effect with
             respect to such Transferred Subsidiary after the Closing.

     4.20.11 DTV SHARES. To the Knowledge of Parent, for United States federal
             income Tax purposes the aggregate basis of the DTV Shares is $6.8
             billion. Parent has not taken any position for Tax purposes or in
             computing any deferred income tax provision or reserve for
             financial reporting purposes that is inconsistent with the
             representation set forth in the preceding sentence.

     Section 4.21. AFFILIATE TRANSACTIONS. Section 4.21 of the Parent Disclosure
Letter sets forth, as of the date hereof, all Contracts and all material
allocations, obligations, transactions or other arrangements (oral or written)
between DTV, on the one hand, and Parent or any of its Subsidiaries, on the
other hand, that, in each case, shall be in effect following the Closing (each,
an "Affiliate Transaction").

     Section 4.22. BROKERS OR FINDERS. Except as set forth in Section 4.22 of
the Parent Disclosure Letter, no agent, broker, investment banker, financial
advisor or other Person (any such Person, a "Broker") is or will be entitled to
any financial advisory, broker's, finder's or similar fee or commission in
connection with the Transactions (collectively, "Broker Fees") based upon
arrangements made by or on behalf of Parent, DTV, a Transferred Subsidiary or
any of their respective Affiliates.

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     Section 4.23. INVESTIGATION; RELIANCE.

     4.23.1  Notwithstanding anything to the contrary set forth herein, the
             express representations and warranties set forth in this Agreement,
             the Parent Tax Opinion Representations and the Tax Matters
             Agreement are the only representations and warranties concerning
             Parent and the DTV Shares made to LMC by Parent. Such
             representations and warranties are made expressly in lieu of all
             other warranties and representations, express or implied.

     4.23.2  Parent hereby acknowledges and agrees that LMC makes no
             representations or warranties to Parent, express or implied, other
             than those representations and warranties set forth in this
             Agreement, the LMC Tax Opinion Representations, the Tax Matters
             Agreement and the Ancillary Agreements. Parent hereby expressly
             acknowledges and agrees that it is not relying on, is not entitled
             to rely on and, except in the case of fraud or willful breach,
             neither LMC nor any Person will have or be subject to any liability
             to Parent or any other Person resulting from, any statements or
             communications by LMC or any of its Affiliates or Representatives
             with respect to any matter in connection with its investigation or
             evaluation of the Transactions, except for the representations and
             warranties expressly set forth in this Agreement, the Tax Matters
             Agreement, the LMC Tax Opinion Representations and the Ancillary
             Agreements.

                                   ARTICLE V.

                      REPRESENTATIONS AND WARRANTIES OF LMC

          Except as set forth in the LMC Disclosure Letter delivered by LMC to
Parent prior to the execution of this Agreement, LMC hereby represents and
warrants to Parent as follows:

     Section 5.1. ORGANIZATION AND STANDING. LMC and each Stockholder is (a) a
corporation, limited liability company or other legal entity duly organized,
validly existing and duly qualified or licensed and in good standing under the
Laws of the state or jurisdiction of its organization with full corporate or
other power and authority to own, lease, use and operate its properties and to
conduct its business, and (b) duly qualified or licensed to do business and in
good standing in any other jurisdiction in which the nature of the business
conducted by it or the property it owns, leases or operates requires it to so
qualify, be licensed or be in good standing, except where the failures to be so
qualified, licensed or in good standing have not had a Material Adverse Effect
on LMC or any of the Stockholders, as the case may be.

     Section 5.2. CORPORATE POWER AND AUTHORITY. LMC and each Stockholder has
all requisite corporate or other power and authority to execute and deliver this
Agreement and to consummate the Transactions. LMC and each Stockholder has all
requisite corporate or other power and authority to execute and deliver the
Ancillary Agreements and the other agreements, documents and instruments to be
executed and delivered by it in connection with this Agreement, including the
LMC Tax Opinion Representations, the Closing Certificates required by Sections
7.3.1 and 7.3.2, or the Ancillary Agreements and to consummate the Transactions.

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The execution, delivery and performance of this Agreement by LMC and each
Stockholder and the consummation by LMC and each Stockholder of the
Transactions, including the exchange and delivery by the Stockholders to Parent
of the LMC Parent Shares, and the execution, delivery and performance of the
Ancillary Agreements and the other agreements, documents, certificates and
instruments to be executed and delivered in connection with this Agreement or
the Ancillary Agreements by LMC and each Stockholder and the consummation of the
Transactions, have been duly authorized by all necessary action on the part of
LMC and each Stockholder. Each of this Agreement and the Tax Matters Agreement
has been duly executed and delivered by LMC and constitutes the legal, valid and
binding obligation of LMC, enforceable against LMC in accordance with its terms,
except as may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or other similar Laws now or hereafter in effect relating to or
affecting creditors' rights generally, including the effect of statutory and
other Laws regarding fraudulent conveyances and preferential transfers and
subject to the limitations imposed by general equitable principles (regardless
of whether such enforceability is considered in a proceeding at Law or in
equity). When signed, the Ancillary Agreements (other than the Tax Matters
Agreement which is the subject of the preceding sentence) and the other
agreements, documents, certificates (including the LMC Tax Opinion
Representations) and instruments to be executed and delivered by LMC and each
Stockholder in connection with this Agreement or the Transactions shall have
been duly executed and delivered by LMC and each Stockholder and shall
constitute the legal, valid and binding obligations of LMC and each Stockholder,
enforceable against LMC and each Stockholder in accordance with their respective
terms, except as may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other similar Laws now or hereafter in effect
relating to or affecting creditors' rights generally, including the effect of
statutory and other Laws regarding fraudulent conveyances and preferential
transfers and subject to the limitations imposed by general equitable principles
(regardless of whether such enforceability is considered in a proceeding at Law
or in equity).

     Section 5.3. NO VOTE REQUIRED. No vote or other action of the shareholders
of LMC or any Stockholder is required by Law, the organizational documents of
LMC or any Stockholder otherwise in order for LMC and/or the Stockholders to
consummate the Exchange and the transactions contemplated hereby. The Board of
Directors of LMC, by vote at a meeting duly called and held, has approved the
Exchange.

     Section 5.4. CONFLICTS; CONSENTS AND APPROVALS. Except as set forth in
Section 5.4 of the LMC Disclosure Letter, neither the execution and delivery by
LMC and each Stockholder of this Agreement, the Ancillary Agreements and the
other agreements, documents and instruments to be executed and delivered by LMC
and each Stockholder in connection with this Agreement and the Ancillary
Agreements, nor the consummation of the Transactions, will:

     5.4.1   conflict with, or result in a breach of any provision of, the
             organizational documents of LMC or any Stockholder;

     5.4.2   violate, or conflict with, or result in a breach of any provision
             of, or constitute a default (or an event that, with the giving of
             notice, the passage of time or otherwise, would constitute a
             default) under, or entitle any Person (with the giving of notice,
             the passage of time or otherwise) to terminate, accelerate, modify
             or call

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             a default under, or give rise to any obligation to make a payment
             under, or to any increased, additional or guaranteed rights of any
             Person under, or result in the creation of any Encumbrance upon any
             of the LMC Parent Shares or any of the other properties or assets
             of LMC or any Stockholder under any of the terms, conditions or
             provisions of any Contract to which LMC or any Stockholder is a
             party or pursuant to which any of its properties or assets are
             bound, except for any such conflicts, violations, breaches,
             defaults or occurrences which would not prevent or materially delay
             the performance of this Agreement by LMC or a Stockholder;

     5.4.3   assuming the approvals required under Section 5.4.4 are obtained,
             violate any order, writ, or injunction, or any material decree, or
             material Law applicable to LMC or any Stockholder or any of their
             properties or assets except as would not have a Material Adverse
             Effect on LMC's or the Stockholders' ability to consummate the
             Exchange and the transactions contemplated hereby; or

     5.4.4   require any consent, approval, authorization or permit of, or
             filing with or notification to, any Governmental Authority, except
             for (i) (A) applicable requirements of the Exchange Act, the
             Securities Act, and state securities or "blue sky" Laws, (B) the
             pre-merger notification requirements of the HSR Act, and (C)
             approval of the transactions contemplated by this Agreement under
             the Communications Act or (ii) where the failure to obtain such
             consents, approvals, authorizations or permits, or to make such
             filings or notifications would not prevent or materially delay the
             performance of this Agreement by LMC.

     Section 5.5. LMC PARENT SHARES. The LMC Parent Shares constitute all shares
of Parent Class A Common Stock and all shares of Parent Class B Common Stock
beneficially owned by the Stockholders and/or LMC. Except as set forth on
Section 5.5 of the LMC Disclosure Letter, each Stockholder has good and valid
title to the LMC Parent Shares owned by it, free and clear of any and all
Securities Encumbrances. Upon delivery to Parent of the certificates
representing the LMC Parent Shares at the Closing, or evidence of a book-entry
transfer of the LMC Parent Shares to an account of Parent, Parent will acquire
good and valid title to such shares, free and clear of any and all Securities
Encumbrances.

     Section 5.6. LITIGATION. As of the execution of this Agreement, there is no
Action pending or, to LMC's Knowledge, threatened against LMC that seeks, or
would reasonably be expected, to prohibit or restrain the ability of LMC to
enter into this Agreement or any Ancillary Agreement to which it is a party or
to timely consummate any of the Transactions.

     Section 5.7. GOVERNMENTAL ACTIONS. As of the execution of this Agreement,
there are no material judgments, decrees, written agreements, memoranda of
understanding or orders of any Governmental Authority outstanding against LMC
which would reasonably be expected to prevent, prohibit, materially delay or
enjoin the consummation of the Transactions.

     Section 5.8. FCC MATTERS. LMC is legally and financially qualified under
the Communications Act to hold the Business FCC Licenses and the DTV Shares. To
LMC's Knowledge, there are no facts or circumstances pertaining to LMC or any of
its Subsidiaries

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<Page>

which, under the Communications Act, would reasonably be expected to result in
the FCC's refusal to grant the FCC Consent or which would require waiver of, or
exemption from, any provision of the Communications Act necessary to obtain the
FCC Consent.

     Section 5.9. INVESTMENT PURPOSE AND EXPERIENCE. The Stockholders are
receiving the Splitco Shares, and indirectly the DTV Shares, for their own
account and not with a view towards, or for resale in connection with, the
public sale or distribution thereof, except pursuant to sales registered or
exempted under the Securities Act. Each Stockholder is an "accredited investor,"
as that term is defined in Regulation D promulgated under the Securities Act.
LMC acknowledges that each Stockholder can bear the economic risk and complete
loss of its investment in the Splitco Shares, and has such knowledge and
experience in financial or business matters that it is capable of evaluating the
merits and risks of the investment contemplated hereby.

     Section 5.10. Investigation; Reliance.

     5.10.1  Notwithstanding anything to the contrary set forth herein, the
             express representations and warranties set forth in this Agreement,
             the LMC Tax Opinion Representations and the Tax Matters Agreement
             are the only representations and warranties concerning LMC and the
             LMC Parent Shares made to Parent by LMC. Such representations and
             warranties are made expressly in lieu of all other warranties and
             representations, express or implied.

     5.10.2  LMC hereby acknowledges and agrees that Parent makes no
             representations or warranties to LMC, express or implied, other
             than those representations and warranties set forth in this
             Agreement, the Parent Tax Opinion Representations, the Tax Matters
             Agreement and the Ancillary Agreements. LMC hereby expressly
             acknowledges and agrees that it is not relying on, is not entitled
             to rely on and, except in the case of fraud or willful breach,
             neither Parent nor any Person will have or be subject to any
             liability to LMC or any other Person resulting from, any statements
             or communications by Parent, any Transferred Subsidiary, DTV or any
             of their respective Affiliates or Representatives with respect to
             any matter in connection with its investigation or evaluation of
             the Transferred Business, the Transferred Subsidiaries, Splitco or
             DTV (including any of the assets or liabilities of the Transferred
             Business, the Transferred Subsidiaries, Splitco or DTV), including
             any information, document or material made available in any
             offering memorandum, in any "data room," in any management
             presentations or in any other form, except for the representations
             and warranties expressly set forth in this Agreement, the Parent
             Tax Opinion Representations, the Tax Matters Agreement and the
             Ancillary Agreements

     Section 5.11. BROKERS AND FINDERS. Except as set forth in Section 5.11 of
the LMC Disclosure Letter, no Broker is or will be entitled to any Broker Fees
based upon arrangements made by or on behalf of LMC or any of its Affiliates.

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                                  ARTICLE VI.

                            COVENANTS AND AGREEMENTS

     Section 6.1. ACCESS AND INFORMATION. During the period from the date of
this Agreement to the Closing, except to the extent prohibited by applicable Law
or the terms of any Contract entered into prior to the date hereof for which
Parent has been unable, despite use of its reasonable best efforts, to obtain a
consent or waiver from the other parties thereto (other than any Affiliate of
Parent) to enable disclosure to LMC, or as would reasonably be expected to
violate or result in a loss or impairment of any attorney-client or work product
privilege (it being understood that the parties shall use reasonable best
efforts to cause such information to be provided in a manner that does not
result in such violation, loss or impairment), and subject to the obligations of
LMC under the Confidentiality Agreement with respect thereto, Parent will permit
(and will cause the Transferred Subsidiaries to permit) Representatives of LMC
to have reasonable access during normal business hours and upon reasonable
notice to all premises, properties, personnel, books, records, Contracts,
commitments, reports of examination, and documents of or pertaining to the
Transferred Business, and reasonable opportunity upon prior notice and
consultation with Parent to communicate with employees of the Transferred
Business (PROVIDED that Parent and the Transferred Subsidiaries shall have the
right to be present by representative for all such contacts between LMC and any
employee of the Transferred Business, whether in person, telephonic or
otherwise), except with respect to DTV, as may be necessary to permit LMC to, at
its sole expense, make, or cause to be made, such investigations thereof as are
reasonably necessary in connection with the consummation of the Transactions,
and Parent shall (and shall cause the Transferred Subsidiaries to) reasonably
cooperate with any such investigations; PROVIDED that Parent's designees on the
Board of Directors of DTV, subject to their fiduciary duties to DTV and its
stockholders, shall take no action to interfere with the investigation of DTV by
LMC. No information or knowledge obtained in any investigation pursuant to this
Section 6.1 or otherwise shall affect or be deemed to modify any representation
or warranty contained herein or delivered pursuant hereto or to modify the
conditions to the obligations of the parties hereto to consummate the
Transactions.

     Section 6.2. CONDUCT OF BUSINESS BY PARENT. Except (i) as contemplated or
permitted by this Agreement and the Ancillary Agreements, (ii) as required by
applicable Law, (iii) as described in Section 6.2 of the Parent Disclosure
Letter or (iv) with the prior written consent of LMC (not to be unreasonably
withheld or delayed), during the period from the date hereof to the Closing
Date, Parent shall, and shall cause each of the Transferred Subsidiaries to,
conduct the Transferred Business only in the ordinary course of business
consistent with past practice and use reasonable best efforts to preserve intact
current business organizations of the Transferred Business and relationships
with third parties and keep available the service of the current officers and
employees of the Transferred Business. From the date hereof until the earlier of
the Closing or the termination of this Agreement, Parent will vote or cause its
Affiliates to vote all shares of DTV over which it has the power to vote or
cause to be voted against any action by DTV or any of its Subsidiaries, which is
outside its ordinary course of business (including amendments to DTV's Charter)
that is presented or proposed for consideration by DTV stockholders at any time
after the date of this Agreement and prior to the Closing or termination of this
Agreement, subject to Parent's obligations under Section 6.13.3 of this
Agreement. Without limiting the generality of the foregoing, except (i) as
contemplated or permitted by this Agreement and the

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Ancillary Agreements, (ii) as required by applicable Law, (iii) as described in
Section 6.2 of the Parent Disclosure Letter or (iv) with the prior written
consent of LMC, prior to the Closing Date, Parent shall not take any action that
would violate the terms of the RSN Non-Competition Agreement (assuming that the
period referred to therein is effective beginning as of the date hereof) and
Parent shall cause each of the Transferred Subsidiaries not to:

     6.2.1   make any change in or amendments to the charter, bylaws,
             partnership agreement, membership agreement or other organizational
             documents applicable to any Transferred Subsidiary;

     6.2.2   issue, grant, sell or deliver any shares of capital stock or other
             equity interests or securities of any Transferred Subsidiary, or
             any securities convertible into, or options, warrants or rights of
             any kind to subscribe for or acquire, any shares of capital stock
             or other equity interests or securities of any Transferred
             Subsidiary, or any phantom shares, phantom equity interests or
             stock or equity appreciation rights of any Transferred Subsidiary,
             or enter into any Contract, commitment or arrangement with respect
             to any of the foregoing;

     6.2.3   split, combine or reclassify the outstanding shares of capital
             stock or other equity interests or securities of any Transferred
             Subsidiary or issue any capital stock or other equity interests or
             securities of any Transferred Subsidiary in exchange for any such
             shares or interests;

     6.2.4   redeem, purchase or otherwise acquire, directly or indirectly, any
             shares of capital stock or any other equity interests or securities
             of any Transferred Subsidiary;

     6.2.5   adopt or authorize any stock or equity appreciation rights,
             restricted stock or equity, stock or equity purchase, stock or
             equity bonus or similar plan, arrangement or agreement applicable
             to any Transferred Subsidiary;

     6.2.6   make any other changes in the capital structure or the partnership
             or membership structure of any Transferred Subsidiary;

     6.2.7   make any change in any method of financial accounting or financial
             accounting principles, practice or policy employed by or applicable
             to a Transferred Subsidiary, except for any such change required by
             reason of a concurrent change in GAAP;

     6.2.8   except to the extent sold or otherwise disposed of in the ordinary
             course of business consistent with past practices, sell, lease (as
             lessor), mortgage, pledge or otherwise dispose of any material
             asset of a Transferred Subsidiary to any Person;

     6.2.9   except (A) in accordance with Parent's cash management system or
             (B) for dividends and distributions permitted under clause (6.2.10)
             below, make any loans or advances to, investments in, or guarantees
             for the benefit of, any Person, except for travel and similar
             advances made to employees, officers or directors, in the ordinary
             course of business, or engage in or amend, or modify, or extend any

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             Contract, arrangement, commitment or transaction with any Affiliate
             of Parent which will continue in full force and effect following
             the Closing;

     6.2.10  declare or pay any dividend or make any other distribution to its
             stockholders whether or not upon or in respect of any shares of its
             capital stock or equity interest; PROVIDED, HOWEVER, that LMC
             acknowledges and agrees that (A) the Transferred Subsidiaries do
             not maintain cash balances and, at the time of the Closing, Parent
             will withdraw any cash balances of the Transferred Subsidiaries
             (other than the material proceeds from an insurance claim) and (B)
             from the date hereof until the Closing, dividends and distributions
             of cash may continue to be made by the Transferred Subsidiaries to
             wholly owned Subsidiaries of Parent in the ordinary course of
             business consistent with past practices;

     6.2.11  except to the extent required pursuant to the terms of any Employee
             Benefit Plan or in effect on the date hereof, (i) increase salary,
             wages or other compensation (including any bonuses, commissions and
             any other payments) of any Transferred Employee whose annual
             salary, wages and such other compensation is, or after giving
             effect to such change would be, in the aggregate, $150,000 or more
             per annum; (ii) hire any new employee who would be a Transferred
             Employee or enter into a contract with any consultant to perform
             services relating to the Transferred Business, in each case on
             terms providing for annual salary, wages and other compensation, in
             the aggregate, of $150,000 or more per annum; (iii) adopt, enter
             into or amend any Employee Benefit Plan other than a Subsidiary
             Employee Benefit Plan, except as required by applicable Law or
             applicable to all participants of such plan; PROVIDED that such
             plan does not disproportionately affect Transferred Employees; or
             (iv) adopt, enter into or amend any Collective Bargaining Agreement
             or other labor union contract, Subsidiary Employee Benefit Plan or
             Employment Agreement applicable to Transferred Employees, or enter
             into any Contract, commitment or arrangement with respect to any of
             the foregoing; PROVIDED that it is the understanding of the parties
             that Parent shall have the right, prior to or at the Closing, to
             transfer the employment of each Transferred Employee not already
             employed by one of the Transferred Subsidiaries to the applicable
             Transferred Subsidiary;

     6.2.12  pay, discharge or satisfy Liabilities, other than (i) the payment,
             discharge or satisfaction of Liabilities reflected or reserved
             against in the Interim Balance Sheet or incurred since the Interim
             Balance Sheet Date in the ordinary course of business consistent
             with past practices and (ii) scheduled repayments of indebtedness
             reflected on any Interim Balance Sheet;

     6.2.13  cancel any Indebtedness or waive or assign any claims or rights
             (tangible and intangible), except in the ordinary course of
             business and consistent with past practices;

     6.2.14  (i) incur or assume or become obligated with respect to any
             Indebtedness or guarantee any such Indebtedness of another Person,
             issue or sell any debt securities or warrants or other rights to
             acquire any debt securities, or guarantee

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<Page>

             any debt securities of another Person, except, in each case, in the
             ordinary course of business consistent with past practices, (ii)
             secure any of its outstanding unsecured Indebtedness or provide
             additional security for any of its outstanding secured Indebtedness
             or (iii) except in the ordinary course of business consistent with
             past practices, incur, impose or permit to exist any Encumbrance on
             any asset;

     6.2.15  (i) other than in the ordinary course of business, enter into any
             Contract of a character required to be disclosed in Section 4.13 of
             the Parent Disclosure Letter or terminate, renew, modify or amend
             any of the Material Contracts; PROVIDED that, for the avoidance of
             doubt, the expiration in accordance with its terms of any Material
             Contract shall not constitute termination, renewal or amendment of
             such Material Contracts; or (ii) cancel or terminate, or permit to
             be cancelled or terminated, any material insurance relating to the
             Transferred Business or any related assets;

     6.2.16  (i) acquire any business or significant assets and properties of
             any Person (whether by merger, consolidation or otherwise); (ii)
             make any capital contribution or investment (or agree to make any
             capital contribution or investment) in or acquire any securities or
             debt or equity interests in any other Person; or (iii) except as
             necessary in the ordinary course of business consistent with past
             practices, dispose of, grant, or obtain, or permit to lapse any
             rights to, any material Owned or Licensed Intellectual Property;

     6.2.17  settle any Actions in a manner in which the settlement of such
             Action would materially adversely affect the conduct of the
             Transferred Business following the Closing Date, except where any
             such material adverse effect on the conduct of the Transferred
             Business resulting from the settlement of any such Action is not
             disproportionate to the adverse effect of such settlement on the
             conduct of the business of the regional sports programming cable
             networks operated by Parent and its Subsidiaries (other than the
             RSN Subsidiaries); or

     6.2.18  enter into an agreement to do any of the foregoing.

     Section 6.3. CONDUCT OF BUSINESS BY LMC. Except as described in Schedule
6.3, during the period from the date hereof to the Closing Date, or the date, if
any, on which this Agreement is earlier terminated in accordance with Article
IX, neither LMC nor any of its Subsidiaries shall acquire or make any investment
in any corporation, partnership, limited liability company, other business
organization or any division thereof that holds, or has an attributable interest
in, any license, authorization, permit or approval issued by the FCC if such
acquisition or investment would reasonably be expected to prevent or materially
delay or impede receipt of the FCC Consent.

     Section 6.4. PROXY STATEMENT.

     6.4.1   Within forty-five (45) days of the signing of this Agreement,
             Parent shall prepare and shall cause to be filed with each of the
             SEC and the ASX a proxy statement in

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             preliminary form (together with any amendments thereof or
             supplements thereto, the "Proxy Statement") relating to the Parent
             Stockholders' Meeting. Parent shall include in the Proxy Statement
             the recommendation of the Board of Directors of Parent that the
             Parent stockholders approve the Exchange (the "Parent
             Recommendation"); PROVIDED that prior to the approval of the
             Exchange by Parent's stockholders in accordance with this Agreement
             the Board of Directors of Parent may fail to make or withdraw,
             modify or change in a manner adverse to LMC its recommendation that
             the stockholders vote in favor of this Agreement (a "Parent Change
             in Recommendation"), if, and only if, the Board of Directors of
             Parent has determined, in its good faith judgment and after
             consultation with outside legal counsel, that the failure to effect
             such action could reasonably be expected to be inconsistent with
             the fulfillment of its fiduciary duties to Parent's stockholders
             under applicable Law; PROVIDED that a Parent Change in
             Recommendation shall not relieve Parent of its obligations pursuant
             to Section 6.5 hereof. Parent shall use its reasonable best efforts
             to respond as promptly as practicable to any comments of the SEC
             and the ASX with respect to the Proxy Statement. Parent shall
             promptly notify LMC upon the receipt of any comments (written or
             oral) from the SEC or the ASX or their respective staff or any
             request from the SEC or the ASX or their respective staff for
             amendments or supplements to the Proxy Statement, shall consult
             with LMC prior to responding to any such comments or request or
             filing any amendment or supplement to the Proxy Statement, and
             shall provide LMC with copies of all correspondence between Parent
             and its Representatives, on the one hand, and the SEC and the ASX
             and their respective staff, on the other hand. In addition to the
             Parent Stockholder Approval required by Law, the parties have
             agreed as a matter of contract that the affirmative vote of a
             majority of the votes cast in person or by proxy by holders of
             Parent Class B Shares other than LMC, the Stockholders and any of
             their respective Associates, and the Murdoch Interests (the
             "Disinterested Stockholder Approval" and, together with the Parent
             Stockholder Approval, the "Requisite Parent Stockholder Approval")
             is required to approve the Exchange. Parent represents and warrants
             that (i) none of the information with respect to Parent or its
             Subsidiaries to be included in the Proxy Statement or incorporated
             by reference therein will, at the time of the mailing of the Proxy
             Statement or any amendments or supplements thereto, and at the time
             of the Parent Stockholders' Meeting, contain any untrue statement
             of a material fact or omit to state any material fact required to
             be stated therein or necessary in order to make the statements
             therein, in light of the circumstances under which they were made,
             not misleading; and (ii) the Proxy Statement will comply as to form
             in all material respects with the provisions of the Exchange Act
             and the rules and regulations promulgated thereunder and any
             applicable rules and regulations promulgated by the ASX, except for
             any such failures to comply as to form which result from any
             actions or omissions of LMC or any person authorized to act on its
             behalf, and will include, or be accompanied by, a report from Grant
             Samuel & Associates as to the fairness and reasonableness of the
             Exchange, which is qualified as an independent expert for these
             purposes under the ASX Listing Rules and applicable Law (the
             "Independent Expert Report"). Parent will provide LMC with drafts
             of the

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<Page>

             Independent Expert Report received by Parent to the extent
             permitted by applicable Law and to the extent that Australian
             counsel to Parent has advised Parent that such action will not
             compromise the independence of such expert. LMC represents and
             warrants that none of the information with respect to LMC or its
             Subsidiaries supplied by LMC or any person authorized to act on its
             behalf for inclusion in the Proxy Statement or incorporated by
             reference therein will, at the time of the mailing of the Proxy
             Statement or any amendments or supplements thereto, and at the time
             of the Parent Stockholders' Meeting, contain any untrue statement
             of a material fact or omit to state any material fact required to
             be stated therein or necessary in order to make the statements
             therein, in light of the circumstances under which they were made,
             not misleading.

     6.4.2   Parent and LMC shall cooperate and consult with each other in
             preparation of the Proxy Statement and any other documents or
             reports to be disseminated to holders of Parent Class B Common
             Stock primarily in connection with such holders' consideration of
             the Exchange (other than, except, to the extent permitted by
             applicable Law, any factual matters contained in such report, the
             Independent Expert Report). Without limiting the generality of the
             foregoing, LMC will use reasonable best efforts to furnish to
             Parent the information relating to it required by the Exchange Act
             and the rules and regulations promulgated thereunder or any
             applicable rules and regulations promulgated by the ASX to be set
             forth or incorporated by reference in the Proxy Statement.
             Notwithstanding anything to the contrary stated above, prior to
             filing and mailing the Proxy Statement (or any amendment or
             supplement thereto) or responding to any comments of the SEC or the
             ASX with respect thereto, Parent shall provide LMC an opportunity
             to review and comment on such document or response.

     6.4.3   As promptly as reasonably practicable after the Proxy Statement has
             been cleared by the SEC and the ASX, Parent shall mail the Proxy
             Statement to the holders of Parent Class B Common Stock as of the
             record date established for the Parent Stockholders' Meeting. If at
             any time prior to the Parent Stockholders' Meeting any event,
             occurrence or circumstance relating to the Parent, LMC or any of
             their respective Subsidiaries, or their respective officers or
             directors, should be discovered by Parent or LMC, respectively,
             which, pursuant to the Securities Act or Exchange Act or any
             applicable rule or regulation promulgated by the ASX, should be set
             forth in an amendment or a supplement to the Proxy Statement, such
             party shall promptly inform the other parties hereto. Each of LMC
             and Parent agrees to correct any information provided by it for use
             or incorporated by reference in the Proxy Statement which shall
             have become false or misleading. Parent will be solely responsible
             for all filing fees, costs and expenses relating to the preparation
             of the Proxy Statement and matters related to the Parent
             Stockholder Meeting.

     Section 6.5. PARENT STOCKHOLDERS' MEETING. Unless this Agreement has been
earlier terminated in accordance with Article VIII, Parent shall, acting through
its Board of Directors, as promptly as reasonably practicable following the date
of this Agreement, establish a record date for, duly call, give notice of,
convene and hold a meeting of the holders of Parent Class B

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<Page>

Common Stock in accordance with the Listing Rules of the ASX and any other
applicable Laws, for the purpose of voting upon the approval of the Exchange
(the "Parent Stockholders' Meeting"). Except as required by any Governmental
Authority, and for matters to which LMC shall have provided its prior written
consent (which consent shall not be unreasonably withheld or delayed), the only
matters Parent shall propose to be acted on by the holders of Parent Class B
Common Stock at the Parent Stockholders' Meeting shall be the approval of the
Exchange. In connection with the Parent Stockholders' Meeting, Parent will use
reasonable best efforts to obtain the requisite quorum at the Parent
Stockholders' Meeting and to obtain the Requisite Parent Stockholder Approval,
including by soliciting from its stockholders proxies in favor of the approval
of the Exchange, PROVIDED that Parent shall have no obligation to solicit from
its stockholders proxies in favor of the approval of the Exchange from and after
the date upon which there shall have been a Parent Change in Recommendation in
accordance with Section 6.4.1; provided, however, Parent shall continue to be
obligated to convene and hold the Parent Stockholders' Meeting in accordance
with the terms of this Agreement.

     Section 6.6. APPROPRIATE ACTION; CONSENTS; FILINGS.

     6.6.1   The parties hereto will use their respective reasonable best
             efforts to consummate and make effective the Transactions and to
             cause the conditions to the Closing set forth in Article VII to be
             satisfied, including (i) the obtaining of all necessary actions or
             nonactions, consents and approvals from Governmental Authorities or
             other Persons necessary in connection with the consummation of the
             Transactions, and the making of all necessary registrations and
             filings (including filings with Governmental Authorities if any)
             and the taking of all reasonable steps as may be necessary to
             obtain an approval from, or to avoid an Action by, any Governmental
             Authority or other Persons necessary in connection with the
             consummation of the Transactions; and (ii) the defending of any
             lawsuits or other Actions, whether judicial or administrative,
             challenging this Agreement or the consummation of the transactions
             performed or consummated by such party in accordance with the terms
             of this Agreement, including the Exchange, including seeking to
             have any stay or temporary restraining order entered by any court
             or other Governmental Authority vacated or reversed.

     6.6.2   Each of the parties hereto shall promptly (in no event later than
             twenty (20) Business Days following the date that this Agreement is
             executed) make its respective filings, and thereafter make any
             other required submissions under the HSR Act with respect to the
             Transactions.

     6.6.3   LMC and Parent shall cooperate to prepare such applications as may
             be necessary for submission to the FCC in order to obtain the FCC
             Consent (the "FCC Applications"). LMC and Parent shall promptly (in
             no event later than twenty (20) Business Days following the date
             that this Agreement is executed) file the FCC Applications with the
             FCC, and the parties shall diligently take, or cooperate in the
             taking of, all necessary, desirable and proper actions, and provide
             any additional information, reasonably required or requested by the
             FCC. Each of LMC and Parent agrees not to, and shall not permit any
             of its respective

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             Subsidiaries to, take any action that would reasonably be expected
             to prevent or materially delay or impede receipt of the FCC
             Consent.

     6.6.4   Each of LMC and Parent shall give (or shall cause its respective
             Subsidiaries to give) any notices to third parties, and each of LMC
             and Parent shall use, and cause each of its Subsidiaries to use,
             its reasonable best efforts to obtain any third party consents not
             covered by Sections 6.6.1, 6.6.2 and 6.6.3 above, necessary, proper
             or advisable to consummate Transactions. Each of the parties hereto
             will furnish to the other such necessary information and reasonable
             assistance as the other may request in connection with the
             preparation of any required governmental filings or submissions and
             will cooperate in responding to any inquiry from a Governmental
             Authority, including promptly informing the other party of such
             inquiry, consulting in advance before making any presentations or
             submissions to a Governmental Authority, and supplying each other
             with copies of all correspondence, filings or communications
             between either party and any Governmental Authority with respect to
             this Agreement. No party hereto shall independently participate in
             any formal meeting with any Governmental Authority in respect of
             any such filings, submissions, investigation, or other inquiry
             without giving the other parties hereto prior notice of the meeting
             and, to the extent permitted by such Governmental Authority, the
             opportunity to attend and/or participate.

     6.6.5   If any objections are asserted with respect to the Transactions
             under any Antitrust Law or any Communications Regulation or if any
             suit is instituted by any Governmental Authority or any private
             party challenging any of the Transactions as violative of any
             Antitrust Law or Communications Regulation, the parties shall use
             their reasonable best efforts to resolve any such objections or
             challenge as such Governmental Authority or private party may have
             to such transactions under such law so as to permit consummation of
             the Transactions. In furtherance of the parties' obligations under
             this Section 6.6, LMC and Parent shall be required to (and, to the
             extent required by any Governmental Authority, shall cause their
             respective current and future Subsidiaries to), propose, negotiate,
             commit to and enter into one or more settlements, undertakings,
             conditions, consent decrees, stipulations and other agreements with
             or to one or more Governmental Authorities (each, a "Settlement")
             in connection with the Transactions (including obtaining the
             requisite consent of such Governmental Authorities), including one
             or more Settlements that require LMC or Parent to restructure the
             operations of, or sell or otherwise divest or dispose of, its
             assets and/or the assets of its current and future Subsidiaries;
             provided, however, that (i) neither LMC nor any of its Subsidiaries
             shall be required to take (or commit to take) any of the foregoing
             actions, or any other action contemplated by this Section 6.6, (A)
             if any such actions would reasonably be expected to have a material
             adverse effect on the business or operations of LMC and its
             Subsidiaries or any of their cable, television (including video or
             electronic home shopping) or satellite businesses, or (B) if the
             Board of Directors of LMC determines, in good faith, that the
             taking of such actions would be reasonably likely to have a
             Material Adverse Effect on Splitco (without giving effect, for
             purposes of this Section

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             6.6.5, to the exception contained in clause (i) of the second
             sentence of the definition of "Material Adverse Effect" relating to
             the performance of this Agreement), (ii) neither Parent nor any of
             its Subsidiaries shall be required to take (or commit to take) any
             of the foregoing actions or any other action contemplated by this
             Section 6.6, if the Board of Directors of Parent determines, in
             good faith, that the taking of such actions would be reasonably
             expected to have a Material Adverse Effect on Splitco (without
             giving effect, for purposes of this Section 6.6.5, to the exception
             contained in clause (i) of the second sentence of the definition of
             "Material Adverse Effect" relating to the performance of this
             Agreement), without the prior written consent of LMC, and (iii)
             neither Parent nor any of its Subsidiaries shall be required to
             take (or commit to take) any of the foregoing actions, or any other
             action contemplated by this Section 6.6, if any such actions would
             reasonably be expected to have a material adverse effect on the
             business or operations of Parent and its Subsidiaries or any of
             their cable programming or television businesses.

     Section 6.7. FURTHER ASSURANCES.

     6.7.1   Each of the parties shall use its reasonable best efforts to take,
             or cause to be taken, all appropriate action, do or cause to be
             done all things necessary, proper or advisable under applicable
             Law, and execute and deliver such documents and other papers, as
             may be reasonably required to consummate the Transactions.

     Section 6.8. STANDSTILL AGREEMENTS.

     6.8.1   LMC agrees that, during the period commencing on the date hereof
             and ending on the earliest of (w) the valid termination of this
             Agreement in accordance with Article IX hereof, (x) the 10th
             anniversary of the date hereof, (y) the consummation of the sale of
             all or substantially all of the assets of Parent and its
             Subsidiaries to any Person and (z) the effective time of any
             merger, consolidation or business combination of Parent with or
             into any other Person, other than a merger, consolidation or
             business combination in which the holders of Parent common stock
             immediately prior to such consummation hold immediately following
             the consummation of such merger, consolidation or other business
             combination, shares of the surviving entity constituting at least a
             majority of the outstanding voting power of such surviving entity,
             it shall not, and shall not authorize or permit any of its
             Affiliates or their respective Representatives to do or agree to do
             any of the following, without the prior written consent of Parent:
             (a) effect or seek, offer or propose (whether publicly or
             otherwise) to effect, or announce any intention to effect or cause
             or participate in or in any way assist, facilitate or encourage any
             other Person to effect or seek, offer or propose (whether publicly
             or otherwise) to effect or participate in, (i) any acquisition of
             any equity securities (or beneficial ownership thereof), or rights
             or options to acquire any equity securities (or beneficial
             ownership thereof), or any securities convertible into or
             exercisable or exchangeable for equity securities (or beneficial
             ownership thereof) ("Convertible Securities") any assets,
             indebtedness or businesses of Parent or any of its Affiliates, (ii)
             any tender or exchange offer,

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             consolidation, business combination, acquisition, merger, joint
             venture or other business combination involving Parent, any of
             Parent's Affiliates or any of the assets of Parent or its
             Affiliates, (iii) any recapitalization, restructuring, liquidation,
             dissolution or other extraordinary transaction with respect to
             Parent or any of its Affiliates, or (iv) any "solicitation" of
             "proxies" (as such terms are used in the proxy rules of the SEC) to
             vote any voting securities of Parent or consents to any action from
             any holder of any voting securities of Parent or seek to advise or
             influence any Person with respect to the voting of or the granting
             of any consent with respect to any voting securities of Parent; (b)
             form, join or in any way participate in a "group" (as defined under
             the Exchange Act) in connection with the voting securities of
             Parent or otherwise act in concert with any Person in respect of
             any such securities; (c) otherwise act, alone or in concert with
             others, to seek representation on or to control or influence the
             management, Board of Directors or policies of Parent or to obtain
             representation on the Board of Directors of Parent; (d) enter into
             any discussions or arrangements with any third party with respect
             to any of the foregoing; (e) request that Parent or any of its
             Representatives amend or waive any provision of this paragraph, or
             make any public announcement with respect to the restrictions of
             this paragraph, or take any action which would reasonably be
             expected to require Parent make a public announcement regarding the
             possibility of a business combination or merger; or (f) advise,
             assist or encourage, or direct any Person to advise, assist or
             encourage any other Persons, in connection with any of the
             foregoing; PROVIDED, HOWEVER, that, notwithstanding anything
             contained herein, (1) any acquisition (or proposed acquisition) of
             an indirect interest in equity securities of Parent or any of its
             Affiliates arising out of an acquisition by LMC or any of its
             Affiliates of an interest in another Person (which Person,
             immediately following such acquisition, would be an Affiliate of
             LMC) that beneficially owns equity securities or Convertible
             Securities of Parent or any of its Affiliates will not constitute a
             breach or violation of LMC's obligations under this Section 6.8.1
             and, for all purposes of this Section 6.8.1, LMC will not be deemed
             to have acquired beneficial ownership of, and following such
             acquisition will not be deemed to have beneficial ownership of, any
             such equity securities or Convertible Securities of Parent or any
             of its Affiliates, so long as such equity securities and
             Convertible Securities of Parent or any of its Affiliates
             beneficially owned by such Person do not constitute, in the
             aggregate, on an as-converted basis, more than two percent (2%) of
             any class of Parent's or any of its Affiliate's equity securities
             immediately prior to the execution in full of a binding purchase or
             similar agreement relating to such acquisition (but after giving
             effect to any sale or other disposition of equity securities or
             Convertible Securities of Parent or any of its Affiliates by such
             Person to occur on a reasonably prompt basis after the closing of
             such acquisition pursuant to a binding agreement entered into by
             such acquired Person prior to or in connection with the closing of
             such acquisition to sell or dispose of such Person's shares of
             equity securities or Convertible Securities of Parent or any of its
             Affiliates, subject to such disposition closing; provided that
             prior to such disposition, LMC shall vote, and shall cause its
             Affiliates to vote, any such equity securities or Convertible
             Securities at any special or annual meeting of the

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             shareholders of Parent or any of its Affiliates, as applicable, in
             proportion to the votes cast by shareholders of Parent or its
             Affiliates, as applicable, other than LMC and its Affiliates, at
             such meeting), and (2) for all purposes of this Section 6.8.1, LMC
             will not be deemed to have acquired beneficial ownership of, and
             following such acquisition will not be deemed to have beneficial
             ownership of, any equity securities or Convertible Securities of
             Parent or any of its Affiliates to the extent that such equity
             securities or Convertible Securities are received by LMC or its
             Affiliates as a result of any dividend or other distribution made,
             or similar action taken (including the receipt by LMC or any of its
             Affiliates of any rights, warrants or other securities granting to
             the holder the right to acquire equity securities or Convertible
             Securities of Parent or its Affiliates, and any acquisition of
             equity securities or Convertible Securities of Parent or its
             Affiliates upon the exercise thereof), by Parent, any of its
             Affiliates or any other Person which is not LMC or an Affiliate of
             LMC. Except as provided on Section 6.8 of the LMC Disclosure
             Letter, from the date hereof until the Closing Date or the date
             upon which this Agreement is earlier terminated in accordance with
             Article IX, LMC shall not, and shall cause its respective
             Affiliates not to, without Parent's prior written consent, (i)
             offer for sale, sell (including short sales), transfer, tender,
             pledge, encumber, assign or otherwise dispose of (including by
             gift) (collectively, a "Transfer"), or enter into any contract,
             option, derivative, hedging or other agreement or arrangement or
             understanding (including any profit-sharing arrangement) with
             respect to, or consent to, a Transfer of, any or all of the LMC
             Parent Shares; (ii) grant any proxies or powers of attorney with
             respect to any or all of the LMC Parent Shares; (iii) permit to
             exist any Encumbrance (other than pursuant to this Agreement or the
             Ancillary Agreements) of any nature whatsoever with respect to any
             or all of the LMC Parent Shares; or (iv) take any action that would
             have the effect of preventing, impeding, interfering with or
             adversely affecting LMC's ability to perform its obligations under
             this Agreement.

     6.8.2   Parent agrees that, during the period commencing on the date hereof
             and ending on the earliest of (w) the valid termination of this
             Agreement in accordance with Article IX hereof, (x) the 10th
             anniversary of the date hereof, (y) solely with respect to the
             securities of LMC or DTV, as applicable, the consummation of the
             sale of all or substantially all of the assets of LMC and its
             Subsidiaries or DTV and its Subsidiaries, as applicable, to any
             Person and (z) solely with respect to the securities of LMC or DTV,
             as applicable, the effective time of any merger, consolidation or
             business combination of LMC or DTV, as applicable, with or into any
             other Person, other than a merger, consolidation or business
             combination in which the holders of LMC or DTV, as applicable,
             immediately prior to such consummation hold immediately following
             the consummation of such merger, consolidation or other business
             combination shares of the surviving entity constituting at least a
             majority of the outstanding voting power of such surviving entity,
             it shall not, and shall not authorize or permit any of its
             Affiliates or their respective Representatives to do or agree to do
             any of the following, without the prior written consent of LMC: (a)
             effect or seek, offer or propose (whether publicly or otherwise) to
             effect, or announce any intention to effect or cause or participate
             in or in any way assist, facilitate or encourage any other Person
             to

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             effect or seek, offer or propose (whether publicly or otherwise) to
             effect or participate in, (i) any acquisition of any equity
             securities (or beneficial ownership thereof), or rights or options
             to acquire any equity securities (or beneficial ownership thereof),
             Convertible Securities or any assets, indebtedness or businesses of
             LMC, DTV or any of their respective Affiliates, (ii) any tender or
             exchange offer, consolidation, business combination, acquisition,
             merger, joint venture or other business combination involving LMC,
             DTV or any of their respective Affiliates or any of the assets of
             LMC, DTV or their respective Affiliates, (iii) any
             recapitalization, restructuring, liquidation, dissolution or other
             extraordinary transaction with respect to LMC, DTV or any of their
             respective Affiliates, or (iv) any "solicitation" of "proxies" (as
             such terms are used in the proxy rules of the SEC) to vote any
             voting securities of LMC, DTV or any of their respective Affiliates
             or consents to any action from any holder of any voting securities
             of LMC or DTV or seek to advise or influence any Person with
             respect to the voting of or the granting of any consent with
             respect to any voting securities of LMC or DTV; (b) form, join or
             in any way participate in a "group" (as defined under the Exchange
             Act) in connection with the voting securities of LMC or DTV or
             otherwise act in concert with any Person in respect of any such
             securities; (c) otherwise act, alone or in concert with others, to
             seek representation on or to control or influence the management,
             Board of Directors or policies of LMC or DTV or to obtain
             representation on the Board of Directors of LMC or DTV; (d) enter
             into any discussions or arrangements with any third party with
             respect to any of the foregoing; (e) request that LMC or any of its
             Representatives amend or waive any provision of this paragraph, or
             make any public announcement with respect to the restrictions of
             this paragraph, or take any action which would reasonably be
             expected to require LMC make a public announcement regarding the
             possibility of a business combination or merger; or (f) advise,
             assist or encourage, or direct any Person to advise, assist or
             encourage any other Persons, in connection with any of the
             foregoing; PROVIDED, HOWEVER, that, notwithstanding anything
             contained herein, (1) any acquisition (or proposed acquisition) of
             an indirect interest in equity securities of LMC, DTV or any of
             their respective Affiliates arising out of an acquisition by Parent
             or any of its Affiliates of an interest in another Person (which
             Person, immediately following such acquisition, would be an
             Affiliate of Parent) that beneficially owns equity securities or
             Convertible Securities of LMC, DTV or any of their respective
             Affiliates will not constitute a breach or violation of Parent's
             obligations under this Section 6.8.2 and, for all purposes of this
             Section 6.8.2, Parent will not be deemed to have acquired
             beneficial ownership of, and following such acquisition will not be
             deemed to have beneficial ownership of, any such equity securities
             or Convertible Securities of LMC, DTV or any of their respective
             Affiliates, so long as such equity securities or Convertible
             Securities beneficially owned by such Person do not constitute, in
             the aggregate on an as-converted basis, more than two percent (2%)
             of any class of LMC's or DTV's or any of their respective
             Affiliates' equity securities, as applicable, immediately prior to
             the execution in full of a binding purchase or similar agreement
             relating to such acquisition (but after giving effect to any sale
             or other disposition of equity securities or

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             Convertible Securities of LMC, DTV or any of their respective
             Affiliates by such Person to occur on a reasonably prompt basis
             after the closing of such acquisition pursuant to a binding
             agreement entered into by such acquired Person prior to or in
             connection with the closing of such acquisition to sell or dispose
             of such Person's shares of equity securities or Convertible
             Securities of LMC, DTV or any of their respective Affiliates,
             subject to such disposition closing; provided that prior to such
             disposition, Parent shall vote, and shall cause its Affiliates to
             vote, any such equity securities or Convertible Securities at any
             specified or annual meeting of the shareholders of LMC or DTV or
             any of their Affiliates, as applicable, in proportion to the votes
             cast by shareholders of LMC, DTV or their Affiliates, as
             applicable, other than Parent and its Affiliates, at such meeting),
             and (2) for all purposes of this Section 6.8.2, Parent will not be
             deemed to have acquired beneficial ownership of, and following such
             acquisition will not be deemed to have beneficial ownership of, any
             equity securities or Convertible Securities of LMC, DTV or any of
             their respective Affiliates to the extent that such equity
             securities or Convertible Securities are received by Parent or its
             Affiliates as a result of any dividend or other distribution made,
             or similar action taken (including the receipt by Parent or any of
             its Affiliates of any rights, warrants or other securities granting
             to the holder the right to acquire equity securities or Convertible
             Securities of LMC, DTV or their respective Affiliates, and any
             acquisition of equity securities or Convertible Securities of LMC,
             DTV or their respective Affiliates upon the exercise thereof), by
             LMC, DTV, any of their respective Affiliates or any other Person
             which is not Parent or an Affiliate of Parent. Notwithstanding
             anything to the contrary in this Section 6.8.2, neither Parent nor
             any Affiliate of Parent nor any of their respective Representatives
             shall be bound by any of the restrictions set forth in this Section
             6.8.2 with respect to DTV or the equity securities or Convertible
             Securities of DTV from and after the date upon which LMC and its
             Affiliates (including any LMC Related Party) shall have disposed
             of, in the aggregate, in any transaction or series of transactions,
             50% or more (by number, with appropriate adjustment for any
             subdivision, share split, consolidation, share dividend,
             combination, reclassification or similar event occurring following
             the Closing) of the DTV Shares (or an equivalent amount of
             securities (based on voting power) of any successor to DTV, whether
             by consolidation, business combination, acquisition, or merger, or
             any entity which shall acquire a majority of DTV's voting power,
             whether by tender or exchange offer or otherwise, or any entity to
             which DTV shall sell, lease or otherwise transfer all or
             substantially all of its assets).

     Section 6.9. CONFIDENTIALITY; ACCESS TO RECORDS AFTER CLOSING.

     6.9.1   LMC acknowledges that the information being provided to it in
             connection with the Exchange and the consummation of the other
             transactions contemplated hereby, or by any of the Ancillary
             Agreements, is subject to the terms of the Confidentiality
             Agreement, the terms of which are incorporated herein by reference.
             Effective upon, and only upon, the Closing, the Confidentiality
             Agreement shall terminate with respect to information relating to
             the Transferred Business; PROVIDED, HOWEVER, that LMC acknowledges
             that any and all other

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             information provided to it by Parent or its Representatives
             concerning Parent or any of its Affiliates (other than information
             relating to the Transferred Business) shall remain subject to the
             terms and conditions of the Confidentiality Agreement after the
             Closing. Parent agrees to hold all Proprietary Information (as
             defined in the Confidentiality Agreement) in its possession as of
             the Closing Date confidential and to refrain from using such
             Proprietary Information for a period of two (2) years following the
             Closing Date; PROVIDED, that, notwithstanding anything to the
             contrary herein, Parent may use such Proprietary Information to the
             extent reasonably necessary for purposes of preparing and filing
             Tax Returns, corresponding with tax authorities, preparing
             accounting records, and in connection with any litigation,
             including, without limitation, litigation arising out of, relating
             to or resulting from the Transactions or the subject matter of such
             Proprietary Information.

     6.9.2   LMC acknowledges and agrees that Parent may from time to time,
             subsequent to the consummation of the Transactions require access
             to or copies of the business records of Splitco or Transferred
             Subsidiaries to the extent relating to the operations of the
             Transferred Business prior to the Closing and LMC agrees that upon
             reasonable prior notice from Parent it will, during normal business
             hours, provide or cause to be provided to Parent, at Parent's
             option, access to or copies of such records. Parent hereby agrees
             to hold any Proprietary Information so provided in confidence;
             PROVIDED, that, notwithstanding anything to the contrary herein,
             Parent may use such Proprietary Information to the extent
             reasonably necessary for purposes of preparing and filing Tax
             Returns, corresponding with tax authorities, preparing accounting
             records, and in connection with any litigation, including, without
             limitation, litigation arising out of, relating to or resulting
             from the Transactions or the subject matter of such Proprietary
             Information.

     6.9.3   Parent recognizes that, after the Closing, it may have documents,
             books, records, work papers and information, whether in written,
             magnetic, electronic or optical form (collectively, "Records")
             which relate to the Transferred Business with respect to the period
             or matters arising prior to the Closing, including Records
             pertaining to the assets and Liabilities related to the Transferred
             Business and Splitco's or the Transferred Subsidiaries' respective
             employees, assets and liabilities (the "Business Records") or other
             Records relating to the Transferred Business. Parent recognizes
             that LMC, the Stockholders or their respective Affiliates may need
             access to such Business Records and other Records after the
             Closing. Upon LMC's, a Stockholder's or Splitco's reasonable
             request Parent shall provide LMC, the Stockholders or Splitco and
             their respective Representatives access to, and the right to
             photocopy (at LMC's, the Stockholders' or Splitco's expense),
             during normal business hours on reasonable advance notice, such
             reasonably requested Records. For a period of five (5) years
             following the Closing, Parent shall use reasonable best efforts to
             maintain all such Records or, at Parent's discretion or at LMC's,
             the Stockholders' or Splitco's reasonable request (at LMC's, the
             Stockholders' or Splitco's expense), transfer any such Records to
             LMC, the Stockholders or Splitco.

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     6.9.4   Notwithstanding any provision herein to the contrary, from and
             after the Closing, Records pertaining to Taxes shall be governed
             solely by the Tax Matters Agreement.

     Section 6.10. EMPLOYEE MATTERS.

     6.10.1  Section 1.1 of the Parent Disclosure Letter sets forth the name of
             each Transferred Employee, along with such employee's job title and
             reporting position, current salary and incentive bonus
             opportunities, and years of service, and designating such
             employee's status as exempt or non-exempt under the FLSA, whether
             such employee is full-time or part-time. Prior to the Closing,
             Parent shall update Section 1.1 of the Parent Disclosure Letter.

     6.10.2  LMC acknowledges and agrees that, effective as of the Closing Date,
             each Transferred Employee, including any such employee on approved
             leave of absence (whether family leave, workers' maternity or
             parental leave, workers' compensation, short-term and long-term
             disability, medical leave or otherwise) shall be employed in a
             substantially comparable position to the position in which such
             Transferred Employee was employed immediately prior to Closing
             Date. As of and for no less than one year following the Closing,
             LMC shall, and shall cause its Affiliates to, provide the
             Transferred Employees who remain employed with LMC and its
             Affiliates with the same rate of base salary and wages and
             commissions and with employee benefit and compensation plans,
             programs and arrangements that are substantially equivalent in the
             aggregate to those provided to similarly situated employees of LMC
             and its Affiliates. Any Transferred Employee who became entitled to
             short-term or long-term disability benefits under the applicable
             Employee Benefit Plans (the "Seller Disability Plans") prior to
             Closing shall be entitled to continue to receive such benefits
             under the terms of the Seller Disability Plans until his or her
             return to active employment, so long as such benefits are payable
             pursuant to third-party insurance coverage. Parent agrees to use
             commercially reasonable efforts to cause the insurance policies
             underlying the Seller Disability Plans to provide for such
             payments. Notwithstanding anything to the contrary contained
             herein, LMC and its Affiliates shall have no obligation to keep any
             Transferred Employee employed for any period of time following the
             Closing, PROVIDED that if the employment of any Transferred
             Employee is terminated by LMC or its Affiliates during the 12-month
             period beginning on the Closing Date, LMC or its Affiliates shall
             pay to such terminated employee severance payments that are no less
             favorable than those provided under the Employee Benefit Plans
             immediately prior to the Closing Date. Parent and its Affiliates
             shall cause the Employment Agreements and, to the extent necessary,
             any talent Contract identified on Sections 4.13(c) of the Parent
             Disclosure Letter, to be assigned to the appropriate Transferred
             Subsidiary prior to the Closing. Notwithstanding the provisions of
             the employment agreement between Mark Shuken ("Shuken") and Fox
             Cable Networks Services, LLC, dated as of July 16, 2006 (the
             "Shuken Agreement"), during the period between the date of this
             Agreement and Closing, Parent agrees to allow (and to cause its
             Affiliates to allow) Shuken to discuss terms of potential
             employment

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             with LMC and its Affiliates, and to waive (and cause its Affiliates
             to waive) any restrictions in the Employment Agreement or any other
             agreement that would prevent Shuken from accepting employment with
             LMC or its Affiliates as of the Closing. Following the Closing, LMC
             shall assume and honor and/or shall cause its Affiliates to assume
             and to honor in accordance with their terms all Employment
             Agreements, and take all actions necessary to update such
             Employment Agreements to reflect such assumption, and Parent and
             Parent Group shall cease to have any further obligations under the
             Employment Agreements as of the Closing Date. Parent shall take all
             actions necessary such that following the Closing, the LMC
             Indemnitees, as applicable, shall have no liabilities with respect
             to any Employee Benefit Plans or any other employee benefit plans,
             arrangements or agreements sponsored or contributed to by Parent
             Group other than the Subsidiary Employee Benefit Plans and the
             Employment Agreements. For purposes of all plans, programs or
             arrangements maintained, sponsored or contributed to by LMC or its
             Affiliates in which the Transferred Employees shall be eligible to
             participate, LMC shall cause each such plan, program or arrangement
             to treat the prior service of each Transferred Employee with
             Parent, the Parent Entities or any of their Subsidiaries as service
             rendered to LMC for purposes of eligibility and vesting for all
             purposes and levels of benefits for purposes of severance and
             vacation, except to the extent such treatment would result in the
             duplication of benefits with respect to the same period of service.
             From and after the Closing, LMC and its Affiliates shall (i) cause
             any pre-existing conditions, limitations and eligibility waiting
             periods under any group health plans of LMC or its Affiliates to be
             waived with respect to the Transferred Employees and their eligible
             dependents to the extent such condition would have been covered, or
             limitation or waiting period would not have applied, with respect
             to such Transferred Employee (or dependent) under the terms of the
             Employee Benefit Plan in which such Transferred Employee was a
             participant immediately prior to the Closing and (ii) give each
             Transferred Employee credit for the plan year in which the Closing
             (or the transition from Parent's plans to LMC's plans) occurs
             towards applicable deductibles and annual out-of-pocket limits for
             expenses incurred prior to the Closing (or such later transition
             date). LMC or its Affiliates shall not provide financial incentive
             to any Transferred Employee to elect continued group health plan
             coverage under Section 601 et seq. of ERISA and Section 4980B of
             the Code (or any similar state Law) with respect to plans
             maintained by Parent and its Affiliates, except to the extent LMC
             or its Affiliates directly or indirectly pay for such continued
             group health plan coverage for all Transferred Employees, whether
             pursuant to the Transitional Services Agreement or otherwise.

     6.10.3  Effective as of the Closing, Parent and its Affiliates shall cause
             each Transferred Employee to be fully vested in his or her accrued
             benefit under the savings plan in which such Transferred Employee
             participates immediately prior to Closing.

     6.10.4  Notwithstanding the foregoing, nothing contained herein, whether
             express or implied, shall be treated as an amendment or other
             modification of any Subsidiary Employee Benefit Plan, or shall
             limit the right of LMC, Splitco, the Transferred

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             Subsidiaries or any of their Subsidiaries to amend, terminate or
             otherwise modify any Subsidiary Employee Benefit Plan following the
             Closing Date. In the event that (i) a party other than Parent makes
             a claim or takes other action to enforce any provision in this
             Agreement as an amendment to any Subsidiary Employee Benefit Plan,
             and (ii) such provision is deemed to be an amendment to such
             Subsidiary Employee Benefit Plan even though not explicitly
             designated as such in this Agreement, then such provision shall
             lapse retroactively and shall have no amendatory effect. Parent
             acknowledges and agrees that all provisions contained in this
             Section 6.10 with respect to the Transferred Employees are included
             for the sole benefit of Parent, and that nothing in this Agreement,
             whether express or implied, shall create any third party
             beneficiary or other rights (i) in any other Person, including,
             without limitation, any employees, former employees, any
             participant in any Subsidiary Employee Benefit Plan, or any
             dependent or beneficiary thereof, or (ii) to continued employment
             with LMC, Splitco, the Transferred Subsidiaries or any of their
             respective Affiliates.

     Section 6.11. INTERCOMPANY SERVICES AND ACCOUNTS. Except for the Ancillary
Agreements, and except as set forth in Section 6.11 of the Parent Disclosure
Letter, all Contracts pursuant to which any goods, services, materials or
supplies have at any time been provided (i) by any RSN Subsidiary, on the one
hand, to Parent or any of its Affiliates (other than the RSN Subsidiaries), on
the other hand, or (ii) by Parent or any of its Affiliates (other than the RSN
Subsidiaries), on the one hand, to any RSN Subsidiary, on the other hand, will
be terminated as of the Closing. Parent shall use commercially reasonable
efforts to obtain at or before the Closing the written release and waiver from
all appropriate Persons of any Encumbrances arising therefrom. Without
derogating from the Parent's rights to withdraw cash from the RSN Subsidiaries
pursuant to Section 6.2.10, prior to the Closing, all intercompany receivables
or payables and loans then existing between Parent and its Affiliates (other
than the RSN Subsidiaries), on the one hand, and the RSN Subsidiaries, on the
other hand, shall be settled by way of capital contribution, dividend or
otherwise and all intercompany arrangements shall be terminated, except for
those arrangements contemplated by the Ancillary Agreements or as expressly set
forth in Section 6.11 of the Parent Disclosure Letter.

     Section 6.12. COOPERATION WITH RESPECT TO FINANCIAL REPORTING. Until the
third anniversary of the Closing Date, each of Parent, on the one hand, and LMC,
on the other hand, shall, and shall cause each of their respective Affiliates
to, reasonably cooperate with the other (at the other's expense) in connection
with the other's preparation of historical financial statements of, or
including, the Transferred Business as required for the other's filings under
the Exchange Act following the Closing. Until the third anniversary of the
Closing Date, LMC shall, and shall cause Splitco to, (i) reasonably cooperate
with Parent (at Parent's expense) in connection with Parent's preparation of pro
forma and historical financial statements of the Transferred Business as may be
required for Parent's filings under the Exchange Act following the Closing and
(ii) use its reasonable best efforts to cause DTV to reasonably cooperate with
Parent (at Parent's expense) in connection with Parent's preparation of Parent's
financial statements as may be required for Parent's filings under the Exchange
Act following the Closing.

     Section 6.13. NO SOLICITATION.

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     6.13.1  Parent and its Affiliates have ceased all, and, from the date of
             this Agreement until the Closing or the earlier termination of this
             Agreement, Parent shall not, nor shall it authorize or permit any
             of its Affiliates nor any of its or their respective officers,
             directors, employees, representatives, consultants, advisors,
             accountants or agents ("Representatives") to, (A) directly or
             indirectly, initiate, solicit or knowingly encourage or facilitate
             (including, in each case, by way of furnishing information) any
             inquiries or the making of any proposal or offer with respect to,
             or any indication of interest in, any acquisition by any third
             party of all or a substantial portion of the assets of any
             Transferred Subsidiary, any acquisition by any third party of any
             securities or other ownership interests of any of the Transferred
             Subsidiaries or any acquisition of all or a portion of the DTV
             Shares (any such proposal, offer or indication of interest, a
             "Parent Acquisition Proposal"), (B) directly or indirectly, engage
             in any negotiations or discussions concerning a Parent Acquisition
             Proposal, or provide access to its properties, books and records or
             any non-public information or data to, any third party that has
             made, or to Parent's Knowledge, is considering making a Parent
             Acquisition Proposal or any Representatives thereof, (C) approve or
             recommend, or propose to approve or recommend, or execute or enter
             into any letter of intent, agreement in principle, option
             agreement, acquisition agreement or other agreement relating to a
             Parent Acquisition Proposal or (D) propose publicly or agree to any
             of the foregoing relating to a Parent Acquisition Proposal.

     6.13.2  Parent will, and will take such lawful action solely in its
             capacity as a stockholder of DTV as may be reasonable to cause DTV
             and each of its Affiliates to, cease any ongoing, and not initiate
             any new, activities, directly or indirectly, through any
             Representative or otherwise, to solicit, initiate or encourage
             inquiries or submission of proposals or offers from any Person
             relating to (A) any sale or other disposition of all or any
             substantial portion of the assets of DTV or its Affiliates or all
             or any substantial portion of the equity interests in DTV or its
             Affiliates or (B) any business combination involving DTV or any of
             its Affiliates, whether by merger, consolidation, tender offer or
             otherwise (any of the foregoing, an "Extraordinary Transaction") or
             to participate in any negotiation regarding, or furnishing to any
             other Person any information with respect to, or otherwise
             cooperate in any way with or assist in, facilitate or encourage,
             any effort or attempt by any other Person to do or seek to do any
             of the foregoing; PROVIDED, HOWEVER, that nothing in this Section
             6.13.2 shall prohibit (or require Parent to prohibit) any director
             of DTV from exercising (solely in his or her capacity as a director
             of DTV) fiduciary duties to DTV or its shareholders (other than
             Parent) under applicable Law;

     6.13.3  From the date hereof until the earlier of the Closing or the
             termination of this Agreement, Parent will (A) vote all voting
             shares of DTV or of any other Person held by Parent and any
             Affiliate of Parent against any Extraordinary Transaction that is
             presented or proposed to them at any time after the date of this
             Agreement and prior to the Closing or termination of this
             Agreement, (B) not solicit proxies or become a "participant" in a
             "solicitation" with respect to the shares of capital stock of DTV
             (as such terms are defined in Regulation 14A under the Exchange

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             Act) in opposition to or in competition with the consummation of
             the Exchange or otherwise encourage or assist any party in taking
             or planning any action which would compete with or materially
             impede, interfere with, adversely effect or tend to discourage or
             inhibit the timely consummation of the Exchange and (C) in the
             event of a tender offer for all or a portion of the outstanding
             shares of capital stock of DTV, not tender any DTV Shares in such
             tender offer and publicly announce, within 5 days of the
             announcement of such tender offer, Parent's intention not to tender
             any DTV Shares in such tender offer; PROVIDED, HOWEVER that, in the
             event this Agreement is terminated by Parent or LMC pursuant to
             Section 9.1.6 or 9.1.7 or by LMC pursuant to Section 9.1.9,
             Parent's obligations under clauses (A), (B) and (C) of this
             sentence shall continue until the date that is six (6) months from
             the date of such termination, and, solely with respect to any
             transaction in respect of at least a majority of DTV's outstanding
             shares or all or substantially all of DTV's assets with respect to
             which a bona fide written proposal was publicly announced and not
             withdrawn prior to such termination, until the date that is twelve
             (12) months from the date of such termination. Parent will notify
             LMC promptly if any inquiries or proposals are received by, any
             information is requested from, or any negotiations or discussions
             are sought to be initiated or continued with, Parent or, to the
             knowledge of Parent, DTV or any of its Affiliates, in each case in
             connection with any Extraordinary Transaction.

     6.13.4  LMC and its Affiliates have ceased all, and from the date hereof
             until the Closing or the earlier termination of this Agreement, LMC
             shall not, nor shall it authorize or permit any of its Affiliates
             nor any of its Representatives to, (A) directly or indirectly,
             initiate, solicit or knowingly encourage or facilitate (including,
             in each case, by way of furnishing information) any inquiries or
             the making of any proposal or offer with respect to, or any
             indication of interest in, any acquisition by any third party of
             all or a portion of the LMC Parent Shares (any such proposal, offer
             or indication of interest, a "L Acquisition Proposal"), (B)
             directly or indirectly, engage in any negotiations or discussions
             concerning an L Acquisition Proposal, or provide access to its
             properties, books and records or any non-public information or data
             to, any third party that has made, or to LMC's Knowledge, is
             considering making an L Acquisition Proposal or any Representatives
             thereof, (C) approve or recommend, or propose to approve or
             recommend, or execute or enter into any letter of intent, agreement
             in principle, option agreement, acquisition agreement or other
             agreement relating to an L Acquisition Proposal or (D) propose
             publicly or agree to any of the foregoing relating to an L
             Acquisition Proposal.

     Section 6.14. DTV CHARTER RESTRICTIONS. From the date of this Agreement to
the Closing, neither LMC nor Parent shall, and each shall cause its respective
Affiliates not to, propose to the Board of Directors of DTV, nor enter into any
discussion with the Board of Directors of DTV regarding, any amendment to the
DTV certificate of incorporation or bylaws. From the date of this Agreement
until the earlier of the termination of this Agreement or the Closing,
notwithstanding the foregoing, to the extent that any amendment to DTV's
certificate of incorporation is proposed by DTV for approval of DTV's
stockholders, Parent will publicly state its intention to vote against, and
cause all DTV Shares beneficially owned by Parent to be voted

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against any such amendment, unless LMC has consented to Parent voting in favor
of such amendment

     Section 6.15. CERTAIN TAX MATTERS. Notwithstanding anything to the contrary
in this Agreement, except as expressly provided in the Tax Matters Agreement, as
set forth in Sections 4.20, 7.2.4, 7.2.5, 7.3.5, 7.3.6 or this 6.15, or as set
forth in Sections 4.12 or 6.10 (including any indemnities related to Sections
4.12 or 6.10), the parties' sole and exclusive representations, warranties,
agreements or other obligations (including indemnities) with respect to Tax
matters (interpreted in its broadest sense), including the Tax consequences of
the Transactions, shall be as set forth in the Tax Matters Agreement, and in the
event of any conflict or inconsistency between any provision of this Agreement
and any provision of the Tax Matters Agreement, the applicable provision of the
Tax Matters Agreement shall govern.

     Section 6.16. ANCILLARY AGREEMENTS. Each of Parent and LMC shall, and shall
cause each of its respective Affiliates to, at or prior to the Closing, duly
execute and deliver each of the Ancillary Agreements (other than the Tax Matters
Agreement which shall be executed and delivered concurrently with this
Agreement) to which it is to become a party pursuant to the terms of this
Agreement.

     Section 6.17. PLEDGED SHARES. Prior to or at the Closing, LMC shall unwind
or terminate any variable forward OTC contracts to which any or all of the
Pledged Shares are subject or substitute other securities, property or assets
for the Pledged Shares under any such contracts, such that, at the Closing all
of the Pledged Shares shall be delivered to Parent pursuant to Section 3.1;
provided, that, nothing in this Section 6.17 shall require LMC to terminate or
unwind such contracts; provided further, that, nothing in this Section 6.17
shall derogate from LMC's obligation to deliver the LMC Parent Shares in
accordance with Section 3.1.

                                  ARTICLE VII.

                              CONDITIONS TO CLOSING

     Section 7.1. MUTUAL CONDITIONS. The respective obligations of each party
hereto to consummate the transactions contemplated by this Agreement, including
the Exchange, shall be subject to the fulfillment or, if legally permitted,
waiver at or prior to the Closing of the following conditions:

     7.1.1   No Governmental Authority of competent jurisdiction located in the
             United States shall have enacted, issued, promulgated, enforced or
             entered any statute, rule, regulation, judgment, decree, injunction
             or other order of any nature that prohibits, enjoins or restrains
             the consummation of the transactions contemplated by this
             Agreement, including the Exchange.

     7.1.2   Any waiting period (and any extension thereof) applicable to the
             consummation of the transactions contemplated by this Agreement,
             including the Exchange, under the HSR Act shall have expired or
             been terminated.

     7.1.3   Each of the Tax Matters Agreement and the Global Affiliation
             Agreement Side Letter shall be valid, binding and in full force and
             effect and shall not have been

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             repudiated by any party thereto (PROVIDED that the right to assert
             this condition shall not be available to any party if the failure
             of such condition to be satisfied was due to any wrongful action or
             omission by such party).

     7.1.4   The Parent Stockholder Approval shall have been obtained.

     Section 7.2. CONDITIONS TO LMC'S OBLIGATIONS. The obligations of LMC to
consummate the transactions contemplated by this Agreement, including the
Exchange, shall be subject to the fulfillment or waiver by LMC prior to or at
the Closing of each of the following conditions:

     7.2.1   Except as set forth in the following sentence, the representations
             and warranties of Parent contained in this Agreement and in Article
             III of the Tax Matters Agreement shall be true and correct (without
             giving effect to any limitation as to "materiality" or "Material
             Adverse Effect" set forth therein) at and as of the Closing Date as
             if made at and as of such time (except to the extent expressly made
             as of an earlier date, in which case as of such earlier date),
             except where the failure of such representations and warranties to
             be true and correct (without giving effect to any limitation as to
             "materiality" or "Material Adverse Effect" set forth therein) would
             not, individually or in the aggregate, have a Material Adverse
             Effect on Splitco. The representations and warranties of the Parent
             contained in Section 4.2 and Section 4.19 shall be true and correct
             in all respects at and as of the Closing Date as if made at and as
             of such time (except to the extent expressly made as of an earlier
             date, in which case as of such earlier date). LMC shall have
             received a certificate, dated the Closing Date, signed on behalf of
             Parent by an executive officer of Parent to such effect.

     7.2.2   Parent shall have performed in all material respects each
             obligation and agreement to be performed by it at or prior to
             Closing, and shall have complied in all material respects with each
             covenant required by this Agreement and by Article V of the Tax
             Matters Agreement to be performed or complied with by it at or
             prior to the Closing, and LMC shall have received a certificate,
             dated the Closing Date, signed on behalf of Parent by an authorized
             officer of Parent to such effect.

     7.2.3   Prior to or at the Closing, Parent shall have delivered to the
             Stockholders the items to be delivered by Parent pursuant to
             Section 3.3.

     7.2.4   (i) Parent shall have received a private letter ruling from the IRS
             which includes rulings to the effect that, subject to customary
             caveats, for United States federal income tax purposes, no gain or
             loss will be recognized by (and no amount will be includible in the
             income of) Parent or any of its Affiliates on the Exchange, except
             with respect to any DITs or ELAs (the "Parent Exchange Ruling"),
             (ii) LMC shall have received a private letter ruling from the IRS
             which includes rulings to the effect that, subject to customary
             caveats, for United States federal income tax purposes, no gain or
             loss will be recognized by (and no amount will be includible in the
             income of) the Stockholders on the Exchange (the "LMC

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             Exchange Ruling," and collectively with the Parent Exchange Ruling,
             the "Exchange Rulings"), (iii) each of the Exchange Rulings shall
             be in form and substance reasonably satisfactory to LMC, and (iv)
             neither LMC, Parent nor any of their respective Affiliates shall
             have been notified by the IRS that either Exchange Ruling has been
             withdrawn, invalidated or modified in an adverse manner.

     7.2.5   LMC shall have received the LMC Tax Opinion.

     7.2.6   No change, effect, event, occurrence, development, condition or
             circumstance shall have occurred which has had or would be
             reasonably expected to have a Material Adverse Effect on Splitco.

     7.2.7   The FCC Consent shall have been obtained, without the imposition of
             any conditions other than those contemplated by Sections 6.6.5 as
             applicable to LMC and its Affiliates.

     Section 7.3. CONDITIONS TO PARENT'S OBLIGATIONS. The obligations of Parent
to consummate the transactions contemplated by this Agreement, including the
Exchange shall be subject to the fulfillment or waiver at or prior to the
Closing of each of the following conditions:

     7.3.1   Except as set forth in the following sentence, the representations
             and warranties of LMC contained in this Agreement and in Article IV
             of the Tax Matters Agreement shall be true and correct (without
             giving effect to any limitation as to "materiality" or "Material
             Adverse Effect" set forth therein) at and as of the Closing Date as
             if made at and as of such time (except to the extent expressly made
             as of an earlier date, in which case as of such earlier date),
             except where the failure of such representations and warranties to
             be true and correct (without giving effect to any limitation as to
             "materiality" or "Material Adverse Effect" set forth therein) would
             not, individually or in the aggregate, have a Material Adverse
             Effect on LMC's ability to consummate the transactions contemplated
             by this Agreement, including the Exchange. The representations and
             warranties of LMC contained in Section 5.5 shall be true and
             correct in all respects at and as of the Closing Date as if made at
             and as of such time (except to the extent expressly made as of an
             earlier date, in which case as of such earlier date). Parent shall
             have received a certificate, dated the Closing Date, signed on
             behalf of LMC by an executive officer of LMC to such effect.

     7.3.2   LMC and each Stockholder shall have performed in all material
             respects each obligation and agreement to be performed by it at or
             prior to Closing, and shall have complied in all material respects
             with each covenant required by this Agreement and by Article V of
             the Tax Matters Agreement to be performed or complied with by it at
             or prior to the Closing, and Parent shall have received a
             certificate, dated the Closing Date, signed on behalf of LMC by an
             authorized officer of LMC to such effect.

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     7.3.3   Prior to or at the Closing, the Stockholders shall have delivered
             to Parent the items to be delivered pursuant to Section 3.4.

     7.3.4   The Disinterested Stockholder Approval shall have been obtained.

     7.3.5   (i) LMC shall have received the LMC Exchange Ruling, (ii) Parent
             shall have received the Parent Exchange Ruling, (iii) Parent shall
             have received a private letter ruling from the IRS, in form and
             substance reasonably satisfactory to Parent, which includes rulings
             to the effect that, subject to customary caveats, for United States
             federal income tax purposes, no gain or loss will be recognized by
             (and no amount will be includible in the income of) Parent or any
             of its Affiliates on the Parent Restructuring, except with respect
             to any DITs or ELAs (the "Parent Restructuring Ruling"), (iv) each
             of the Exchange Rulings and the Parent Restructuring Ruling shall
             be in form and substance reasonably satisfactory to Parent, and (v)
             neither LMC, Parent nor any of their respective Affiliates shall
             have been notified by the IRS that either Exchange Ruling or the
             Parent Restructuring Ruling has been withdrawn, invalidated or
             modified in an adverse manner.

     7.3.6   Parent shall have received the Parent Tax Opinion.

     7.3.7   The FCC Consent shall have been obtained, without the imposition of
             any conditions other than those contemplated by Sections 6.6.5 as
             applicable to Parent and its Affiliates.

     Section 7.4. FRUSTRATION OF CLOSING CONDITIONS. Neither Parent, nor LMC may
rely on the failure of any condition set forth in this Article VII to be
satisfied if such failure was caused by such party's failure to act in good
faith or to use its reasonable best efforts to cause the Closing to occur as
required by Section 6.6.

                                  ARTICLE VIII.

                                 INDEMNIFICATION

     Section 8.1. SURVIVAL OF REPRESENTATIONS, WARRANTIES AND COVENANTS

     8.1.1   The representations and warranties contained in this Agreement
             shall survive the Closing as follows: (i) the representations and
             warranties contained in Sections 4.1 (Organization and Standing),
             4.2 (Capitalization), 4.3 (Corporate Power and Authority), 4.4
             (Shareholder Votes Required), 4.19 (Title to DTV Shares), 4.22
             (Brokers and Agents), 4.23 (Investigation; Reliance), 5.1
             (Organization and Standing), 5.2 (Corporate Power and Authority),
             5.3 (No Vote Required), 5.5 (LMC Parent Shares), 5.10
             (Investigation and Reliance) and 5.11 (Brokers and Agents) shall
             survive indefinitely; (ii) the representations and warranties
             contained in Sections 4.12 (Employee Benefit Plans) shall survive
             until the date that is 60 calendar days following the expiration of
             the statute of limitations applicable to actions with respect
             thereto; (iii) the representations and warranties contained in
             Sections 4.20.6, 4.20.10 and 4.20.11 (relating to Certain Tax

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             Matters) shall survive, but solely for purposes of the Tax Matters
             Agreement as provided therein; and (iv) all other representations
             and warranties contained in this Agreement (other than the
             representations and warranties contained in Sections 4.20.1 -
             4.20.5 and Sections 4.20.7 - 4.20.9 (Certain Tax Matters), which
             shall not survive the Closing) shall survive until the date that is
             18 months following the Closing Date.

     8.1.2   The covenants and agreements made by each party in this Agreement
             shall survive the Closing, unless specified to the contrary herein.
             Notwithstanding Section 8.1.1, any breach of representation,
             warranty, covenant or agreement in respect of which indemnity may
             be sought under this Agreement shall survive the time at which it
             would otherwise terminate pursuant to Section 8.1.1 or 8.1.2 if
             notice of the inaccuracy or breach thereof giving rise to such
             right of indemnity shall have been given to the party against whom
             such indemnity may be sought prior to such time.

     Section 8.2. INDEMNIFICATION.

     8.2.1   Provided that the Closing shall have occurred, subject to Sections
             8.1 and 8.2.2, Parent hereby agrees to indemnify each LMC
             Indemnitee against and agrees to hold each of them harmless
             (without duplication) from any and all Damages incurred or suffered
             by any LMC Indemnitee arising out of or resulting from (i) any
             representation or warranty of Parent contained in this Agreement
             (other than the representations and warranties contained in Section
             4.20) not being true and correct (which representations and
             warranties (except those made as of a specified date) shall be
             deemed to have been made again as of the Closing Date for purposes
             of this Section 8.2.1) or (ii) any breach or nonperformance of any
             covenant or agreement made or to be performed by Parent.

     8.2.2   No indemnification by Parent shall be due and payable under Section
             8.2.1 in respect of any Parent Basket Breach unless and until the
             cumulative amount of all Damages arising out of or resulting from
             all such Parent Basket Breaches exceeds the Parent Basket Amount,
             whereupon Parent will be obligated to indemnify the LMC Indemnitees
             for the cumulative amount of Damages incurred or suffered by the
             LMC Indemnitees in excess of the Parent Basket Amount, and only to
             the extent of such excess. Parent shall not be obligated to
             indemnify the LMC Indemnitees for Damages arising out of or
             resulting from all Parent Basket Breaches under this Agreement in
             an aggregate amount in excess of the Maximum Amount; PROVIDED that
             the limitation on Parent's obligations set forth in this sentence
             shall not apply to breaches of the representations and warranties
             contained in Section 4.12. The limitations on indemnification set
             forth in this Section 8.2.2 shall not be applicable to (x) any
             Parent Basket Exception Breach (and the LMC Indemnitees will be
             entitled to indemnification with respect to any Parent Basket
             Exception Breach without regard to any Parent Basket Amount or any
             Maximum Amount) and (y) any claim based upon fraud or knowing
             misrepresentation. For purposes of determining the amount of
             Damages arising from any Parent Basket Breach (but not for purposes
             of determining whether any

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             such Parent Basket Breach has occurred), the representations and
             warranties shall be read without giving effect to any limitations
             or qualifications as to "materiality" (including the words
             "material" or "materially") or "Material Adverse Effect" set forth
             therein.

     8.2.3   Provided that the Closing shall have occurred, subject to Sections
             8.1 and 8.2.4, LMC hereby agrees to indemnify each Parent
             Indemnitee against and agrees to hold each of them harmless
             (without duplication) from any and all Damages incurred or suffered
             by any Parent Indemnitee arising out of or resulting from (i) any
             representation or warranty of LMC contained in this Agreement not
             being true and correct (which representations and warranties
             (except those made as of a specified date) shall be deemed to have
             been made again as of the Closing Date for purposes of this Section
             8.2.3) or (ii) any breach or nonperformance of any covenant or
             agreement made or to be performed by LMC pursuant to this
             Agreement.

     8.2.4   No indemnification by LMC shall be due and payable under Section
             8.2.3(i) in respect of any Liberty Basket Breach unless and until
             the cumulative amount of all Damages arising out of or resulting
             from all such Liberty Basket Breaches exceeds the Liberty Basket
             Amount, whereupon LMC will be obligated to indemnify the Parent
             Indemnitees for the cumulative amount of Damages incurred or
             suffered by the Parent Indemnitees in excess of the Liberty Basket
             Amount, and only to the extent of such excess. LMC shall not be
             obligated to indemnify the Parent Indemnitees for Damages arising
             out of or resulting from all Liberty Basket Breaches under this
             Agreement in an aggregate amount in excess of the Maximum Amount.
             The limitations on indemnification set forth in this Section 8.2.4
             shall not be applicable to (x) any Liberty Basket Exception Breach
             (and the Parent Indemnitees will be entitled to indemnification
             with respect to any Liberty Basket Exception Breach without regard
             to any Liberty Basket Amount or any Maximum Amount) and (y) any
             claim based upon fraud or knowing misrepresentation. For purposes
             of determining the amount of Damages arising from any Liberty
             Basket Breach (but not for purposes of determining whether any such
             Liberty Basket Breach has occurred), the representations and
             warranties shall be read without giving effect to any limitations
             or qualifications as to "materiality" (including the words
             "material" and "materially") or "Material Adverse Effect" set forth
             therein.

     Section 8.3. PROCEDURES.

     8.3.1   The party or parties seeking indemnification under Section 8.2 (the
             "Indemnified Party") agrees to give prompt notice to the party or
             parties against whom indemnity is sought (the "Indemnifying Party")
             of the assertion of any claim, or the commencement of any suit,
             action or proceeding in respect of which indemnity may be sought
             under such Section and will provide the Indemnifying Party such
             information with respect thereto in its possession that the
             Indemnifying Party may reasonably request; PROVIDED, HOWEVER, that
             failure to give such notification shall not affect the
             indemnification provided hereunder except to the

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             extent the Indemnifying Party shall have been actually materially
             prejudiced as a result of such failure.

     8.3.2   In the case of a third party claim, the Indemnified Party shall be
             entitled to exercise full control of the defense, compromise or
             settlement of any third party claim, investigation, action, suit or
             proceeding unless the Indemnifying Party within a reasonable time
             after the giving of notice of such indemnity claim by the
             Indemnified Party shall: (i) deliver a written confirmation to such
             Indemnified Party that the indemnification provisions of Section
             8.2 are applicable to such claim, investigation, action, suit or
             proceeding and that the Indemnifying Party will indemnify such
             Indemnified Party in respect of such claim, action or proceeding
             pursuant to the terms of Section 8.2, (ii) notify such Indemnified
             Party in writing of the Indemnifying Party's intention to assume
             the defense thereof and (iii) retain legal counsel reasonably
             satisfactory to such Indemnified Party to conduct the defense of
             such claim, investigation, action, suit or proceeding.

     8.3.3   If the Indemnifying Party so assumes the defense of any such claim,
             investigation, action, suit or proceeding in accordance herewith,
             then such Indemnified Party shall cooperate with the Indemnifying
             Party in any manner that the Indemnifying Party reasonably may
             request in connection with the defense, compromise or settlement
             thereof. If the Indemnifying Party so assumes the defense of any
             such claim, investigation, action, suit or proceeding, the
             Indemnified Party shall have the right to employ separate counsel
             and to participate in (but not control) the defense, compromise or
             settlement thereof, but the fees and expenses of such counsel shall
             be the expense of such Indemnified Party unless (i) the
             Indemnifying Party has agreed to pay such fees and expenses, (ii)
             any relief other than the payment of money damages is sought
             against the Indemnified Party or (iii) such Indemnified Party shall
             have been advised by its regular outside counsel that there may be
             one or more legal defenses available to it that are different from
             or additional to those available to the Indemnifying Party or that
             a conflict of interest between the Indemnifying Party and the
             Indemnified Party in the conduct of the defense of such action
             would reasonably be expected (in which case the Indemnifying Party
             shall not have the right to control the defense, compromise or
             settlement of such action on behalf of the Indemnified Party), and
             in any such case described in clauses (i), (ii) or (iii) the
             reasonable fees and expenses of one such separate counsel, and one
             local counsel, if necessary, shall be borne by the Indemnifying
             Party. No Indemnified Party shall settle or compromise or consent
             to entry of any judgment with respect to any such action for which
             it is entitled to indemnification hereunder without the prior
             consent of the Indemnifying Party, which consent shall not be
             unreasonably withheld or delayed, unless the Indemnifying Party
             shall have failed, after reasonable notice thereof, to undertake
             control of such action in the manner provided above in this Section
             8.3 to the extent the Indemnifying Party was entitled to do so
             pursuant to this Section 8.3. The Indemnifying Party shall not,
             without the consent of such Indemnified Party, settle or compromise
             or consent to entry of any judgment with respect to any such claim,
             investigation, action, suit or proceeding (x) in which any relief
             other than the payment of money damages is or may be sought against
             such Indemnified

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             Party or (y) that does not include as an unconditional term thereof
             the giving by the claimant, party conducting such investigation,
             plaintiff or petitioner to such Indemnified Party of a release from
             all liability with respect to such claim, action, suit or
             proceeding.

     Section 8.4. EXCLUSIVITY. Following the Closing, except in the case of
common law fraud, the sole and exclusive monetary remedy of the parties with
respect to any and all claims arising from any breach of this Agreement or any
of the other matters addressed in Section 8.2 shall be pursuant to the
indemnification provisions set forth in this Article VIII; PROVIDED that this
Section 8.4 shall not be construed so as to derogate from or otherwise limit any
party's right to seek the remedy of specific performance, injunctive relief or
other non-monetary equitable remedies with respect to any such breach.

     Section 8.5. CERTAIN RIGHTS AND LIMITATIONS.

     8.5.1   The treatment of any Tax costs or Tax benefits to any party as a
             result of any indemnification payment(s) pursuant to this Article
             VIII shall be as set forth in the Tax Matters Agreement.

     8.5.2   Notwithstanding anything to the contrary herein, no party shall be
             entitled to assert any right to indemnification under this Article
             VIII unless, and until, the Closing shall have occurred.

                                   ARTICLE IX.

                                   TERMINATION

     Section 9.1. TERMINATION. This Agreement may be terminated and the Exchange
and other transactions contemplated hereby abandoned at any time prior to the
consummation of the Closing, whether before or after receipt of the Requisite
Parent Stockholder Approval, under the following circumstances:

     9.1.1   by mutual written consent of Parent and LMC;

     9.1.2   by LMC or Parent upon written notice to the other if the Closing
             shall not have been consummated on or before December 22, 2007 (the
             "Termination Date"); PROVIDED, that if, as of the Termination Date
             all conditions to this Agreement shall have been satisfied or
             waived (other than those that are satisfied by action taken at the
             Closing) other than the conditions set forth in Sections 7.2.7,
             7.3.7, 7.2.4 or 7.3.5 then the Termination Date shall be extended
             to March 22, 2008 (the "Extended Termination Date");

     9.1.3   by LMC upon written notice to Parent, if there has been a breach by
             Parent or Splitco of any representation, warranty, covenant or
             agreement contained in this Agreement or the Tax Matters Agreement
             which would result in a failure of a condition set forth in Section
             7.2 and either cannot be cured prior to the Termination Date, or is
             not cured within 45 days after LMC shall have given Parent written
             notice stating LMC's intention to terminate this Agreement

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             pursuant to this Section 9.1.3 and the basis for such termination;
             PROVIDED, at the time of the delivery of such notice, LMC shall not
             be in material breach of its obligations under this Agreement or
             the Tax Matters Agreement;

     9.1.4   by Parent upon written notice to LMC, if there has been a breach by
             LMC of any representation, warranty, covenant or agreement
             contained in this Agreement or the Tax Matters Agreement which
             would result in a failure of a condition set forth in Section 7.3
             and either cannot be cured prior to the Termination Date, or is not
             cured within 45 days after Parent shall have given LMC written
             notice stating Parent's intention to terminate this Agreement
             pursuant to this Section 9.1.4 and the basis for such termination;
             PROVIDED, at the time of the delivery of such notice, Parent shall
             not be in material breach of its obligations under this Agreement
             or the Tax Matters Agreement;

     9.1.5   by either LMC or Parent upon written notice to the other party
             hereto, if any Governmental Authority of competent jurisdiction
             shall have issued an order or taken any other action permanently
             restraining, enjoining or otherwise prohibiting the transactions
             contemplated by this Agreement, and such order or other action
             shall have become final and non-appealable, PROVIDED that the party
             seeking to terminate this Agreement pursuant to this Section 9.1.5
             shall have used its reasonable best efforts to remove such order or
             other action; PROVIDED, FURTHER, that the right to terminate this
             Agreement under this Section 9.1.5 shall not be available to a
             party if the issuance of such final, non-appealable order was
             primarily due to the failure of such party to perform any of its
             obligations under this Agreement, including, without limitation,
             the obligation of LMC and Parent to comply with Section 6.6 of this
             Agreement so as to allow the parties to close the transactions
             contemplated by this Agreement as promptly as practicable;

     9.1.6   by either LMC or Parent upon written notice to the other party
             hereto if the Parent Stockholder Approval shall not have been
             obtained by reason of the failure to obtain the required vote at
             the Parent Stockholders' Meeting or any adjournment thereof;

     9.1.7   by either LMC or Parent upon written notice to the other party
             hereto, if the Disinterested Stockholder Approval shall not have
             been obtained by reason of the failure to obtain the required vote
             at the Parent Stockholders' Meeting or any adjournment thereof;
             PROVIDED that LMC (i) shall not be entitled to exercise its
             termination right pursuant to this Section 9.1.7 earlier than the
             eleventh (11th) Business Day following the Parent Stockholders'
             Meeting; and (ii) shall only be entitled to exercise such right if
             Parent shall not have delivered written notice of its waiver of the
             condition set forth in Section 7.3.4 and its termination right
             under this Section 9.1.7 prior to such eleventh (11th) Business
             Day;

     9.1.8   by LMC if there shall have occurred following the date of this
             Agreement a Material Adverse Effect on Splitco which is continuing
             and has not been cured within 30 days after LMC shall have given
             Parent written notice stating LMC's

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             intention to terminate this Agreement pursuant to this Section
             9.1.8 and describing in reasonable detail the basis for such
             termination; or

     9.1.9   by LMC upon written notice to Parent, if there shall have occurred
             a Parent Change in Recommendation; PROVIDED that LMC's right to
             terminate pursuant to this Section 9.1.9 shall terminate ten (10)
             Business Days following the earlier of the date notice of the
             Parent Change in Recommendation is filed with the SEC and the date
             LMC receives written notice from Parent pursuant to Section 10.1 of
             such Parent Change in Recommendation.

     Section 9.2. EFFECT OF TERMINATION.

     9.2.1   In the event of the termination of this Agreement pursuant to
             Section 9.1, this Agreement, except for the provisions of (i)
             Section 6.9.1 relating to the obligation of the parties to keep
             confidential certain information obtained by them, (ii) Section
             6.13.3 relating to Parents obligation with respect to the DTV
             Shares, (iii) Article X, and (iv) this Section 9.2.1, which shall,
             in each case, remain in full force and effect, shall become void
             and have no effect, without any liability on the part of any party
             hereto or its directors, officers or stockholders. Notwithstanding
             the foregoing, nothing in this Section 9.2.1 shall relieve any
             party hereto of liability for a willful breach of any of its
             obligations under this Agreement.

     9.2.2   If:

             (i) either LMC or Parent terminates this Agreement pursuant to
             9.1.6 (and the votes associated with the shares held by the Murdoch
             Interests shall have been disregarded under the ASX listing rules
             for purposes of the Parent Stockholder Approval) or 9.1.7 (and
             prior to vote at the Parent Stockholders' Meeting there shall not
             have occurred a Parent Change in Recommendation), then Parent shall
             pay to LMC by wire transfer of immediately available funds an
             amount equal to one hundred million dollars ($100,000,000); or

             (ii) (A) (1) either LMC or Parent terminates this Agreement
             pursuant to Section 9.1.7 and (2) prior to the vote at Parent
             Stockholders' Meeting, there shall have occurred a Parent Change in
             Recommendation, (B) (1) either LMC or Parent terminates this
             Agreement pursuant to Section 9.1.6 and (2) the votes associated
             with the shares held by the Murdoch Interests shall not have been
             disregarded under the ASX listing rules for purposes of the Parent
             Stockholder Approval or (C) LMC terminates this Agreement pursuant
             to Section 9.1.9, then Parent shall pay to LMC by wire transfer of
             immediately available funds an amount equal to three hundred
             million dollars ($300,000,000) (the amounts payable under
             paragraphs (i) and (ii) of Section 9.2.2, as the case may be, the
             "Termination Fee").

             Parent acknowledges that the agreements contained in this Section
             9.2.2 are an integral part of the transactions contemplated by this
             Agreement and that, without these agreements, LMC would not enter
             into this Agreement; accordingly, if

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             Parent fails to pay when due the amounts due pursuant to this
             Section 9.2.2, LMC shall be entitled to interest on the amounts set
             forth in this Section 9.2.2 at the prime rate of Citibank, N.A. in
             effect on the date such payment was required to be made. All
             payments made pursuant to paragraphs (i) and (ii) of this Section
             9.2.2 shall be made by wire transfer of immediately available funds
             within two (2) Business Days of the applicable termination date. If
             payable, the Termination Fee shall not be payable more than once
             under this Agreement.

                                   ARTICLE X.

                                  MISCELLANEOUS

     Section 10.1. NOTICES. All notices or other communications required or
permitted hereunder shall be in writing and shall be delivered personally, by
facsimile (with confirming copy sent by one of the other delivery methods
specified herein), by overnight courier or sent by certified, registered or
express air mail, postage prepaid, and shall be deemed given when so delivered
personally, or when so received by facsimile or courier, or, if mailed, three
calendar days after the date of mailing, as follows:

If to Parent:     News Corporation
                  1211 Avenue of the Americas
                  New York, NY  10036
                  Facsimile: (212) 768-9896
                  Attention: General Counsel

with a copy to:   Skadden, Arps, Slate, Meagher & Flom LLP
                  Four Times Square
                  New York, New York 10036
                  Facsimile: (917) 777-2000
                  Attention: Lou R. Kling
                             Howard L. Ellin

If to LMC:        Liberty Media Corporation
                  12300 Liberty Boulevard
                  Englewood, Colorado 80112
                  Facsimile: (720) 875-5382
                  Attention: General Counsel

with a copy to:   Baker Botts L.L.P.
                  30 Rockefeller Plaza
                  44th Fl.
                  New York, NY 10112
                  Facsimile: (212) 408-2501
                  Attention: Frederick H. McGrath
                             Jonathan Gordon

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<Page>

or to such other address and with such other copies as any party hereto shall
notify the other parties hereto (as provided above) from time to time.

     Section 10.2. EXPENSES. Regardless of whether the transactions provided for
in this Agreement are consummated, except as otherwise expressly provided
herein, each of the parties hereto shall pay its own expenses incident to this
Agreement and the transactions contemplated herein (including legal fees,
accounting fees, investment banking fees and filing fees). Notwithstanding
anything herein to the contrary, Parent shall pay and be responsible for all
reasonable and reasonably documented out-of-pocket fees, costs and expenses
incurred by DTV in connection with the negotiation of this Agreement and any of
the Ancillary Agreements, LMC's due diligence review of DTV and DTV's
Subsidiaries, and DTV's actions taken in anticipation of the consummation of the
Transactions, including the fees and expenses of the advisers, accountants and
legal counsel of DTV and of any special committee of the board of directors of
DTV and any filing fees paid to any Governmental Authority.

     Section 10.3. GOVERNING LAW; CONSENT TO JURISDICTION. This Agreement shall
be governed by, and construed in accordance with, the internal Laws of the State
of Delaware, without reference to the choice of law principles thereof. Each of
the parties hereto irrevocably submits to the exclusive jurisdiction of the
courts of the Delaware Chancery Courts, or, if the Delaware Chancery Courts do
not have subject matter jurisdiction, in the state courts of the State of
Delaware located in Wilmington, Delaware, or in the United States District Court
for any district within such state, for the purpose of any Action or judgment
relating to or arising out of this Agreement or any of the transactions
contemplated hereby and to the laying of venue in such court. Service of process
in connection with any such Action may be served on each party hereto by the
same methods as are specified for the giving of notices under this Agreement.
Each party hereto irrevocably and unconditionally waives and agrees not to plead
or claim any objection to the laying of venue of any such Action brought in such
courts and irrevocably and unconditionally waives any claim that any such Action
brought in any such court has been brought in an inconvenient forum.

     Section 10.4. WAIVER OF JURY TRIAL. EACH PARTY HERETO ACKNOWLEDGES AND
AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO
INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND, THEREFORE, EACH SUCH PARTY HEREBY
IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT TO
ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH OR
RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.
EACH PARTY HERETO CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT
OR ATTORNEY OF ANY OTHER PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF SUCH ACTION, SEEK TO ENFORCE
THE FOREGOING WAIVER, (B) EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE
IMPLICATIONS OF THIS WAIVER, (C) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY,
AND (D) EACH SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG

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<Page>

OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 10.4.

     Section 10.5. ASSIGNMENT; SUCCESSORS AND ASSIGNS; NO THIRD PARTY RIGHTS.
This Agreement may not be assigned by any party hereto without the prior written
consent of the other parties hereto, and any attempted assignment shall be null
and void; PROVIDED, HOWEVER, that following the Closing LMC will be permitted to
assign its rights hereunder, without obtaining the consent of Parent, to any
Person (any such Person a "LMC Related Party") to which ownership of one hundred
percent (100%) of the shares of capital stock of Splitco are or have been
transferred in connection with any spin off, split off or other distribution of
the securities of such transferee in which holders of LMC capital stock
immediately prior thereto are entitled to, or have the opportunity to,
participate in such distribution. This Agreement shall be binding upon and inure
to the benefit of the parties hereto and their respective successors and
permitted assigns. This Agreement shall be for the sole benefit of the parties
hereto, and their respective successors and permitted assigns and is not
intended, nor shall be construed, to give any Person, other than the parties
hereto and their respective successors and permitted assigns any legal or
equitable right, benefit, remedy or claim hereunder, except in the case of
Section 10.2, DTV.

     Section 10.6. COUNTERPARTS. This Agreement may be executed in counterparts,
each of which shall be deemed an original agreement, but all of which together
shall constitute one and the same instrument.

     Section 10.7. TITLES AND HEADINGS. The headings and table of contents in
this Agreement are for reference purposes only, and shall not in any way affect
the meaning or interpretation of this Agreement.

     Section 10.8. AMENDMENT AND MODIFICATION. This Agreement may not be amended
except by an instrument in writing signed on behalf of each of the parties
hereto.

     Section 10.9. PUBLICITY; PUBLIC ANNOUNCEMENTS. The initial press release
concerning this Agreement and the Transactions shall be a joint press release
approved in advance by Parent and LMC and thereafter each of Parent and LMC
shall consult with the other prior to issuing any press releases or otherwise
making public announcements with respect to this Agreement and the Transactions
and prior to making any filings with any third party or any Governmental
Authority (including any national securities exchange or interdealer quotation
system) with respect thereto, except as may be required by applicable Laws or
the requirements of any national securities exchange or interdealer quotation
system on which the securities of Parent or LMC are listed or quoted; PROVIDED
that the foregoing limitations shall not apply to any disclosure of any
information concerning this Agreement or the Transactions (i) which Parent or
LMC deems appropriate in its reasonable judgment, in light of its status as a
publicly owned company, including without limitation to securities analysts and
institutional investors and in press interviews; and (ii) in connection with any
dispute between the parties regarding this Agreement or the Transactions.

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     Section 10.10. WAIVER. Any of the terms or conditions of this Agreement may
be waived at any time by the party or parties hereto entitled to the benefit
thereof, but only by a writing signed by the party or parties waiving such terms
or conditions.

     Section 10.11. SEVERABILITY. If any term, provisions, covenant or
restriction of this Agreement is held by a court of competent jurisdiction or
other authority to be invalid, void or unenforceable, the remainder of the
terms, provisions, covenants and restrictions of this Agreement shall remain in
full force and effect and shall in no way be affected, impaired or invalidated
so long as the economic or legal substance of the transactions contemplated
hereby is not affected in any manner materially adverse to any party. Upon such
determination, the parties shall negotiate in good faith to modify this
Agreement so as to effect the original intent of the parties as closely as
possible in an acceptable manner in order that the transactions contemplated
hereby be consummated as originally contemplated to the fullest extent possible.

     Section 10.12. NO STRICT CONSTRUCTION. LMC and Parent each acknowledge that
this Agreement has been prepared jointly by the parties hereto and shall not be
strictly construed against any party hereto.

     Section 10.13. ENTIRE AGREEMENT. This Agreement (including the Disclosure
Letters, Schedules and Exhibits attached hereto or delivered in connection
herewith), the Ancillary Agreements and the Confidentiality Agreement constitute
the entire agreement among the parties hereto with respect to the matters
covered hereby and thereby, and supersede all previous written, oral or implied
understandings among them with respect to such matters.

     Section 10.14. EQUITABLE REMEDIES. Neither rescission, set-off nor
reformation of this Agreement shall be available as a remedy to any of the
parties hereto. The parties hereto agree that irreparable damage would occur in
the event any of the provisions of this Agreement were not to be performed in
accordance with the terms hereof and that the parties shall be entitled to
specific performance of the terms hereof in addition to any other remedies at
Law or in equity.

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          IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be duly executed as of the day and year first above written.

                                  NEWS CORPORATION

                                  By: /s/ John P. Nallen
                                      ------------------------------------------
                                       Name:  John P. Nallen
                                       Title: Executive Vice President & Deputy
                                              CFO

                                  LIBERTY MEDIA CORPORATION

                                  By: /s/ Gregory B. Maffei
                                      ------------------------------------------
                                      Name:  Gregory B. Maffei
                                      Title: President & CEO

<Page>

OMITTED SCHEDULES

The following schedules to the Share Exchange Agreement have been omitted
pursuant to Regulation S-K Item 601(b)(2):

     Schedule A: Form of LMC Tax Opinion Representations

     Schedule B: Fox Sports net Current Assets & Liabilities Descriptions

     Schedule C: Parent Restructuring

     Schedule D: Form of Parent Tax Opinion Representations

The Registrant agrees to furnish supplementally a copy of any of the foregoing
to the Commission upon request.

                                       2<Page>

                                                                   EXHIBIT 10.39

                              TAX MATTERS AGREEMENT

          This Tax Matters Agreement (the "AGREEMENT") is entered into as of
December 22, 2006, by and among News Corporation, a Delaware corporation
("PARENT"), and Liberty Media Corporation, a Delaware corporation ("LMC").

                                    RECITALS

          WHEREAS, as of the date hereof, Parent is the common parent of an
affiliated group of domestic corporations within the meaning of Section 1504(a)
of the Code, and the members of the affiliated group have heretofore joined in
filing consolidated federal income Tax Returns;

          WHEREAS, pursuant to the Share Exchange Agreement, dated as of
December 22, 2006 (the "SHARE EXCHANGE AGREEMENT"), by and between Parent and
LMC, as of the Closing Date, (a) the assets of Greenlady Corp., a newly formed
Delaware corporation ("SPLITCO"), will consist solely of (i) all issued and
outstanding equity interests of each Transferred Subsidiary, (ii) the DTV Shares
and (iii) the Cash Amount and (b) Parent will own all of the Splitco Shares;

          WHEREAS, on the Closing Date, Parent will transfer the Splitco Shares
to the Stockholders in exchange for the LMC Parent Shares;

          WHEREAS, the obligation of LMC to consummate the Exchange is
conditioned, among other things, upon the receipt of the LMC Exchange Ruling and
the LMC Tax Opinion, and the obligation of Parent to consummate the Exchange is
conditioned, among other things, upon the receipt of the Parent Exchange Ruling,
the Parent Restructuring Ruling and the Parent Tax Opinion;

          WHEREAS, the Parties to this Agreement intend that the Exchange
qualify as a tax-free exchange under Section 355(a) of the Code and this
Agreement together with the Share Exchange Agreement constitute a "plan of
reorganization," as defined in Section 368 of the Code; and

          WHEREAS, in anticipation of the Exchange, the Parties desire to enter
into this Agreement to provide for certain Tax matters, including the assignment
of responsibility for the preparation and filing of Tax Returns, the payment of
and indemnification for Taxes (including Taxes with respect to the Exchange and
the Parent Restructuring), entitlement to refunds of Taxes, and the prosecution
and defense of any Tax Contest;

          NOW, THEREFORE, in consideration of the mutual agreements, provisions
and covenants contained in this Agreement, the Parties hereby agree as follows:

                                       1

<Page>

                                    ARTICLE I
                                   DEFINITIONS

          Section 1.1 GENERAL. Capitalized terms used in this Agreement and not
defined herein shall have the meanings that such terms have in the Share
Exchange Agreement. As used in this Agreement, the following terms shall have
the following meanings:

          "ACQUISITION TRANSACTIONS" shall mean the acquisition by the LMC
Entities, Liberty Media LLC or their respective predecessors or Affiliates of
LMC Parent Shares or stock (or ADSs) of The News Corporation Limited (now known
as News Holdings Limited) in each of the Domestication and the Merger
Transactions.

          "ACTION" shall have the meaning specified in the Share Exchange
Agreement.

          "AFFILIATE" shall have the meaning specified in the Share Exchange
Agreement.

          "AGREEMENT" shall have the meaning specified in the preamble.

          "ANCILLARY AGREEMENTS" shall have the meaning specified in the Share
Exchange Agreement.

          "BUSINESS DAY" shall have the meaning specified in the Share Exchange
Agreement.

          "CLOSING" shall have the meaning specified in the Share Exchange
Agreement.

          "CLOSING DATE" shall have the meaning specified in the Share Exchange
Agreement.

          "CLOSING OF THE BOOKS METHOD" means the apportionment of items between
portions of a Taxable period based on a closing of the books and records as of
the end of the day on the Closing Date (as if the Closing Date were the end of
the Taxable period), provided that any items not susceptible to such
apportionment shall be apportioned pro rata on the basis of elapsed days during
the relevant portion of the Taxable period.

          "CODE" shall have the meaning specified in the Share Exchange
Agreement.

          "DAMAGES" shall have the meaning specified in the Share Exchange
Agreement.

          "DISCLOSING PARTY" shall have the meaning specified in Section 8.3.

          "DTV SHARES" shall have the meaning specified in the Share Exchange
Agreement.

          "DOMESTICATION" means the "Proposed Transaction" as defined in the
Information Memorandum.

          "EXCHANGE" shall have the meaning specified in the Share Exchange
Agreement.

                                       2

<Page>

          "EXCHANGE TAXES" means all Taxes (including any United States federal,
state, local or foreign Taxes, but excluding Transfer Taxes) resulting from the
Exchange or the Parent Restructuring.

          "FINAL DETERMINATION" means a determination within the meaning of
Section 1313 of the Code or any similar provision of state or local Law.

          "FOX SPORTS AGREEMENTS" means (i) the Parents' Agreement, dated as of
July 15, 1999, by and among Liberty Media Corporation (now known as Liberty
Media LLC) and The News Corporation Limited (now known as News Holdings
Limited), and (ii) the Agreement and Plan of Merger, dated as of July 15, 1999,
by and among Liberty Media Corporation (now known as Liberty Media LLC), LMC
Newco U.S., Inc., New LMC KBL, Inc., New LMC Bay Area, Inc., New LMC Chicago,
Inc., New LMC Northwest, Inc., New LMC Upper Midwest, Inc., The News Corporation
Limited (now known as News Holdings Limited), and News Publishing Australia
Limited.

          "GM AGREEMENTS" means (i) the Stock Purchase Agreement, dated April 9,
2003, as amended, by and among General Motors Corporation, Hughes Electronics
Corporation and The News Corporation Limited (now known as News Holdings
Limited), and (ii) the Agreement and Plan of Merger, dated April 9, 2003, as
amended, between Hughes Electronics Corporation, The News Corporation Limited
(now known as News Holdings Limited), and GMH Merger Sub, Inc.

          "GM TRANSACTION" means the transactions effected by GM Agreements.

          "GOVERNMENTAL AUTHORITY" shall have the meaning specified in the Share
Exchange Agreement.

          "INFORMATION MEMORANDUM" means the information memorandum of The News
Corporation Limited (now known as News Holdings Limited), dated September 15,
2004, relating to the U.S. reincorporation and certain acquisitions from Murdoch
family interests.

          "INTEREST RATE" means LIBOR, as adjusted as of each Interest Rate
Determination Date, plus 2%. Interest will be calculated at the applicable
Interest Rate based upon the number of days elapsed in each year of 365/366
days.

          "INTEREST RATE DETERMINATION DATE" means the Closing Date and each
March 31, June 30, September 30 and December 31 thereafter.

          "INTERNAL RESTRUCTURING" means the "Post-Transaction Internal
Restructuring" as defined in the Information Memorandum.

          "IRS" shall have the meaning specified in the Share Exchange
Agreement.

          "IRS SUBMISSION" shall mean the Ruling Request and any supplemental
materials submitted to the IRS relating thereto.

                                       3

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          "JOINT RULING REQUEST" means any ruling request submitted jointly by
Parent and LMC to the IRS for (x) the Rulings, and (y) any other ruling in
connection with the Exchange or the Parent Restructuring that Parent and LMC
deem to be appropriate.

          "LIBERTY NEWCO INTERNATIONAL AGREEMENT" shall mean the Agreement and
Plan of Merger, dated as of December 3, 2001, by and among Liberty Media
Corporation (now known as Liberty Media LLC), Liberty Newco International, Inc.,
The News Corporation Limited (now known as News Holdings Limited), and News
Publishing Australia Limited.

          "LIBOR" means, with respect to each period between two consecutive
Interest Rate Determination Dates (an "interest period"), a rate determined at
approximately 11:00 a.m., London time, two London business days before the
applicable Interest Rate Determination Date (the "determination time") on the
following basis: (A) the rate appearing on Telerate Page 3750 (or on any
successor or substitute page of such service, or any successor to or substitute
for such service, providing rate quotations comparable to those currently
provided on such page of such service, as determined by LMC from time to time,
for purposes of providing quotations of interest rates applicable to dollar
deposits in the London interbank market) at the determination time as the rate
for dollar deposits with a maturity comparable to such interest period, and (B)
if such rate is not available at such time for any reason, then the arithmetic
mean (rounded upward, if necessary, to the nearest 1/16 of 1%) of the offered
rates for deposits in U.S. dollars, for a period comparable to such interest
period and in an amount approximately equal to the aggregate outstanding
principal amount as to which the interest period applies, quoted at the
determination time, as such rates appear on the display designated as page
"LIBO" on the Reuters Monitor Money Rates Service (or such other page as may
replace the "LIBO" page on that service for the purpose of displaying London
interbank offered rates of major banks). If neither rate is available at such
time for any reason, then "LIBOR" with respect to such interest period shall be
the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the
respective rates per annum at which dollar deposits of $5,000,000 and for a
maturity comparable to such interest period are offered by the principal London
office of JPMorgan Chase Bank at the determination time.

          "LMC" shall have the meaning specified in the preamble.

          "LMC ENTITIES" mean LMC and the Stockholders.

          "LMC EXCHANGE RULING" shall have the meaning specified in the Share
Exchange Agreement.

          "LMC INDEMNITEES" shall have the meaning specified in the Share
Exchange Agreement.

          "LMC MATERIALS" shall have the meaning specified in Section 5.2(b).

          "LMC PARENT SHARES" shall have the meaning specified in the Share
Exchange Agreement.

                                       4

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          "LMC RULING REQUEST" means any ruling request submitted by LMC to the
IRS for (x) the LMC Exchange Ruling, and (y) any other ruling in connection with
the Exchange or the Parent Restructuring that Parent and LMC deem to be
appropriate.

          "LMC TAX OPINION" shall have the meaning specified in the Share
Exchange Agreement.

          "LMC TAX OPINION REPRESENTATIONS" shall have the meaning specified in
the Share Exchange Agreement.

          "MERGER TRANSACTIONS" shall mean each of the transactions effected by
the TVGIA Agreement, the UVSG Agreement, the Liberty Newco International
Agreement, and the Fox Sports Agreements.

          "PARENT" shall have the meaning specified in the preamble.

          "PARENT EXCHANGE RULING" shall have the meaning specified in the Share
Exchange Agreement.

          "PARENT INDEMNITEES" shall have the meaning specified in the Share
Exchange Agreement.

          "PARENT MATERIALS" shall have the meaning specified in Section 5.2(a).

          "PARENT RESTRUCTURING" shall have the meaning specified in the Share
Exchange Agreement.

          "PARENT RESTRUCTURING RULING" shall have the meaning specified in the
Share Exchange Agreement.

          "PARENT RULING REQUEST" means any ruling request submitted by Parent
to the IRS for (x) the Parent Exchange Ruling, (y) the Parent Restructuring
Ruling, and (z) any other ruling in connection with the Exchange or the Parent
Restructuring that Parent and LMC deem to be appropriate.

          "PARENT TAX OPINION" shall have the meaning specified in the Share
Exchange Agreement.

          "PARENT TAX OPINION REPRESENTATIONS" shall have the meaning specified
in the Share Exchange Agreement.

          "PARTY" means any of Parent or LMC, as the case may be.

          "PERSON" shall have the meaning specified in the Share Exchange
Agreement.

          "POST-EXCHANGE PERIOD" means any Taxable year or other Taxable period
beginning after the Closing Date and, in the case of any Taxable year or other
Taxable period

                                       5

<Page>

that begins on or before and ends after the Closing Date, that part of the
Taxable year or other Taxable period that begins at the beginning of the day
after the Closing Date.

          "PRE-EXCHANGE PERIOD" means any Taxable year or other Taxable period
that ends on or before the Closing Date and, in the case of any Taxable year or
other Taxable period that begins on or before and ends after the Closing Date,
that part of the Taxable year or other Taxable period through the end of the day
on the Closing Date.

          "PRE-EXCHANGE TAX RETURN" means any Tax Return that is required to be
filed with respect to any Transferred Subsidiary for a Taxable period ending on
or before the Closing Date.

          "RECEIVING PARTY" shall have the meaning specified in Section 8.3.

          "RULING REQUEST" shall mean the Joint Ruling Request, if permitted to
be filed by the IRS, and if the IRS does not permit a Joint Ruling Request to be
filed, the Parent Ruling Request and the LMC Ruling Request.

          "RULINGS" shall have the meaning specified in the Share Exchange
Agreement.

          "SHARE EXCHANGE AGREEMENT" shall have the meaning specified in the
recitals.

          "SPLITCO" shall have the meaning specified in the recitals.

          "SPLITCO SHARES" shall have the meaning specified in the Share
Exchange Agreement.

          "STOCKHOLDERS" shall have the meaning specified in the Share Exchange
Agreement.

          "STRADDLE PERIOD" means any Taxable period commencing on or prior to,
and ending after, the Closing Date.

          "STRADDLE RETURN" means a Tax Return that is required to be filed with
respect to any Transferred Subsidiary for a Straddle Period.

          "SUBSIDIARY" shall have the meaning specified in the Share Exchange
Agreement.

          "TAX" or "TAXES" shall have the meaning specified in the Share
Exchange Agreement.

          "TAXING AUTHORITY" means any Governmental Authority or any
quasi-governmental or private body having jurisdiction over the assessment,
determination, collection, or imposition of any Tax (including the IRS).

          "TAX CONTEST" shall have the meaning specified in Section 6.5.

          "TAX-FREE STATUS OF THE TRANSACTIONS" means no Exchange Taxes will be
imposed upon Parent, LMC or any of their respective Affiliates.

                                       6

<Page>

          "TAX MATERIALS" shall have the meaning specified in Section 3.1.

          "TAX OPINION REPRESENTATIONS" shall have the meaning specified in the
Share Exchange Agreement.

          "TAX OPINIONS" shall have the meaning specified in the Share Exchange
Agreement.

          "TAX RETURNS" shall have the meaning specified in the Share Exchange
Agreement.

          "TAX SHARING AGREEMENTS" means all existing agreements or arrangements
(whether or not written) between or among Parent or any of its Affiliates (other
than any of the Transferred Subsidiaries), on the one hand, and any of the
Transferred Subsidiaries, on the other hand, including any such agreements or
arrangements where a third party is also a party, that provide for the
allocation, apportionment, sharing, assignment or indemnification of any Tax
liability or benefit, or the transfer or assignment of income, revenues,
receipts or gains for the purpose of determining any Person's Tax liability,
other than the Ancillary Agreements (including this Agreement) and the Share
Exchange Agreement.

          "TRANSFER TAXES" means all U.S. federal, state, local or foreign
sales, use, privilege, transfer, documentary, gains, stamp, duties, recording,
and similar Taxes and fees (including any penalties, interest or additions
thereto) imposed upon any Party in connection with the Exchange or the Parent
Restructuring.

          "TRANSFERRED BUSINESS" shall have the meaning specified in the Share
Exchange Agreement.

          "TRANSFERRED SUBSIDIARIES" shall have the meaning specified in the
Share Exchange Agreement.

          "TREASURY REGULATIONS" shall have the meaning specified in the Share
Exchange Agreement.

          "TVGIA AGREEMENT" shall mean the Agreement and Plan of Merger, dated
as of November 27, 2001, by and among Liberty Media Corporation (now known as
Liberty Media LLC), Liberty TVGIA, Inc., The News Corporation Limited (now known
as News Holdings Limited) and News Publishing Australia Limited.

          "UVSG AGREEMENT" shall mean the Agreement and Plan of Merger, dated as
of May 2, 2001, by and among Liberty Media Corporation (now known as Liberty
Media LLC), Liberty UVSG, Inc., The News Corporation Limited (now known as News
Holdings Limited) and News Publishing Australia Limited.

          Section 1.2 REFERENCES; INTERPRETATION. References in this Agreement
to any gender include references to all genders, and references to the singular
include references to the plural and vice versa. The word "including" when used
in this Agreement shall be deemed to be followed by the phrase "without
limitation". Unless the context otherwise requires, references in

                                       7

<Page>

this Agreement to Articles, Sections, Exhibits and Schedules shall be deemed
references to Articles and Sections of, and Exhibits and Schedules to, such
Agreement. Unless the context otherwise requires, the words "hereof", "hereby",
and "herein" and words of similar meaning when used in this Agreement refer to
this Agreement in its entirety and not to any particular Article, Section or
provision of this Agreement.

                                   ARTICLE II
           PREPARATION OF TAX RETURNS; ALLOCATION AND PAYMENT OF TAXES

          Section 2.1 PREPARATION OF TAX RETURNS.

               (a) PRE-EXCHANGE TAX RETURNS.

                    (i) CONSOLIDATED AND COMBINED RETURNS FOR PRE-EXCHANGE
PERIODS. Where required or permitted by applicable Law, Parent shall include the
Transferred Subsidiaries in, or cause the Transferred Subsidiaries to be
included in, and shall prepare and file or cause to be prepared and filed, (A)
the United States consolidated federal income Tax Returns of Parent for the
Taxable periods (or portions thereof) of the Transferred Subsidiaries ending on
or prior to the Closing Date and (B) all other consolidated, combined or unitary
Tax Returns for the Taxable periods (or portions thereof) of the Transferred
Subsidiaries ending on or prior to the Closing Date. Parent shall pay any and
all Taxes due with respect to the Tax Returns referred to in clause (A) or (B)
of this Section 2.1(a)(i).

                    (ii) SEPARATE RETURNS FOR PRE-EXCHANGE PERIODS. In addition
to the Tax Returns described in Section 2.1(a)(i), Parent shall prepare (or
cause to be prepared) (A) all Tax Returns required to be filed by any of the
Transferred Subsidiaries on or prior to the Closing Date (taking into account
any applicable extensions), and (B) all Tax Returns required to be filed by any
of the Transferred Subsidiaries after the Closing Date (taking into account any
applicable extensions) for a Pre-Exchange Period (other than a Pre-Exchange
Period that is part of a Straddle Period). With respect to Tax Returns described
in clause (A) of this Section 2.1(a)(ii), Parent shall cause the applicable
Transferred Subsidiary to file such Tax Returns and Parent shall pay any and all
Taxes shown due thereon. With respect to Tax Returns described in clause (B) of
this Section 2.1(a)(ii), provided that the applicable Transferred Subsidiary has
received such Tax Returns from Parent not less than five days prior to the due
date for filing such Tax Returns (taking into account any applicable extensions)
along with the amount of any and all Taxes shown as due thereon, LMC shall cause
the applicable Transferred Subsidiary to execute and timely file such Tax
Returns and timely remit such Taxes.

                    (iii) PROVISION OF TAX INFORMATION. After the Closing, LMC
shall cause the Transferred Subsidiaries to furnish Tax information to Parent as
reasonably requested in order to permit Parent to prepare and timely file the
Pre-Exchange Tax Returns described in Section 2.1(a)(i) and (ii).

               (b) OTHER TAX RETURNS. All Tax Returns of the Transferred
Subsidiaries other than those Tax Returns described in Section 2.1(a), shall be
prepared and timely filed by LMC. LMC shall timely pay or cause to be paid all
Taxes shown on such Tax Returns.

                                       8

<Page>

               (c) STRADDLE RETURNS. With respect to any Straddle Return, LMC
shall deliver, at least 20 days prior to the due date for filing such Straddle
Return (taking into account any applicable extensions), to Parent a statement
setting forth the amount of Tax that Parent owes pursuant to clause (i) of
Section 6.2, including the allocation of Taxes under Section 6.4, and copies of
such Straddle Return and related work-papers. Parent shall have the right to
review such Straddle Return and related work-papers and liability for Taxes and
to suggest to LMC any reasonable changes to such Straddle Return no later than
10 days prior to the date for the filing of such Straddle Return. Parent and LMC
agree to consult and to attempt to resolve in good faith any issue arising as a
result of the review of such Straddle Return and related work-papers and
allocation of liability for Taxes and mutually to consent to the filing as
promptly as possible of such Straddle Return. Not later than five days before
the due date for the payment of Taxes with respect to such Straddle Return
(taking into account any applicable extensions), Parent shall pay to LMC an
amount equal to the Taxes as agreed to by LMC and Parent as being owed by Parent
pursuant to Sections 6.2 and 6.4 with respect to such Straddle Return. If LMC
and Parent cannot agree on the amount of Taxes owed by Parent with respect to a
Straddle Return, Parent shall pay to LMC the amount of Taxes reasonably
determined using the mid-point of LMC's and Parent's determination of the amount
of Taxes to be owed by Parent in respect of such Straddle Return pursuant to
Sections 6.2 and 6.4. Within 10 days after such payment, Parent and LMC shall
refer the matter to an independent nationally recognized accounting firm agreed
to by LMC and Parent to arbitrate the dispute. Parent and LMC shall equally
share the fees and expenses of such accounting firm and its determination as to
the amount owing by Parent pursuant to Sections 6.2 and 6.4 with respect to a
Straddle Return shall be binding on both parties. Within five days after the
determination by such accounting firm, if necessary, the appropriate Party shall
pay the other Party any amount which is determined by such accounting firm to be
owed plus interest from the due date for the payment of Taxes with respect to
such Straddle Return (taking into account any applicable extensions) at the
Interest Rate.

          Section 2.2 MANNER OF PREPARATION. All Tax Returns that include any of
the Transferred Subsidiaries, Parent, LMC, the Stockholders, or any of their
respective Affiliates, or otherwise relate to the Transferred Business or the
ownership of the DTV Shares shall be prepared in a manner that is consistent
with the Ruling Request, the Rulings, and the Tax Opinions. To the extent that
the items reported on any Tax Return of or with respect to any Transferred
Subsidiary that is prepared by a Party or its Affiliates is likely to increase
any Tax liability or Tax indemnity obligation under this Agreement of the other
Party or its Affiliates, such Tax Return shall be prepared in accordance with
Tax accounting and other practices used by such Transferred Subsidiary or Parent
with respect to the relevant Tax Returns filed prior to the date hereof (unless
such past practices are not permissible under applicable Law), and to the extent
any items are not covered by past practices (or in the event such past practices
are not permissible under applicable Law), in accordance with reasonable
practices selected by the Party (or its Affiliate) responsible for filing such
Tax Return hereunder with the consent, not to be unreasonably withheld or
delayed, of the other Party. Unless otherwise required by applicable Law,
neither Party nor any of their respective Affiliates will make, change or revoke
(or cause to be made, changed, or revoked) any Tax election with respect to the
Transferred Subsidiaries that is likely to increase materially any Tax liability
(or Tax indemnity obligation under this Agreement) of the other Party or its
Affiliates without the consent, not to be unreasonably withheld or delayed, of
the other Party.

                                       9

<Page>

          Section 2.3 REFUNDS, CREDITS OR OFFSETS.

               (a) Except as otherwise contemplated by this Section 2.3 or
Section 2.4, (i) any refunds, credits or offsets with respect to Taxes of any
Transferred Subsidiaries or that otherwise relate to the Transferred Business or
the ownership of the DTV Shares for a Pre-Exchange Period shall be for the
account of Parent, and (ii) any refunds, credits or offsets with respect to
Taxes of any Transferred Subsidiaries or that otherwise relate to the
Transferred Business or the ownership of the DTV Shares for a Post-Exchange
Period shall be for the account of LMC.

               (b) Notwithstanding Section 2.3(a), (i) any refunds, credits or
offsets with respect to Exchange Taxes allocated to, and actually paid by,
Parent pursuant to this Agreement shall be for the account of Parent, and (ii)
any refunds, credits or offsets with respect to Exchange Taxes allocated to, and
actually paid by, LMC pursuant to this Agreement shall be for the account of
LMC.

               (c) Any such refunds, credits or offsets shall be allocated
between the Pre-Exchange Period and the Post-Exchange Period in a manner
consistent with the principles of Section 6.4. LMC shall forward to Parent, or
reimburse Parent, for any such refunds, credits or offsets, plus any interest
received thereon, for the account of Parent within 10 days from receipt thereof
by LMC or any of its Affiliates. Parent shall forward to LMC, or reimburse LMC,
for any refunds, credits or offsets, plus any interest received thereon, for the
account of LMC within 10 days from receipt thereof by Parent or any of its
Affiliates. Any refunds, credits or offsets, plus any interest received thereon,
or reimbursements not forwarded or made within the 10 day period specified above
shall bear interest from the date received by the refunding or reimbursing party
(or its Affiliate) at the Interest Rate. If, subsequent to a Taxing Authority's
allowance of a refund, credit or offset, such Taxing Authority reduces or
eliminates such allowance, any refund, credit or offset, plus any interest
received thereon, forwarded or reimbursed under this Section 2.3 shall be
returned to the party who had forwarded or reimbursed such refund, credit or
offset and interest upon the request of such forwarding party in an amount equal
to the applicable reduction, including any interest received thereon.

          Section 2.4 CARRYBACKS. To the extent permitted by Law, LMC and its
Affiliates shall waive the right to carryback any Tax attribute of the
Transferred Subsidiaries arising in a Post-Exchange Period to a Pre-Exchange
Period. If and to the extent that LMC or any of its Affiliates are not permitted
by applicable Law to elect to forego such carryback and LMC requests in writing
that Parent or any of its Affiliates obtain a refund, credit or offset of Taxes
with respect to such carryback, and provided that Parent or any of its
Affiliates would not otherwise be required to forego a refund, credit or offset
of Taxes for its own account or otherwise be adversely affected as a result of
such carryback, then (i) Parent (or its Affiliate) shall take all reasonable
measures to obtain a refund, credit or offset of Tax with respect to such
carryback (including by filing an amended Tax Return), and (ii) to the extent
that Parent or any of its Affiliates receives any refund, credit or offset of
Taxes attributable (on a last dollar basis) to such carryback, Parent shall pay
such refund, credit or offset, plus any interest net of Taxes received thereon,
to LMC within 10 days from receipt thereof by Parent or any of its Affiliates;
provided, that Parent shall be entitled to reduce the amount of any such refund,
credit or offset for its reasonable costs and expenses; and provided further
that LMC, upon the request of Parent,

                                       10

<Page>

agrees to repay such refund, credit or offset, plus any interest net of Taxes
received thereon, to Parent in the event, and to the extent, that Parent is
required to repay such refund, credit or offset, plus any interest net of Taxes
received thereon, to a Governmental Authority.

          Section 2.5 AMENDED RETURNS. Any amended Tax Return or claim for Tax
refund, credit or offset with respect to any Transferred Subsidiary may be made
only by the Party (or its Affiliates) responsible for preparing the original Tax
Return with respect to such Transferred Subsidiary pursuant to Section 2.1. Such
Party (or its Affiliates) shall not, without the prior written consent of the
other Party, which consent shall not be unreasonably withheld or delayed, file,
or cause to be filed, any such amended Tax Return or claim for Tax refund,
credit or offset to the extent that such filing, if accepted, is likely to
change the Tax liability of, or give rise to a payment under this Agreement by,
such other Party (or any Affiliate of such other Party) for any Taxable period
(or portion thereof).

          Section 2.6 ALLOCATION OF EXCHANGE TAXES.

               (a) Except as otherwise provided in this Section 2.6, any
Exchange Taxes imposed on Parent, the Transferred Subsidiaries or on any
Affiliate of Parent shall be allocated to Parent, and any Exchange Taxes imposed
on the LMC Entities or on any Affiliate of the LMC Entities (other than the
Transferred Subsidiaries) shall be allocated to LMC.

               (b) LMC shall be allocated any Exchange Taxes imposed on Parent,
the Transferred Subsidiaries or any Affiliate of Parent that result from (i) any
of the representations and warranties of LMC in this Agreement not being true
and correct when made or deemed made, (ii) any breach or nonperformance of any
covenant or agreement made or to be performed by LMC in this Agreement, or (iii)
any other action (x) by LMC or any of its Affiliates (other than the Transferred
Subsidiaries) or (y) by, after the Closing, the Transferred Subsidiaries.

               (c) Parent shall be allocated any Exchange Taxes imposed on the
LMC Entities or any Affiliate of the LMC Entities that result from (i) any of
the representations and warranties of Parent in this Agreement not being true
and correct when made or deemed made, (ii) any breach or nonperformance of any
covenant or agreement made or to be performed by Parent in this Agreement, or
(iii) any other action (x) by Parent or any of its Affiliates (other than the
Transferred Subsidiaries) or (y) by, prior to the Closing, the Transferred
Subsidiaries.

          Section 2.7 TRANSFER TAXES. All Transfer Taxes imposed by a U.S.
federal, state or local Taxing Authority shall be allocated one-half to LMC and
one-half to Parent. All Transfer Taxes imposed by a foreign Taxing Authority
shall be allocated to Parent. LMC, on the one hand, or Parent, on the other
hand, whichever is required under applicable Law, shall file all necessary
documentation with respect to such Transfer Taxes on a timely basis.

                                  ARTICLE III
                    REPRESENTATIONS AND WARRANTIES OF PARENT

     Parent represents and warrants to LMC as of the date hereof and as of the
Closing that:

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          Section 3.1 THE RULING REQUEST AND THE RULINGS. Parent (i) has
examined (A) the Ruling Request and each other IRS Submission, (B) the Rulings,
and (C) any other materials delivered in connection with the issuance of the
Rulings (collectively, the "TAX MATERIALS"), and (ii) the facts presented and
representations made therein, to the extent descriptive of or otherwise relating
to Parent, the Transferred Subsidiaries or any of their respective Affiliates
are true, correct, and complete in all material respects. This representation is
made as of the Closing Date and not as of the date hereof.

          Section 3.2 PARENT TAX OPINION AND PARENT TAX OPINION REPRESENTATIONS.

               (a) As of the date hereof, none of Parent or its Affiliates has
taken or agreed to take any action, has failed to take any action or knows after
consultation with Tax counsel, of any fact, agreement, plan or other
circumstance, that is reasonably likely, directly or indirectly, in whole or in
part, to (i) jeopardize the receipt of any of the Rulings or the Tax Opinions,
or (ii) adversely affect the Tax-Free Status of the Transactions.

               (b) The Parent Tax Opinion Representations are true, correct and
complete in all respects and are incorporated herein by this reference. This
representation is made as of the Closing Date and not as of the date hereof.

               (c) Parent does not have any plan or intention to take any
action, or to fail to take any action, which action or omission would be
inconsistent with the Parent Tax Opinion Representations.

               (d) As of the date hereof, Parent expects the Parent Tax Opinion
Representations to be true, correct and complete in all respects as of the
Closing Date.

          Section 3.3 REPRESENTATIONS RELATED TO THE TRANSFERRED SUBSIDIARIES.
The representations and warranties set forth in Sections 4.20.6, 4.20.10, and
4.20.11 of the Share Exchange Agreement are true, correct and complete in all
respects and are incorporated herein by this reference. For purposes of the
representation made by this Section 3.3 as of the Closing Date, the
representations and warranties set forth in Sections 4.20.6, 4.20.10, and
4.20.11 of the Share Exchange Agreement shall be deemed to have been made again
as of the Closing Date.

                                   ARTICLE IV
                     REPRESENTATIONS AND WARRANTIES OF LMC

     LMC represents and warrants to Parent as of the date hereof and as of the
Closing that:

          Section 4.1 THE RULING REQUEST AND THE RULINGS. LMC (i) has examined
the Tax Materials, and (ii) the facts presented and representations made
therein, to the extent descriptive of or otherwise relating to the LMC Entities
or any of their respective Affiliates, are true, correct, and complete in all
material respects, subject to the limitations described in the next sentence.
With respect to any facts or representations related to the application of
Section 355(d) of the Code to the Exchange, LMC is permitted to assume, and has
assumed, all matters it is expressly permitted to assume pursuant to Section 4.3
(subject to the limitations set forth in such section). This representation is
made as of the Closing Date and not as of the date hereof.

                                       12

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          Section 4.2 LMC TAX OPINION AND LMC TAX OPINION REPRESENTATIONS.

               (a) As of the date hereof, none of LMC or its Affiliates has
taken or agreed to take any action, has failed to take any action or knows,
after consultation with Tax counsel, of any fact, agreement, plan or other
circumstance, that is reasonably likely, directly or indirectly, in whole or in
part, to (i) jeopardize the receipt of any of the Rulings or the Tax Opinions,
or (ii) adversely affect the Tax-Free Status of the Transactions.

               (b) The LMC Tax Opinion Representations are true, correct and
complete in all respects and are incorporated herein by this reference. This
representation is made as of the Closing Date and not as of the date hereof.

               (c) LMC does not have any plan or intention to take any action,
or to fail to take any action, which action or omission would be inconsistent
with the LMC Tax Opinion Representations.

               (d) As of the date hereof, LMC expects the LMC Tax Opinion
Representations to be true, correct and complete in all respects as of the
Closing Date.

          Section 4.3 SECTION 355(d). For purposes of Section 355(d) of the
Code, immediately after the Exchange, no person (determined after applying
Section 355(d)(7) of the Code) will hold stock possessing 50 percent or more of
the total combined voting power of all classes of Splitco stock entitled to
vote, or 50 percent or more of the total value of shares of all classes of
Splitco stock, that was attributable to distributions on Parent stock that was
acquired by "purchase" (within the meaning of Section 355(d) of the Code) during
the five-year period (determined after applying Section 355(d)(6) of the Code)
ending on the date of the Exchange; provided, however, that for purposes of
making this representation, LMC is permitted to assume that:

               (a) for U.S. federal income tax purposes, (i) the Domestication
constituted a transfer of property governed by Section 351 of the Code pursuant
to which an amount of stock in The News Corporation Limited (now known as News
Holdings Limited), a South Australia corporation, that meets the requirements of
Section 1504(a)(2) of the Code was acquired, and (ii) each of the Merger
Transactions constituted a reorganization within the meaning of Section 368(a)
of the Code;

               (b) each of the Acquisition Transactions was not, in and of
itself, a "purchase" within the meaning of Section 355(d)(5)(A) and (B) of the
Code, as such provisions are interpreted by Treasury Regulations Section
1.355-6(d), and as such provisions would apply without regard to any other
provision of Section 355(d) of the Code or the Treasury Regulations thereunder
(including, for the avoidance of doubt, the application of Section 355(d)(5)(C)
of the Code and Treasury Regulations Section 1.355-6(e));

               (c) neither Parent nor any of its Affiliates has taken any action
at any time that did not, directly or indirectly, involve any of the LMC
Entities, Liberty Media LLC or any of their respective predecessors or
Affiliates, which action would cause any of the Acquisition Transactions to
constitute a "purchase" within the meaning of Section 355(d) of the Code and the
Treasury Regulations thereunder; and

                                       13

<Page>

               (d) the Internal Restructuring did not result in a "purchase,"
within the meaning of Section 355(d) of the Code and the Treasury Regulations
thereunder, of any stock by any Person.

Notwithstanding the foregoing, the assumptions set forth in Section 4.3(a) and
(b) shall not apply to the extent that any of the LMC Entities, Liberty Media
LLC or any of their respective predecessors or Affiliates has taken any action
at any time inconsistent with such assumptions.

                                   ARTICLE V
                            COVENANTS AND AGREEMENTS

          Section 5.1 PREPARATION AND FILING OF IRS SUBMISSIONS.

               (a) As soon as reasonably practicable after the date of this
Agreement, the Ruling Request shall be submitted to the IRS. Parent and LMC
shall use reasonable best efforts to cause the IRS to accept a Joint Ruling
Request; provided, however, that if the IRS does not permit a Joint Ruling
Request to be submitted, then Parent shall submit the Parent Ruling Request and
LMC shall submit the LMC Ruling Request. The Joint Ruling Request and any other
IRS Submissions relating thereto shall be prepared by Parent and submitted to
the IRS jointly on behalf of Parent and LMC. If a Joint Ruling Request is not
permissible, then Parent shall prepare the Parent Ruling Request and any other
IRS Submissions relating thereto. The LMC Ruling Request shall be prepared in a
form substantially similar to the Parent Ruling Request, except to the extent
reasonably necessary or appropriate to reflect the fact that such LMC Ruling
Request will be filed by LMC (including with respect to any rulings requested),
and other IRS Submissions relating to the LMC Ruling Request shall be prepared
in a form substantially similar to any corresponding IRS Submission relating to
the Parent Ruling Request, except to the extent reasonably necessary or
appropriate to reflect the fact that such IRS Submission will be filed by LMC.
Parent shall provide LMC with a reasonable opportunity to review and comment on
each IRS Submission to be filed by Parent prior to the filing of such IRS
Submission with the IRS, and LMC shall provide Parent with a reasonable
opportunity to review and comment on each IRS Submission to be filed by LMC
prior to the filing of such IRS Submission with the IRS. Each of Parent and LMC
will designate certain representatives to be listed on the power of attorney
delivered to the IRS in connection with any Ruling Request.

               (b) No IRS Submission shall be filed by Parent with the IRS
unless, prior to such filing, LMC shall have agreed as to the contents of such
IRS Submission to the extent that the IRS Submission (i) includes statements or
representations relating to facts that are or will be under the control of LMC
or any of its Affiliates or (ii) is relevant to, or creates, any actual or
potential obligations of, or limitations on, LMC or any of its Affiliates
(including any of the Transferred Subsidiaries for periods after the Exchange),
including any such obligations of, or limitations on, LMC or its Affiliates
under the Share Exchange Agreement and other documents related to the Exchange;
provided, however, that if the IRS requests same-day filing of an IRS Submission
that does not include any material issue or statement, then Parent is required
only to make a good faith effort to notify LMC's representatives and to give
such representatives an opportunity to review and comment on such IRS Submission
prior to filing it with the IRS. No IRS Submission shall be filed by LMC with
the IRS unless, prior to such filing, Parent shall have agreed as to the
contents of such IRS Submission to the extent that the

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IRS Submission (i) includes statements or representations relating to facts that
are or will be under the control of Parent or any of its Affiliates or (ii) is
relevant to, or creates, any actual or potential obligations of, or limitations
on, Parent or any of its Affiliates (including any of the Transferred
Subsidiaries for periods prior to the Exchange), including any such obligations
of, or limitations on, Parent or its Affiliates under the Share Exchange
Agreement and other documents related to the Exchange; provided, however, that
if the IRS requests same-day filing of an IRS Submission that does not include
any material issue or statement, then LMC is required only to make a good faith
effort to notify Parent's representatives and to give such representatives an
opportunity to review and comment on such IRS Submission prior to filing it with
the IRS. Each Party shall provide the other Party with copies of each IRS
Submission filed with the IRS promptly following the filing thereof. Neither
Party nor their representatives shall conduct any substantive communications
with the IRS regarding any material issue arising with respect to the Ruling
Request, including meetings or conferences with IRS personnel, whether
telephonically, in person or otherwise, without first notifying the other Party
(or their representatives) and giving the latter Party (or their
representatives) a reasonable opportunity to participate, and a reasonable
number of each Party's representatives shall have an opportunity to participate
in all conferences or meetings with IRS personnel that take place in person,
regardless of the nature of the issues expected to be discussed. Each Party
shall copy the other Party (or their representatives) on all written
correspondence of such Party (or their representatives) to the IRS, and shall
promptly provide the other Party (or their representatives) with copies of any
correspondence received by such Party (or their representatives) from the IRS.

          Section 5.2 COMPLIANCE WITH TAX MATERIALS.

               (a) Parent hereby confirms and agrees to (and to cause its
Affiliates to) comply and otherwise act in a manner consistent with any and all
representations, statements, covenants and agreements in (i) the Tax Materials
applicable to Parent or any of its Affiliates (other than the Transferred
Subsidiaries), and (ii) the Parent Tax Opinion, the Parent Tax Opinion
Representations, and any other materials delivered or deliverable by Parent or
any of its Affiliates in connection with the rendering of the Tax Opinions
(collectively, the material described in clause (ii), the "PARENT MATERIALS").
Prior to the Exchange, Parent will cause the Transferred Subsidiaries to comply
and otherwise act in a manner consistent with any and all representations,
statements, covenants and agreements in the Tax Materials and the Parent
Materials applicable to the Transferred Subsidiaries.

               (b) LMC hereby confirms and agrees to (and to cause its
Affiliates to) comply and otherwise act in a manner consistent with any and all
representations, statements, covenants and agreements in (i) the Tax Materials
applicable to LMC or any of its Affiliates (other than the Transferred
Subsidiaries), and (ii) the LMC Tax Opinion, the LMC Tax Opinion
Representations, and any other materials delivered or deliverable by LMC or any
of its Affiliates in connection with the rendering of the Tax Opinions
(collectively, the material described in clause (ii), the "LMC MATERIALS").
After the Exchange, LMC will cause the Transferred Subsidiaries to comply and
otherwise act in a manner consistent with any and all representations,
statements, covenants and agreements in the Tax Materials and the LMC Materials
applicable to the Transferred Subsidiaries.

                                       15

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          Section 5.3 ADDITIONAL COVENANTS.

               (a) None of Parent, LMC or their respective Affiliates will take
or permit to be taken any action at any time that is reasonably likely, directly
or indirectly, in whole or in part, to (i) jeopardize the receipt of any of the
Rulings or the Tax Opinions or (ii) adversely affect the Tax-Free Status of the
Transactions.

               (b) Parent, LMC, and their respective Affiliates will use
reasonable best efforts to take or cause to be taken any action reasonably
necessary (i) to ensure the receipt of, as well as the continued validity and
applicability of, the Rulings and the Tax Opinions and (ii) to preserve the
Tax-Free Status of the Transactions.

               (c) Parent shall not modify the steps of the Parent Restructuring
set forth on Schedule C to the Share Exchange Agreement in a manner that would
be reasonably likely, directly or indirectly, in whole or in part, to (x)
jeopardize the receipt of any of the Rulings or the Tax Opinions or (y)
adversely affect the Tax-Free Status of the Transactions.

          Section 5.4 TAX SHARING AGREEMENTS. Parent shall cause all Tax Sharing
Agreements to which any of the Transferred Subsidiaries is a party or may be
subject and all obligations thereunder to terminate as to such Transferred
Subsidiaries on or prior to the Closing, and after the Closing, none of the
Transferred Subsidiaries shall be bound by such Tax Sharing Agreements or have
any liability or rights thereunder.

          Section 5.5 ACTIONS BETWEEN SIGNING AND CLOSING. From the date hereof
until the Closing Date, Parent will not, and will not permit its respective
Affiliates to (i) make, change or revoke any material Tax election relating
primarily to any of the Transferred Subsidiaries, (ii) change materially any
method of accounting relating primarily to any of the Transferred Subsidiaries
with respect to Taxes, (iii) consent to any extension or waiver of the
limitations period applicable to any material Tax claim or assessment relating
primarily to any of the Transferred Subsidiaries, (iv) settle or compromise any
material Tax liability relating primarily to any of the Transferred
Subsidiaries, (v) enter into any material agreement relating primarily to Taxes
of the Transferred Subsidiaries with any Taxing Authority or (vi) make any
material change in any Tax practice or policy relating primarily to any of the
Transferred Subsidiaries; except, in each case, (A) as consented to or approved
in advance by LMC, which consent shall not be unreasonably withheld or delayed,
(B) as otherwise required because of a change in Law or a Final Determination or
(C) if such actions would not affect material Taxes of or with respect to the
Transferred Subsidiaries due for any Post-Exchange Period.

          Section 5.6 SECTION 355(e). For a period of six months from the
Closing Date, none of LMC, its Affiliates, or any of their respective officers,
directors or authorized agents will enter into any agreement, understanding or
arrangement or any substantial negotiations with respect to any transaction or
series of transactions, including any issuance or transfer of an option (within
the meaning of Section 355(e) of the Code), that is for purposes of Section
355(e) of the Code and any proposed, temporary or final Treasury Regulations
thereunder, part of a plan or series of related transactions with the Exchange
pursuant to which one or more Persons acquire (other than pursuant to the
Exchange), directly or indirectly, stock possessing fifty percent or

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more of the total combined voting power of all classes of stock of Splitco
entitled to vote or stock possessing fifty percent or more of the total value of
all classes of stock of Splitco.

                                   ARTICLE VI
                            SURVIVAL; INDEMNIFICATION

          Section 6.1 SURVIVAL. The representations and warranties contained (or
incorporated by reference, including, for the avoidance of doubt, Sections
4.20.6, 4.20.10, and 4.20.11 of the Share Exchange Agreement) in this Agreement
shall, for purposes of this Agreement, survive the Closing until the date that
is 60 calendar days following the expiration of the statute of limitations
applicable to actions with respect thereto. Except as otherwise specified to the
contrary herein, all covenants and agreements of each Party contained in this
Agreement shall, for purposes of this Agreement, survive the Closing, unless
specified to the contrary herein.

          Section 6.2 PARENT INDEMNITY. Parent hereby indemnifies each LMC
Indemnitee against and agrees to hold each of them harmless (without
duplication), from any and all (i) Taxes of the Transferred Subsidiaries or that
otherwise relate to the Transferred Business or the ownership of the DTV Shares
for any Pre-Exchange Period (consistent with the principles of Section 6.4),
(ii) liabilities of any Transferred Subsidiary for Taxes of any Person (other
than any of the Transferred Subsidiaries) as a result of such Transferred
Subsidiary being, or having been, on or before the Closing Date, a member of an
affiliated, consolidated, combined or unitary group, pursuant to Treasury
Regulations Section 1.1502-6 or any other provision of federal, state, local or
foreign Law, (iii) liabilities for Taxes of any Transferred Subsidiary under any
Tax Sharing Agreement, (iv) liabilities for Taxes of any Person (other than any
of the Transferred Subsidiaries) imposed on any of the Transferred Subsidiaries
as a result of their becoming, prior to the Closing, a transferee or successor
to any other Person's liabilities, (v) Taxes and Damages arising out of or based
upon any of the representations and warranties of Parent in this Agreement not
being true and correct when made or deemed made, (vi) Taxes and Damages arising
out of or based upon any breach or nonperformance of any covenant or agreement
made or to be performed by Parent in this Agreement, (vii) Transfer Taxes
allocated to Parent pursuant to Section 2.7, (viii) Exchange Taxes allocated to
Parent pursuant to Section 2.6, (ix) liabilities of Parent or any of its
Affiliates for Taxes of any Person arising out of the GM Transaction or under
the GM Agreements, and (x) reasonable out-of-pocket legal, accounting and other
advisory and court fees incurred in connection with the items described in
clauses (i) through (ix); provided, however, that notwithstanding clauses (i),
(ii), (iv), (v) and (vi) of this Section 6.2, Parent shall not be responsible
for (x) Exchange Taxes allocated to LMC pursuant to Section 2.6, (y) Taxes
arising out of or based upon any of the representations and warranties of LMC in
this Agreement not being true and correct when made or deemed made, or (z) Taxes
arising out of or based upon any breach or nonperformance of any covenant or
agreement made or to be performed by LMC in this Agreement.

          Section 6.3 LMC INDEMNITY. LMC hereby indemnifies each Parent
Indemnitee against and agrees to hold each of them harmless (without
duplication), from any and all (i) Taxes of the Transferred Subsidiaries or that
otherwise relate to the Transferred Business or the ownership of the DTV Shares
for any Post-Exchange Period (consistent with the principles of Section 6.4),
(ii) Taxes and Damages arising out of or based upon any of the representations

                                       17

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and warranties of LMC in this Agreement not being true and correct when made or
deemed made, (iii) Taxes and Damages arising out of or based upon any breach or
nonperformance of any covenant or agreement made or to be performed by LMC in
this Agreement, (iv) Transfer Taxes allocated to LMC pursuant to Section 2.7,
(v) Exchange Taxes allocated to LMC pursuant to Section 2.6, and (vi) reasonable
out-of-pocket legal, accounting and other advisory and court fees incurred in
connection with the items described in clauses (i) through (v); provided,
however, that notwithstanding clauses (i), (ii) and (iii) of this Section 6.3,
LMC shall not be responsible for (x) Exchange Taxes allocated to Parent pursuant
to Section 2.6, (y) Taxes arising out of or based upon any of the
representations and warranties of Parent in this Agreement not being true and
correct when made or deemed made, or (z) Taxes arising out of or based upon any
breach or nonperformance of any covenant or agreement made or to be performed by
Parent in this Agreement.

          Section 6.4 ALLOCATION OF TAXES BETWEEN PRE-EXCHANGE AND POST-EXCHANGE
PERIODS. In the case of Taxes that are attributable to a Straddle Period, such
Taxes shall be allocated between the portion of the Straddle Period that is a
Pre-Exchange Period and the portion of the Straddle Period that is a
Post-Exchange Period based on a Closing of the Books Method. Notwithstanding the
foregoing provisions of this Section 6.4 or Treasury Regulations Section
1.1502-76(b)(1)(ii)(B), Taxes attributable to any transaction or action taken by
or with respect to any Transferred Subsidiary out of the ordinary course of
business before the Closing on the Closing Date shall be allocated to the
Pre-Exchange Period, and Taxes attributable to any transaction or action taken
by or with respect to any Transferred Subsidiary out of the ordinary course of
business after the Closing on the Closing Date shall be allocated to the
Post-Exchange Period.

          Section 6.5 NOTICE OF TAX CONTESTS. Each Party shall promptly notify
the other Party of a written communication from any Taxing Authority with
respect to any pending or threatened audit, dispute, suit, action, proposed
assessment, or other proceeding, concerning any Tax, or any other adjustment or
claim (each a "TAX CONTEST") (i) which could reasonably give rise to an
indemnification liability or indemnification payment of the other Party pursuant
to this Agreement or (ii) which could reasonably be expected to affect the Tax
consequences of the Exchange to either Party or its Affiliates; provided,
however, that failure to give such notification shall not affect the
indemnification provided hereunder except, and only to the extent that, the
indemnifying party shall have been actually prejudiced as a result of such
failure. Thereafter, the indemnified party shall deliver to the indemnifying
party such additional information with respect to such Tax Contest in its
possession that the indemnifying party may reasonably request.

          Section 6.6 INDEMNIFICATION PROCEDURES.

               (a) In the case of a Tax Contest, the indemnified party shall be
entitled to exercise full control of the defense, compromise or settlement of
any Tax Contest unless the indemnifying party within a reasonable time after the
giving of notice of such Tax Contest by the indemnified party (i) delivers a
written confirmation to such indemnified party that the indemnification
provisions of this Agreement are applicable to such Tax Contest and that the
indemnifying party will indemnify such indemnified party in respect of such Tax
Contest pursuant to the applicable indemnification provisions of this Agreement,
(ii) notifies such indemnified party in writing of the indemnifying party's
intention to assume the defense thereof

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and (iii) retains legal counsel reasonably satisfactory to such indemnified
party to conduct the defense of such Tax Contest, in which case the indemnifying
party shall be entitled to exercise full control of the defense, compromise or
settlement of such Tax Contest.

               (b) If the indemnifying party so assumes the defense of any such
Tax Contest in accordance herewith, then such indemnified party shall cooperate
with the indemnifying party in any manner that the indemnifying party reasonably
may request in connection with the defense, compromise or settlement thereof. If
the indemnifying party so assumes the defense of any such Tax Contest, the
indemnified party shall have the right to employ separate counsel and to
participate in (but not control) the defense, compromise or settlement thereof,
but the fees and expenses of such counsel shall be the expense of such
indemnified party. If such indemnified party shall have been advised by outside
counsel that there may be one or more legal defenses available to it that are
different from or additional to those available to the indemnifying party or
that a conflict of interest between the indemnifying party and the indemnified
party in the conduct of the defense of such Tax Contest would reasonably be
expected, then (i) the indemnifying party shall not have the right to control
the defense, compromise or settlement of such Tax Contest on behalf of the
indemnified party, (ii) the indemnifying and indemnified party shall have the
right to control jointly the defense, compromise or settlement of such Tax
Contest, and (iii) the reasonable fees and expenses of the indemnified party's
separate counsel shall be borne by the indemnifying party. No indemnified party
shall settle or compromise or consent to entry of any judgment with respect to
any such Tax Contest for which it is entitled to indemnification hereunder
without the prior consent of the indemnifying party, which shall not be
unreasonably withheld, unless the indemnifying party shall have failed, after
reasonable notice thereof, to undertake control of such action in the manner
provided above in this Section 6.6 to the extent the indemnifying party was
entitled to do so pursuant to this Section 6.6. If the indemnifying party
assumes the defense of a Tax Contest, the indemnified party shall agree to any
settlement, compromise or discharge of a Tax Contest that the indemnifying party
may recommend and as to which the indemnifying party acknowledges in writing its
obligation to make payment in full; provided that such settlement, compromise or
discharge of such Tax Contest would not otherwise materially and adversely
affect the indemnified party.

               (c) Notwithstanding the foregoing, in the case of a Tax Contest
relating to the Tax-Free Status of the Transactions, both the indemnifying party
and the indemnified party shall have the right to control jointly the defense,
compromise or settlement of any such Tax Contest. No indemnified party shall
settle or compromise or consent to entry of any judgment with respect to any
such Tax Contest without the prior consent of the indemnifying party, which
consent may be withheld in the indemnifying party's sole discretion.

          Section 6.7 PAYMENTS. Except as otherwise provided herein, payments
due under this Agreement shall be made no later than ten (10) Business Days
after (i) the receipt or crediting of a refund, (ii) the realization of a Tax
benefit for which the other Party is entitled to reimbursement, or (iii) the
delivery of notice of payment of a Tax for which the other Party is responsible
under this Agreement, in each case by wire transfer of immediately available
funds to an account designated by the Party entitled to such payment. Payments
due hereunder, but not made within such period, shall bear interest at the
Interest Rate.

                                       19

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          Section 6.8 TREATMENT OF PAYMENTS; AFTER TAX BASIS. Notwithstanding
anything to the contrary contained herein or in the Share Exchange Agreement,
the Parties agree that (i) following the Closing and subject to LMC's consent,
which consent shall not be unreasonably withheld or delayed, any amounts owing
between the Parties and their respective Affiliates pursuant to this Agreement
or the Share Exchange Agreement shall be settled by making payments by or to
Splitco instead of LMC, and (ii) any payments made between the Parties or their
Affiliates pursuant to this Agreement or the Share Exchange Agreement (other
than interest accruing on payments not timely made under such agreements) with
respect to a Pre-Exchange Period or as a result of an event or action occurring
in a Pre-Exchange Period shall be treated, to the extent permitted by law, for
all Tax purposes as a distribution from or a capital contribution to Splitco
made immediately prior to the Exchange. If the receipt or accrual of any such
payment results in Taxable income (including an increase in the amount of any
gain or other income realized on the Exchange) to the recipient thereof, such
payment shall be increased so that, after the payment of any Taxes with respect
to the payment, the recipient thereof shall have realized the same net amount it
would have realized had the payment not resulted in Taxable income. To the
extent that Taxes for which one Party (the indemnifying Party) is required to
pay the other Party (the indemnified party) pursuant to this Agreement (the
"INDEMNIFIED TAXES") may be deducted or credited in determining the amount of
any other Taxes required to be paid by the indemnified Party (for example, state
Taxes which are permitted to be deducted in determining federal Taxes), the
amount of any payment made to the indemnified Party by the indemnifying Party
shall be decreased by taking into account any resulting reduction in other Taxes
of the indemnified Party. If such a reduction in Taxes of the indemnified Party
occurs following the payment made to the indemnified Party with respect to the
relevant Indemnified Taxes, the indemnified Party shall promptly repay the
indemnifying Party the amount of such reduction when actually realized. If the
Tax benefit arising from the foregoing reduction of Taxes described in this
Section 6.8 is subsequently decreased or eliminated, then the indemnifying Party
shall promptly pay the indemnified Party the amount of the decrease in such Tax
benefit.

                                   ARTICLE VII
                                   COOPERATION

          Section 7.1 GENERAL. Parent, LMC and their respective Affiliates shall
cooperate with each other and with each other's agents, including accounting
firms and legal counsel, in connection with (a) Tax matters relating to the
Transferred Subsidiaries and their assets and operations, including (i)
preparation and filing of Tax Returns, (ii) determining the liability and amount
of any Taxes due, the right to and amount of any refund, credit or offset of
Taxes and the amount of any Tax attributes allocable to the Transferred
Subsidiaries, (iii) obtaining any refund, credit or offset of Taxes, (iv)
examinations of Tax Returns, and (v) any administrative or judicial proceeding,
or other Tax Contest, in respect of Taxes assessed or proposed to be assessed,
and (b) the defense of any Tax Contest involving the Exchange or the Parent
Restructuring. Each Party shall also make available to the other Party, as
reasonably requested and available, personnel (including officers, directors,
employees and agents) responsible for preparing, maintaining, and interpreting
information and providing information or documents in connection with any
administrative or judicial proceedings relating to Taxes.

                                       20

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          Section 7.2 CONSISTENT TREATMENT. Unless and until there has been a
Final Determination to the contrary, each Party agrees (a) to treat the Exchange
as a tax-free exchange under Section 355(a) of the Code, and (b) not to take any
position on any Tax Return, in connection with any Tax Contest, or otherwise for
Tax purposes (in each case, excluding any position taken for financial
accounting purposes) that is inconsistent with (i) the allocation of Taxes and
Tax benefits hereunder, (ii) the Rulings, (iii) the Tax Opinions, or (iv) the
Tax-Free Status of the Transactions.

                                  ARTICLE VIII
                                 RECORDS; ACCESS

          Section 8.1 DELIVERY OF TAX RECORDS. At or before the Closing, Parent
shall provide to LMC (to the extent not previously provided or held by any
Transferred Subsidiary at Closing) copies of (A) the separate Tax Returns of any
Transferred Subsidiaries, (B) the relevant portions of any other Tax Returns
with respect to any Transferred Subsidiaries, and (C) other existing Tax records
(or the relevant portions thereof) reasonably necessary to prepare and file any
Tax Returns of, or with respect to, the Transferred Subsidiaries, or to defend
or contest Tax matters relevant to the Transferred Subsidiaries, including in
each case, all Tax records related to Tax attributes of the Transferred
Subsidiaries and any and all communications or agreements with, or rulings by,
any Taxing Authority with respect to any Transferred Subsidiary.

          Section 8.2 RETENTION OF RECORDS; ACCESS. The Parties shall (a) retain
all Tax Returns, schedules and work papers and all other records, documents,
accounting data, and other information (including computer data) necessary for
the preparation and filing of all Tax Returns in respect of Taxes of the
Transferred Subsidiaries for any Taxable period, or for any Tax Contests
relating to such Tax Returns, and (b) give to the other Party reasonable access
to such records, documents, accounting data, and other information (including
computer data) and to its personnel (insuring their cooperation) and premises,
for the purpose of the review or audit of such Tax Returns to the extent
relevant to an obligation or liability of a Party under this Agreement or for
purposes of the preparation or filing of any such Tax Return, the conduct of any
Tax Contest or any other matter reasonably and in good faith related to the Tax
affairs of the requesting Party.

          Section 8.3 CONFIDENTIALITY; OWNERSHIP OF INFORMATION; PRIVILEGED
INFORMATION. Each Party hereby agrees that it will hold, and shall use its
reasonable best efforts to cause its officers, directors, employees,
accountants, counsel, consultants, advisors and agents to hold, in confidence
all records and information prepared and shared by and among the Parties in
carrying out the intent of this Agreement, unless disclosure is compelled by a
Governmental Authority. Information and documents of one Party (the "DISCLOSING
PARTY") shall not be deemed to be confidential for purposes of this Section 8.3
to the extent such information or document (i) is previously known to or in the
possession of the other party (the "RECEIVING PARTY") and is not otherwise
subject to a requirement to keep confidential, (ii) becomes publicly available
by means other than unauthorized disclosure under this Agreement or the Share
Exchange Agreement by the Receiving Party or (iii) is received from a third
party without, to the knowledge of the Receiving Party after reasonable
diligence, a duty of confidentiality owed to the Disclosing Party.

                                       21

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          Section 8.4 CONTINUATION OF RETENTION OF INFORMATION, ACCESS
OBLIGATIONS. The obligations set forth above in Section 8.2 shall continue until
the longer of (a) the time of a Final Determination of any controversy with
respect to such Taxable period and until the final determination of any payments
that may be required with respect to such Taxable period under this Agreement,
or (b) expiration of all applicable statutes of limitations (including any
extensions thereof) of the Taxable period to which the records and information
relate. For purposes of the preceding sentence, each Party shall assume that no
applicable statute of limitations has expired unless such Party has received
notification or otherwise has actual knowledge that such statute of limitations
has expired.

                                   ARTICLE IX
                            MISCELLANEOUS PROVISIONS

          Section 9.1 TERMINATION. This Agreement will automatically terminate
upon termination of the Share Exchange Agreement pursuant to the terms thereto.
In the event of the termination of this Agreement pursuant to this Section 9.1,
this Agreement, except for the provisions of (i) Section 8.3 relating to the
obligation of the parties to keep confidential certain information obtained by
them and (ii) Article IX, which shall, in each case, remain in full force and
effect, shall become void and have no effect, without any liability on the part
of any party hereto or its directors, officers or stockholders. Notwithstanding
the foregoing, nothing in this Section 9.1 shall relieve any party hereto of
liability for a willful breach of any of its obligations under this Agreement.

          Section 9.2 COMPLETE AGREEMENT; CONSTRUCTION. This Agreement and the
Share Exchange Agreement (including the Schedules and Exhibits attached hereto
or thereto or delivered in connection herewith or therewith) shall constitute
the entire agreement among the Parties with respect to the matters covered
hereby and thereby and supersedes all previous written, oral or implied
understandings, among them with respect to such matters. Notwithstanding
anything to the contrary contained in this Agreement or the Share Exchange
Agreement, in the event of any conflict or inconsistency between any provision
of this Agreement and any provision of the Share Exchange Agreement, the
applicable provision of this Agreement shall govern.

          Section 9.3 COUNTERPARTS. This Agreement may be executed in
counterparts, each of which shall be deemed an original agreement, but all of
which together shall constitute one and the same instrument.

          Section 9.4 JOINT AND SEVERAL LIABILITY. Following the Exchange,
Splitco and the Stockholders shall be jointly and severally liable for any
liability or obligation of LMC under this Agreement.

          Section 9.5 NOTICES. All notices or other communications required or
permitted hereunder shall be in writing and shall be delivered personally, by
facsimile (with confirming copy sent by one of the other delivery methods
specified herein), by overnight courier or sent by certified, registered or
express air mail, postage prepaid, and shall be deemed given when so delivered
personally, or when so received by facsimile or courier, or, if mailed,

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three (3) calendar days after the date of mailing, as follows:

If to Parent:     News Corporation
                  1211 Avenue of the Americas
                  New York, New York 10036
                  Facsimile: (212) 768-9896
                  Attention: General Counsel

with a copy to:   Skadden, Arps, Slate, Meagher & Flom LLP
                  Four Times Square
                  New York, New York 10036
                  Facsimile: (917) 777-2000
                  Attention: Lou R. Kling
                             Howard L. Ellin
                             J. Phillip Adams

If to LMC:        Liberty Media Corporation
                  12300 Liberty Boulevard
                  Englewood, Colorado 80112
                  Facsimile: (720) 875-5382
                  Attention: General Counsel

with a copy to:   Baker Botts L.L.P.
                  30 Rockefeller Plaza, 44th Floor
                  New York, New York 10112-4498
                  Facsimile: (212) 408-2501
                  Attention: Frederick H. McGrath

or to such other address and with such other copies as any Party hereto shall
notify the other Parties hereto (as provided above) from time to time.

          Section 9.6 WAIVERS. The failure of any Party to require strict
performance by the other Party of any provision in this Agreement will not waive
or diminish that Party's right to demand strict performance thereafter of that
or any other provision hereof.

          Section 9.7 AMENDMENT AND MODIFICATION. This Agreement may not be
amended except by an instrument in writing signed on behalf of each of the
Parties hereto.

          Section 9.8 ASSIGNMENT; SUCCESSORS AND ASSIGNS; NO THIRD PARTY RIGHTS.
This Agreement may not be assigned by any Party hereto without the prior written
consent of the other Parties hereto, and any attempted assignment shall be null
and void; PROVIDED, HOWEVER, that following the Closing LMC will be permitted to
assign its rights hereunder, without

                                       23

<Page>

obtaining the consent of Parent, to any Person to which ownership of one hundred
percent (100%) of the shares of capital stock of Splitco are or have been
transferred in connection with any spin off, split off or other distribution of
the securities of such transferee in which holders of LMC capital stock
immediately prior thereto are entitled to, or have the opportunity to,
participate in such distribution. This Agreement shall be binding upon and inure
to the benefit of the Parties hereto and their respective successors and
permitted assigns. This Agreement shall be for the sole benefit of the Parties
hereto, and their respective successors and permitted assigns, and is not
intended, nor shall be construed, to give any Person, other than the Parties
hereto and their respective successors and permitted assigns any legal or
equitable right, benefit, remedy or claim hereunder.

          Section 9.9 NO STRICT CONSTRUCTION. Parent and LMC each acknowledge
that this Agreement has been prepared jointly by the Parties hereto and shall
not be strictly construed against any Party hereto.

          Section 9.10 TITLES AND HEADINGS. The headings and table of contents
in this Agreement are for reference purposes only, and shall not in any way
affect the meaning or interpretation of this Agreement.

          Section 9.11 GOVERNING LAW; CONSENT TO JURISDICTION. This Agreement
shall be governed by, and construed in accordance with, the internal Laws of the
State of Delaware, without reference to the choice of law principles thereof.
Each of the Parties hereto irrevocably submits to the exclusive jurisdiction of
the courts of the State of Delaware and the United States District Court for any
district within such state for the purpose of any Action or judgment relating to
or arising out of this Agreement or any of the transactions contemplated hereby
and to the laying of venue in such court. Service of process in connection with
any such Action may be served on each Party hereto by the same methods as are
specified for the giving of notices under this Agreement. Each Party hereto
irrevocably and unconditionally waives and agrees not to plead or claim any
objection to the laying of venue of any such Action brought in such courts and
irrevocably and unconditionally waives any claim that any such Action brought in
any such court has been brought in an inconvenient forum.

          Section 9.12 SEVERABILITY. If any term, provisions, covenant, or
restriction of this Agreement is held by a court of competent jurisdiction or
other authority to be invalid, void, or unenforceable, the remainder of the
terms, provisions, covenants, and restrictions of this Agreement shall remain in
full force and effect and shall in no way be affected, impaired, or invalidated
so long as the economic or legal substance of the transactions contemplated
hereby is not affected in any manner materially adverse to any Party. Upon such
determination, the Parties shall negotiate in good faith to modify this
Agreement so as to effect the original intent of the Parties as closely as
possible in an acceptable manner in order that the transactions contemplated
hereby are consummated as originally contemplated to the fullest extent
possible.

          Section 9.13 WAIVER OF JURY TRIAL. EACH PARTY HERETO ACKNOWLEDGES AND
AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO
INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND, THEREFORE, EACH SUCH PARTY HEREBY
IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT PERMITTED BY

                                       24

<Page>

APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT TO
ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH OR
RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.
EACH PARTY HERETO CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT
OR ATTORNEY OF ANY OTHER PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF SUCH ACTION, SEEK TO ENFORCE
THE FOREGOING WAIVER, (B) EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE
IMPLICATIONS OF THIS WAIVER, (C) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY,
AND (D) EACH SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG
OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9.13.

          Section 9.14 EQUITABLE REMEDIES. Neither rescission, set-off nor
reformation of this Agreement shall be available as a remedy to any of the
parties hereto. The parties hereto agree that irreparable damage would occur in
the event any of the provisions of this Agreement were not to be performed in
accordance with the terms hereof and that the parties shall be entitled to
specific performance of the terms hereof in addition to any other remedies at
Law or in equity.

                  [remainder of page intentionally left blank]

                                       25

<Page>

          IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to
be duly executed as of the day and year first above written.

                                        NEWS CORPORATION

                                        By: /s/ John P. Nallen
                                            ------------------------------------
                                            Name: John P. Nallen
                                            Title: Executive Vice President &
                                                   Deputy CFO

                                        LIBERTY MEDIA CORPORATION

                                        By: /s/ Gregory B. Maffei
                                            ------------------------------------
                                            Name: Gregory B. Maffei
                                            Title: President & CEO

                                       26

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