Document:

<PAGE>
                                                                     Exhibit 4.1

                      [FORM OF SERIES A RIGHTS CERTIFICATE]

[LIBERTY MEDIA CORPORATION LOGO]

                              SERIES A RIGHTS CERTIFICATE NO._________________
                              CUSIP NUMBER ___________________________________

SERIES A RIGHTS CERTIFICATE TO SUBSCRIBE FOR SHARES OF SERIES A COMMON STOCK FOR
HOLDERS OF RECORD ON ________ __, 2002. EXERCISABLE ON OR BEFORE 5:00 P.M., NEW
       YORK CITY TIME, ON _____ ___, 2002, UNLESS EXTENDED BY THE COMPANY.

REGISTERED HOLDER OF THIS SERIES A RIGHTS CERTIFICATE:

Name:_________________________________________________________________________

Address:______________________________________________________________________

SUBSCRIPTION PRICE:                    NUMBER OF SERIES A RIGHTS REPRESENTED
                                        BY THIS SERIES A RIGHTS CERTIFICATE
$____ PER SHARE                             __________________________

            Liberty Media Corporation, a Delaware corporation (the
"Company"), is conducting a rights offering (the "Rights Offering"), which
entitles the holders of the Company's Series A common stock, par value $0.01
per share (the "Series A Common Stock"), as of the close of business on
______  __, 2002 (the "Record Date"), to receive 0.__ transferable
subscription rights (each, a "Series A Right") for each share of Series A
Common Stock held by them of record on the Record Date. Each whole Series A
Right entitles the holder thereof to subscribe for and purchase one share of
Series A Common Stock (the "Basic Subscription Privilege") at a subscription
price of $_____ per share (the "Subscription Price").  If any shares of
Series A Common Stock available for purchase in the Rights Offering are not
purchased by the Series A Rightsholders pursuant to the exercise of their
Basic Subscription Privilege (the "Excess Shares"), any Series A Rightsholder
fully exercising its Basic Subscription Privilege hereunder may subscribe for
a number of Excess Shares by so specifying on Form 1 or on separate
instructions accompanying this Series A Rights Certificate delivered to the
Subscription Agent pursuant to the terms and conditions of the Rights
Offering, subject to proration (the "Oversubscription Privilege") as
described in the prospectus (the "Prospectus") dated _______ __, 2002.  If
the aggregate subscription price delivered or transmitted by the Series A
Rightsholder with this Series A Rights Certificate exceeds the aggregate
subscription price for all shares for which the Series A Rightsholder would
be entitled to subscribe pursuant to its Basic Subscription Privilege and no
direction is given as to the excess, such Series A Rightsholder will be
deemed to have subscribed for a number of Excess Shares equal to the maximum
whole number of Excess Shares that could be purchased with such excess
subscription price.  No fractional Series A Rights or cash in lieu thereof
will be issued or paid. Set forth above is the number of Series A Rights
evidenced by this Series A Rights Certificate that the Series A Rightsholder
is entitled to exercise pursuant to such Series A Rightsholder's Basic
Subscription Privilege.

LIBERTY MEDIA CORPORATION

By:__________________________                         _________________________
   President                                          Secretary

Countersigned:
[SUBSCRIPTION AGENT]

By:__________________________
   Authorized Signature
<PAGE>
            FOR A MORE COMPLETE DESCRIPTION OF THE TERMS AND CONDITIONS OF
THE RIGHTS OFFERING, PLEASE REFER TO THE PROSPECTUS, WHICH IS INCORPORATED
HEREIN BY REFERENCE.  COPIES OF THE PROSPECTUS ARE AVAILABLE UPON REQUEST
FROM THE INFORMATION AGENT, [_____________, AT (800) ___-____].

            THIS SERIES A RIGHTS CERTIFICATE MUST BE RECEIVED BY THE
SUBSCRIPTION AGENT, ______________________, OR GUARANTEED DELIVERY
REQUIREMENTS MUST BE COMPLIED WITH, WITH PAYMENT IN FULL BY 5:00 P.M., NEW
YORK CITY TIME, ON ______ __, 2002, UNLESS EXTENDED IN THE SOLE DISCRETION OF
THE COMPANY (AS IT MAY BE EXTENDED, THE "EXPIRATION TIME"). ANY SERIES A
RIGHTS NOT EXERCISED PRIOR TO THE EXPIRATION TIME WILL BE NULL AND VOID. ANY
SUBSCRIPTION FOR SHARES OF SERIES A COMMON STOCK IN THE RIGHTS OFFERING MADE
HEREBY IS IRREVOCABLE.  THE SUBSCRIPTION AGENT WILL ISSUE CERTIFICATES
REPRESENTING SHARES OF SERIES A COMMON STOCK PURCHASED PURSUANT TO THE RIGHTS
OFFERING AS SOON AS PRACTICABLE FOLLOWING THE EXPIRATION TIME.

            The registered owner whose name is inscribed hereon or its
assigns, is entitled to subscribe for shares of Series A Common Stock upon
the terms and subject to the conditions set forth in the Prospectus.

            Some or all of the Series A Rights represented by this Series A
Rights Certificate may be exercised by duly completing Form 1, may be
transferred to a designated transferee or assigned to a bank or broker to
sell for you by duly completing Form 2 or may be transferred to the
Subscription Agent to sell for you by duly completing Form 3.  Any Series A
Rightsholder who wishes to have its purchased shares, new Series A Rights
Certificates or sale proceeds, if any, delivered to a different person or
address than the one set forth hereon must duly complete Form 4.  Before
exercising, assigning, transferring or selling any Series A Rights, Series A
Rightsholders are advised to review the Prospectus and the Instructions For
Use of Liberty Media Corporation Rights Certificates accompanying this Series
A Rights Certificate, additional copies of each of which are available from
the Information Agent.

            THIS SERIES A RIGHTS CERTIFICATE IS TRANSFERABLE, AND MAY BE
COMBINED OR DIVIDED (BUT ONLY INTO SERIES A RIGHTS CERTIFICATES EVIDENCING
FULL RIGHTS) AT THE OFFICE OF THE SUBSCRIPTION AGENT.

            SERIES A RIGHTSHOLDERS SHOULD BE AWARE THAT IF THEY CHOOSE TO
EXERCISE, ASSIGN, TRANSFER OR SELL ONLY PART OF THEIR SERIES A RIGHTS, THEY
MAY NOT RECEIVE A NEW SERIES A RIGHTS CERTIFICATE IN SUFFICIENT TIME TO
EXERCISE THE REMAINING SERIES A RIGHTS EVIDENCED THEREBY.

                                       2
<PAGE>
                                    FORM 1

                          EXERCISE AND SUBSCRIPTION

      The undersigned hereby irrevocably exercises one or more Series A
Rights to subscribe for shares of Series A Common Stock as indicated below,
on the terms and subject to the conditions specified in the Prospectus,
receipt of which is hereby acknowledged. *

(a)   Number of shares subscribed for pursuant to the Basic Subscription
      Privilege:

      ____ X $____ = $_____ payment. (One whole Right needed to subscribe for
                                      one share.)

(b)   Number of shares subscribed for pursuant to the Oversubscription
      Privilege:

      ____ X $____ = $_____ payment.

      By exercising this Oversubscription Privilege, the undersigned Series A
Rightsholder hereby represents and certifies that the undersigned has fully
exercised its Basic Subscription Privilege received in respect of shares of
Series A Common Stock held in the capacity described on the face of this
Series A Rights Certificate.

(c)   Total Subscription (total number of shares on lines (a) and (b)
      multiplied by the Subscription Price) = $_________ payment.

      METHOD OF PAYMENT (CHECK AND COMPLETE APPROPRIATE BOX(ES)):

      [_]   Check, bank draft, or money order payable to "_______________",
            as "Subscription Agent";

      [_]   Wire transfer of immediately available funds directed to
            ____________________, [City], [State], ABA No. ________,
            Attention: ___________ Account No. _________ (Liberty Media);

      [_]   7-7/8% Senior notes due July 15, 2009, bearing CUSIP No. 530715AB7,
            in the aggregate principal amount of $________;**

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

* If the aggregate Subscription Price enclosed or transmitted is insufficient to
purchase the total number of shares of Series A Common Stock included in lines
(a) and (b), or if the number of shares being subscribed for is not specified,
the Series A Rightsholder exercising this Series A Right Certificate shall be
deemed to have subscribed for the maximum amount of shares of Series A Common
Stock that could be subscribed for with the aggregate Subscription Price
received. If the number of shares of Series A Common Stock to be subscribed for
pursuant to the Oversubscription Privilege is not specified and the amount
enclosed or transmitted exceeds the aggregate Subscription Price for all shares
which may be purchased pursuant to the Basic Subscription Privilege represented
by this Series A Rights Certificate and no direction is given as to the excess
(the "Subscription Excess"), the Series A Rightsholder exercising this Series A
Rights Certificate shall be deemed to have exercised the Oversubscription
Privilege to purchase, to the extent available, that number of whole shares of
Series A Common Stock equal to the quotient obtained by dividing the
Subscription Excess by the Subscription Price, subject to the limit on the
number of shares of Series A Common Stock available to be purchased in the
Rights Offering less the number of shares purchased under the Series A
Rightsholder's Basic Subscription Privilege. To the extent any portion of the
aggregate Subscription Price enclosed or transmitted remains after the foregoing
procedures, such excess payment shall be mailed or otherwise promptly returned
to the Series A Rightsholder without interest or deduction as soon as
practicable after the Expiration Time.

**  Debt securities may be tendered only in increments of $1,000 principal
amount in exchange for the integral multiple of shares of Series A Common
Stock indicated in the table below:

<TABLE>
<CAPTION>
                                                                    SHARES OF SERIES
                                                                     A COMMON STOCK
                                                                        FOR EACH
                                                                     $1000 PRINCIPAL
 DEBT SECURITIES                                 CUSIP NUMBER        AMOUNT TENDERED:
<S>                                              <C>                <C>
 7 7/8% senior notes due July 15, 2009              530715AB7         [_______]
 8 1/2% senior debentures due January 15, 2029      530715AD3         [_______]
 8 1/4% senior debentures due February 1, 2030      530715AJ0         [_______]
 7 3/4% senior notes due July 15, 2009              530718AA3         [_______]
</TABLE>

Payment by means of an exchange of debt securities will be deemed to have
been received by the Subscription Agent only when you have tendered the debt
securities pursuant to the book-entry delivery procedures set forth in the
Prospectus.

                                       1-A
<PAGE>
      [_]   8-1/2% Senior debentures due January 15, 2029, bearing CUSIP No.
            530715AD3, in the aggregate principal amount of $________;**

      [_]   8-1/4% Senior debentures due February 1, 2030, bearing CUSIP No.
            530715AJ0, in the aggregate principal amount of $________;** or

      [_]   7-3/4% Senior notes due July 15, 2009, bearing CUSIP No.
            530718AA3, in the aggregate principal amount of $________.**

(d)   If the Series A Rights being exercised pursuant to the Basic Subscription
      Privilege do not account for all of the Series A Rights represented by
      this Series A Rights Certificate (check only one):

      [_]   Deliver to the undersigned a new Series A Rights Certificate
            evidencing the remaining unexercised Series A Rights to which the
            undersigned is entitled.

      [_]   Deliver one or more Series A Rights Certificates in accordance
            with the undersigned's Form 2 instructions (which shall include any
            required signature guarantees).

      [_]   Sell the remaining unexercised Series A Rights in accordance with
            the undersigned's Form 3 instructions (which shall include any
            required signature guarantees).

      [_]   Do not deliver any new Series A Rights Certificates to me;
            instead, deliver such Series A Rights Certificates in accordance
            with the undersigned's Form 4 instructions (which shall include any
            required signature guarantees).

(e)   If Notice of Guaranteed Delivery procedures are being utilized:

      [_]   Check here if Series A Rights are being exercised pursuant to the
            Notice of Guaranteed Delivery delivered to the Subscription Agent
            prior to the date hereof and complete the following:

      Name(s) of Registered Holder(s)__________________________________________

      Window Ticket Number (if any)____________________________________________

      Date of Execution of Notice of Guaranteed Delivery ______________________

      Name of Institution Which Guaranteed Delivery ___________________________

      Registered Holder's Signature(s)_________________________________________

      Registered Holder's Signature(s)_________________________________________
                                          (If held jointly)

      Telephone No. (    ) ____________________________________________________

                                      1-B
<PAGE>
                                     FORM 2

      [__]  CHECK HERE TO TRANSFER SOME OR ALL OF YOUR UNEXERCISED SERIES A
RIGHTS TO A DESIGNATED TRANSFEREE, OR TO ASSIGN SOME OR ALL OF YOUR
UNEXERCISED SERIES A RIGHTS (BUT NO FRACTIONAL SERIES A RIGHTS) TO A BANK OR
BROKER TO SELL FOR YOU

      For value received, ______ Series A Rights represented by this Series A
Rights Certificate are hereby assigned to (please print name and address and
Taxpayer Identification Number (see "Instructions For Use of Liberty Media
Corporation Rights Certificates" accompanying this Series A Rights
Certificate) of transferee in full (see instructions below regarding the
transfer of all or a portion of your unexercised Series A Rights (but no
fractional Series A Rights) to more than one person):

Name:__________________________________________________________________________

Address:_______________________________________________________________________

Taxpayer Identification Number:________________________________________________

Signatures of Transferor(s):___________________________________________________

Signature(s) of Transferor(s):_________________________________________________
                                            (If held jointly)

Signatures Guaranteed By:______________________________________________________
                                          Eligible Institution

      Proceeds from the sale of Series A Rights may be subject to withholding
of U.S. taxes unless the seller's certified U.S. taxpayer identification
number (or certificate regarding foreign status) is on file with the
Subscription Agent and the seller is not otherwise subject to U.S. backup
withholding.

      If you desire to transfer or assign all or a portion of the unexercised
Series A Rights (but no fractional Series A Rights) represented by this
Series A Rights Certificate to more than one person, attach separate
instructions for the Subscription Agent regarding such transfer(s) in
accordance with Paragraph 4(d) of the "Instructions For Use of Liberty Media
Corporation Rights Certificates." Note that any such request will require a
signature guarantee from an Eligible Institution (as defined in the
"Instructions For Use of Liberty Media Corporation Rights Certificates"),
unless such requirement is waived by the Company in its sole and absolute
discretion.

      If not all of the Series A Rights represented by this Series A Rights
Certificate are exercised pursuant to Form 1, transferred to a designated
transferee or assigned to a bank or broker to sell for you pursuant to Form 2
or transferred to the Subscription Agent to sell for you pursuant to Form 3,
and there is sufficient time before the expiration of the Rights Offering,
the Subscription Agent will issue a new Series A Rights Certificate to the
transferor for the remaining Series A Rights not so exercised, transferred,
assigned or sold unless otherwise separately instructed pursuant to Form 4,
subject to the terms of the Rights Offering, as described in the Prospectus.
<PAGE>
                                     FORM 3

      [__]  CHECK HERE TO SELL SOME OR ALL OF YOUR UNEXERCISED SERIES A
RIGHTS THROUGH THE SUBSCRIPTION AGENT

      The undersigned hereby authorizes the Subscription Agent to sell
_______ Series A Rights represented by this Series A Rights Certificate but
not exercised on Form 1, upon the terms and conditions described in the
Prospectus, and to deliver to the undersigned a check for the proceeds, if
any,* from the sale thereof, less any applicable brokerage commissions, taxes
or other direct expenses of sale (see instructions below regarding the sale
of only a portion of your unexercised Series A Rights). The Subscription
Agent's obligation to execute orders is subject to its ability to find buyers
for the Series A Rights.

      Proceeds from the sale of Series A Rights may be subject to withholding
of U.S. taxes unless the seller's certified U.S. taxpayer identification
number (or certificate regarding foreign status) is on file with the
Subscription Agent and the seller is not otherwise subject to U.S. backup
withholding.

      In order to sell Series A Rights through the Subscription Agent, you
must complete and sign the substitute Form W-9, as provided in Section 9 of
the "Instructions For Use of Liberty Media Corporation Rights Certificates."

Registered Holder's Signature(s):______________________________________________

Registered Holder's Signature(s):______________________________________________
                                               (If held jointly)

Signatures Guaranteed by:______________________________________________________
                                           Eligible Institution

      If you desire to sell only a portion of the unexercised Series A Rights
(but no fractional Series A Rights) represented by this Series A Rights
Certificate, attach separate instructions to the Subscription Agent regarding
such sale(s) in accordance with Paragraph 4(f) of the "Instructions For Use
of Liberty Media Corporation Rights Certificate."  Note that any such request
will require a signature guarantee from an Eligible Institution (as defined
in the "Instructions for Use of Liberty Media Corporation Rights
Certificate"), unless such requirement is waived by the Company in its sole
and absolute discretion.

      If not all of the Series A Rights represented by this Series A Rights
Certificate are exercised pursuant to Form 1, transferred to a designated
transferee or assigned to a bank or broker to sell for you pursuant to Form 2
or sold by the Subscription Agent pursuant to this Form 3, and there is
sufficient time before the expiration of the Rights Offering, the
Subscription Agent will issue a new Series A Rights Certificate to the
transferor for the remaining Series A Rights not so exercised, transferred,
assigned or sold unless otherwise instructed pursuant to Form 4, subject to
the terms of the Rights Offering, as described in the Prospectus.

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

* Any sale of your Series A Rights by the Subscription Agent will be deemed to
have been made at the weighted average net sale price of all Series A Rights
sold by the Subscription Agent.
<PAGE>
                                     FORM 4

                              DELIVERY INSTRUCTIONS

      Address for mailing of shares of Series A Common Stock, new Series A
Rights Certificate or any proceeds from the sales of shares in accordance
with the Prospectus if other than shown above:

Name:__________________________________________________________________________

Address:_______________________________________________________________________

Registered Holder's Signature(s):______________________________________________

Registered Holder's Signature(s):______________________________________________
                                               (If held jointly)

Signatures Guaranteed by:______________________________________________________
                                           Eligible Institution

      If the addressee above is not an Eligible Institution (as defined in
the "Instructions For Use of Liberty Media Corporation Rights Certificates")
or the Series A Rightsholder named on this Series A Rights Certificate or if
the address above is different from the address set forth on the face of this
Series A Rights Certificate, then the Series A Rightsholder completing this
Form 4 must have an Eligible Institution guarantee such Series A
Rightsholder's signature.<PAGE>
                                                                     Exhibit 4.2

                      [FORM OF SERIES B RIGHTS CERTIFICATE]

[LIBERTY MEDIA CORPORATION LOGO]

                           SERIES B RIGHTS CERTIFICATE NO.
                                                          ---------------------
                           CUSIP NUMBER
                                        ---------------------------------------

SERIES B RIGHTS CERTIFICATE TO SUBSCRIBE FOR SHARES OF SERIES B COMMON STOCK FOR
HOLDERS OF RECORD ON ------- ---, 2002. EXERCISABLE ON OR BEFORE 5:00 P.M., NEW
       YORK CITY TIME, ON ------- ---, 2002, UNLESS EXTENDED BY THE COMPANY.

REGISTERED HOLDER OF THIS SERIES B RIGHTS CERTIFICATE:

Name:
      -------------------------------------------------------------------------

Address:
         ----------------------------------------------------------------------

SUBSCRIPTION PRICE:                    NUMBER OF SERIES B RIGHTS REPRESENTED
                                        BY THIS SERIES B RIGHTS CERTIFICATE
$     PER SHARE
                                          --------------------------------

            Liberty Media Corporation, a Delaware corporation (the "Company"),
is conducting a rights offering (the "Rights Offering"), which entitles the
holders of the Company's Series B common stock, par value $0.01 per share (the
"Series B Common Stock"), as of the close of business on ------- ---, 2002 (the
"Record Date"), to receive 0.-- transferable subscription rights (each, a
"Series B Right") for each share of Series B Common Stock held by them of record
on the Record Date. Each whole Series B Right entitles the holder thereof to
subscribe for and purchase one share of Series B Common Stock (the "Basic
Subscription Privilege") at a subscription price of $----- per share (the
"Subscription Price"). If any shares of Series B Common Stock available for
purchase in the Rights Offering are not purchased by the Series B Rightsholders
pursuant to the exercise of their Basic Subscription Privilege (the "Excess
Shares"), any Series B Rightsholder fully exercising its Basic Subscription
Privilege hereunder may subscribe for a number of Excess Shares by so specifying
on Form 1 or on separate instructions accompanying this Series B Rights
Certificate delivered to the Subscription Agent pursuant to the terms and
conditions of the Rights Offering, subject to proration (the "Oversubscription
Privilege") as described in the prospectus (the "Prospectus") dated ------- ---,
2002. If the aggregate subscription price delivered or transmitted by the Series
B Rightsholder with this Series B Rights Certificate exceeds the aggregate
subscription price for all shares for which the Series B Rightsholder would be
entitled to subscribe pursuant to its Basic Subscription Privilege and no
direction is given as to the excess, such Series B Rightsholder will be deemed
to have subscribed for a number of Excess Shares equal to the maximum whole
number of Excess Shares that could be purchased with such excess subscription
price. No fractional Series B Rights or cash in lieu thereof will be issued or
paid. Set forth above is the number of Series B Rights evidenced by this Series
B Rights Certificate that the Series B Rightsholder is entitled to exercise
pursuant to such Series B Rightsholder's Basic Subscription Privilege.

LIBERTY MEDIA CORPORATION

By:
    -----------------------                        ------------------------
    President                                      Secretary

Countersigned:
[SUBSCRIPTION AGENT]

By:
   ------------------------------
   Authorized Signature
<PAGE>
            FOR A MORE COMPLETE DESCRIPTION OF THE TERMS AND CONDITIONS OF THE
RIGHTS OFFERING, PLEASE REFER TO THE PROSPECTUS, WHICH IS INCORPORATED HEREIN BY
REFERENCE. COPIES OF THE PROSPECTUS ARE AVAILABLE UPON REQUEST FROM THE
INFORMATION AGENT, [_____________, AT (800) ___-____].

            THIS SERIES B RIGHTS CERTIFICATE MUST BE RECEIVED BY THE
SUBSCRIPTION AGENT, ______________________, OR GUARANTEED DELIVERY REQUIREMENTS
MUST BE COMPLIED WITH, WITH PAYMENT IN FULL BY 5:00 P.M., NEW YORK CITY TIME, ON
______ __, 2002, UNLESS EXTENDED IN THE SOLE DISCRETION OF THE COMPANY (AS IT
MAY BE EXTENDED, THE "EXPIRATION TIME"). ANY SERIES B RIGHTS NOT EXERCISED PRIOR
TO THE EXPIRATION TIME WILL BE NULL AND VOID. ANY SUBSCRIPTION FOR SHARES OF
SERIES B COMMON STOCK IN THE RIGHTS OFFERING MADE HEREBY IS IRREVOCABLE. THE
SUBSCRIPTION AGENT WILL ISSUE CERTIFICATES REPRESENTING SHARES OF SERIES B
COMMON STOCK PURCHASED PURSUANT TO THE RIGHTS OFFERING AS SOON AS PRACTICABLE
FOLLOWING THE EXPIRATION TIME.

            The registered owner whose name is inscribed hereon or its assigns,
is entitled to subscribe for shares of Series B Common Stock upon the terms and
subject to the conditions set forth in the Prospectus.

            Some or all of the Series B Rights represented by this Series B
Rights Certificate may be exercised by duly completing Form 1, may be
transferred to a designated transferee or assigned to a bank or broker to sell
for you by duly completing Form 2 or may be transferred to the Subscription
Agent to sell for you by duly completing Form 3. Any Series B Rightsholder who
wishes to have its purchased shares, new Series B Rights Certificates or sale
proceeds, if any, delivered to a different person or address than the one set
forth hereon must duly complete Form 4. Before exercising, assigning,
transferring or selling any Series B Rights, Series B Rightsholders are advised
to review the Prospectus and the Instructions For Use of Liberty Media
Corporation Rights Certificates accompanying this Series B Rights Certificate,
additional copies of each of which are available from the Information Agent.

            THIS SERIES B RIGHTS CERTIFICATE IS TRANSFERABLE, AND MAY BE
COMBINED OR DIVIDED (BUT ONLY INTO SERIES B RIGHTS CERTIFICATES EVIDENCING FULL
RIGHTS) AT THE OFFICE OF THE SUBSCRIPTION AGENT.

            SERIES B RIGHTSHOLDERS SHOULD BE AWARE THAT IF THEY CHOOSE TO
EXERCISE, ASSIGN, TRANSFER OR SELL ONLY PART OF THEIR SERIES B RIGHTS, THEY MAY
NOT RECEIVE A NEW SERIES B RIGHTS CERTIFICATE IN SUFFICIENT TIME TO EXERCISE THE
REMAINING SERIES B RIGHTS EVIDENCED THEREBY.

                                       2
<PAGE>
                                     FORM 1

                            EXERCISE AND SUBSCRIPTION

      The undersigned hereby irrevocably exercises one or more Series B Rights
to subscribe for shares of Series B Common Stock as indicated below, on the
terms and subject to the conditions specified in the Prospectus, receipt of
which is hereby acknowledged.*

(a)  Number of shares subscribed for pursuant to the Basic Subscription
     Privilege:

     ____ X $____ = $_____ payment. (One whole Right needed to subscribe for one
     share.)

(b)  Number of shares subscribed for pursuant to the Oversubscription Privilege:

      ____ X $____ = $_____ payment.

      By exercising this Oversubscription Privilege, the undersigned Series B
Rightsholder hereby represents and certifies that the undersigned has fully
exercised its Basic Subscription Privilege received in respect of shares of
Series B Common Stock held in the capacity described on the face of this Series
B Rights Certificate.

(c)  Total Subscription (total number of shares on lines (a) and (b) multiplied
     by the Subscription Price) = $_________ payment.

      METHOD OF PAYMENT (CHECK AND COMPLETE APPROPRIATE BOX(ES)):

     [_]  Check, bank draft, or money order payable to "_______________", as
          "Subscription Agent";

     [_]  Wire transfer of immediately available funds directed to
          ____________________, [City], [State], ABA No. ________, Attention:
          ___________ Account No. _________ (Liberty Media);

     [_]  7-7/8% Senior notes due July 15, 2009, bearing CUSIP No. 530715AB7, in
          the aggregate principal amount of $________;**

___________

* If the aggregate Subscription Price enclosed or transmitted is insufficient to
purchase the total number of shares of Series B Common Stock included in lines
(a) and (b), or if the number of shares being subscribed for is not specified,
the Series B Rightsholder exercising this Series B Right Certificate shall be
deemed to have subscribed for the maximum amount of shares of Series B Common
Stock that could be subscribed for with the aggregate Subscription Price
received. If the number of shares of Series B Common Stock to be subscribed for
pursuant to the Oversubscription Privilege is not specified and the amount
enclosed or transmitted exceeds the aggregate Subscription Price for all shares
which may be purchased pursuant to the Basic Subscription Privilege represented
by this Series B Rights Certificate and no direction is given as to the excess
(the "Subscription Excess"), the Series B Rightsholder exercising this Series B
Rights Certificate shall be deemed to have exercised the Oversubscription
Privilege to purchase, to the extent available, that number of whole shares of
Series B Common Stock equal to the quotient obtained by dividing the
Subscription Excess by the Subscription Price, subject to the limit on the
number of shares of Series B Common Stock available to be purchased in the
Rights Offering less the number of shares purchased under the Series B
Rightsholder's Basic Subscription Privilege. To the extent any portion of the
aggregate Subscription Price enclosed or transmitted remains after the foregoing
procedures, such excess payment shall be mailed or otherwise promptly returned
to the Series B Rightsholder without interest or deduction as soon as
practicable after the Expiration Time.

** Debt securities may be tendered only in increments of $1,000 principal amount
in exchange for the integral multiple of shares of Series B Common Stock
indicated in the table below:

<TABLE>
<CAPTION>
 DEBT SECURITIES                  CUSIP NUMBER    SHARES OF SERIES B COMMON STOCK
                                                 FOR EACH $1,000 PRINCIPAL AMOUNT
                                                             TENDERED:
<S>                               <C>            <C>
 7 7/8% senior notes due July      530715AB7                 [_______]
 15, 2009
 8 1/2% senior debentures due      530715AD3                 [_______]
 January 15, 2029
 8 1/4% senior debentures due      530715AJ0                 [_______]
 February 1, 2030
 7 3/4% senior notes due July      530718AA3                 [_______]
 15, 2009
</TABLE>

Payment by means of an exchange of debt securities will be deemed to have been
received by the Subscription Agent only when you have tendered the debt
securities pursuant to the book-entry delivery procedures set forth in the
Prospectus.

                                      1-A
<PAGE>
     [_]  8-1/2% Senior debentures due January 15, 2029, bearing CUSIP No.
          530715AD3, in the aggregate principal amount of $--------;**

     [_]  8-1/4% Senior debentures due February 1, 2030, bearing CUSIP No.
          530715AJ0, in the aggregate principal amount of $--------;** or

     [_]  7-3/4% Senior notes due July 15, 2009, bearing CUSIP No. 530718AA3, in
          the aggregate principal amount of $--------.**

(d)  If the Series B Rights being exercised pursuant to the Basic Subscription
     Privilege do not account for all of the Series B Rights represented by this
     Series B Rights Certificate (check only one):

      [_]   Deliver to the undersigned a new Series B Rights Certificate
            evidencing the remaining unexercised Series B Rights to which the
            undersigned is entitled.

      [_]   Deliver one or more Series B Rights Certificates in accordance with
            the undersigned's Form 2 instructions (which shall include any
            required signature guarantees).

      [_]   Sell the remaining unexercised Series B Rights in accordance with
            the undersigned's Form 3 instructions (which shall include any
            required signature guarantees).

      [_]   Do not deliver any new Series B Rights Certificates to me; instead,
            deliver such Series B Rights Certificates in accordance with the
            undersigned's Form 4 instructions (which shall include any required
            signature guarantees).

(e)   If Notice of Guaranteed Delivery procedures are being utilized:

      [_]   Check here if Series B Rights are being exercised pursuant to the
            Notice of Guaranteed Delivery delivered to the Subscription Agent
            prior to the date hereof and complete the following:

      Name(s) of Registered Holder(s)
                                      -----------------------------------------

      Window Ticket Number (if any)
                                    -------------------------------------------

      Date of Execution of Notice of Guaranteed Delivery
                                                         ----------------------

      Name of Institution Which Guaranteed Delivery
                                                   ----------------------------

      Registered Holder's Signature(s)
                                       ----------------------------------------

      Registered Holder's Signature(s)
                                       ----------------------------------------
                                         (If held jointly)

      Telephone No. (    )
                           ---------------------------------------------------

                                      1-B
<PAGE>
                                     FORM 2

      [--] CHECK HERE TO TRANSFER SOME OR ALL OF YOUR UNEXERCISED SERIES B
RIGHTS TO A DESIGNATED TRANSFEREE, OR TO ASSIGN SOME OR ALL OF YOUR UNEXERCISED
SERIES B RIGHTS (BUT NO FRACTIONAL SERIES B RIGHTS) TO A BANK OR BROKER TO SELL
FOR YOU

      For value received, ------ Series B Rights represented by this Series B
Rights Certificate are hereby assigned to (please print name and address and
Taxpayer Identification Number (see "Instructions For Use of Liberty Media
Corporation Rights Certificates" accompanying this Series B Rights Certificate)
of transferee in full (see instructions below regarding the transfer of all or a
portion of your unexercised Series B Rights (but no fractional Series B Rights)
to more than one person):

Name:
      ------------------------------------------------------------------------

Address:
         ---------------------------------------------------------------------

Taxpayer Identification Number:
                                ----------------------------------------------

Signatures of Transferor(s):
                                ----------------------------------------------

Signature(s) of Transferor(s):
                               -----------------------------------------------
                                    (If held jointly)

Signatures Guaranteed By:
                              ------------------------------------------------
                                    Eligible Institution

     Proceeds from the sale of Series B Rights may be subject to withholding of
U.S. taxes unless the seller's certified U.S. taxpayer identification number (or
certificate regarding foreign status) is on file with the Subscription Agent and
the seller is not otherwise subject to U.S. backup withholding.

     If you desire to transfer or assign all or a portion of the unexercised
Series B Rights (but no fractional Series B Rights) represented by this Series B
Rights Certificate to more than one person, attach separate instructions for the
Subscription Agent regarding such transfer(s) in accordance with Paragraph 4(d)
of the "Instructions For Use of Liberty Media Corporation Rights Certificates."
Note that any such request will require a signature guarantee from an Eligible
Institution (as defined in the "Instructions For Use of Liberty Media
Corporation Rights Certificates"), unless such requirement is waived by the
Company in its sole and absolute discretion.

     If not all of the Series B Rights represented by this Series B Rights
Certificate are exercised pursuant to Form 1, transferred to a designated
transferee or assigned to a bank or broker to sell for you pursuant to Form 2 or
transferred to the Subscription Agent to sell for you pursuant to Form 3, and
there is sufficient time before the expiration of the Rights Offering, the
Subscription Agent will issue a new Series B Rights Certificate to the
transferor for the remaining Series B Rights not so exercised, transferred,
assigned or sold unless otherwise separately instructed pursuant to Form 4,
subject to the terms of the Rights Offering, as described in the Prospectus.
<PAGE>
                                     FORM 3

     [--] CHECK HERE TO SELL SOME OR ALL OF YOUR UNEXERCISED SERIES B RIGHTS
THROUGH THE SUBSCRIPTION AGENT

      The undersigned hereby authorizes the Subscription Agent to sell -------
Series B Rights represented by this Series B Rights Certificate but not
exercised on Form 1, upon the terms and conditions described in the Prospectus,
and to deliver to the undersigned a check for the proceeds, if any,* from the
sale thereof, less any applicable brokerage commissions, taxes or other direct
expenses of sale (see instructions below regarding the sale of only a portion of
your unexercised Series B Rights). The Subscription Agent's obligation to
execute orders is subject to its ability to find buyers for the Series B Rights.

     Proceeds from the sale of Series B Rights may be subject to withholding of
U.S. taxes unless the seller's certified U.S. taxpayer identification number (or
certificate regarding foreign status) is on file with the Subscription Agent and
the seller is not otherwise subject to U.S. backup withholding.

      In order to sell Series B Rights through the Subscription Agent, you must
complete and sign the substitute Form W-9, as provided in Section 9 of the
"Instructions For Use of Liberty Media Corporation Rights Certificates."

Registered Holder's Signature(s):
                                          --------------------------------------

Registered Holder's Signature(s):
                                          --------------------------------------
                                          (If held jointly)
Signatures Guaranteed by:
                                          --------------------------------------
                                          Eligible Institution

      If you desire to sell only a portion of the unexercised Series B Rights
(but no fractional Series B Rights) represented by this Series B Rights
Certificate, attach separate instructions to the Subscription Agent regarding
such sale(s) in accordance with Paragraph 4(f) of the "Instructions For Use of
Liberty Media Corporation Rights Certificate." Note that any such request will
require a signature guarantee from an Eligible Institution (as defined in the
"Instructions for Use of Liberty Media Corporation Rights Certificate"), unless
such requirement is waived by the Company in its sole and absolute discretion.

      If not all of the Series B Rights represented by this Series B Rights
Certificate are exercised pursuant to Form 1, transferred to a designated
transferee or assigned to a bank or broker to sell for you pursuant to Form 2 or
sold by the Subscription Agent pursuant to this Form 3, and there is sufficient
time before the expiration of the Rights Offering, the Subscription Agent will
issue a new Series B Rights Certificate to the transferor for the remaining
Series B Rights not so exercised, transferred, assigned or sold unless otherwise
instructed pursuant to Form 4, subject to the terms of the Rights Offering, as
described in the Prospectus.

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

* Any sale of your Series B Rights by the Subscription Agent will be deemed to
have been made at the weighted average net sale price of all Series B Rights
sold by the Subscription Agent.

                                       6
<PAGE>
                                     FORM 4

                              DELIVERY INSTRUCTIONS

      Address for mailing of shares of Series B Common Stock, new Series B
Rights Certificate or any proceeds from the sales of shares in accordance with
the Prospectus if other than shown above:

Name:
      ------------------------------------------------------------------------

Address:
         ----------------------------------------------------------------------

Registered Holder's Signature(s):
                                  ---------------------------------------------

Registered Holder's Signature(s):
                                  ---------------------------------------------
                                          (If held jointly)

Signatures Guaranteed by:
                          ----------------------------------------------------
                                       Eligible Institution

      If the addressee above is not an Eligible Institution (as defined in the
"Instructions For Use of Liberty Media Corporation Rights Certificates") or the
Series B Rightsholder named on this Series B Rights Certificate or if the
address above is different from the address set forth on the face of this Series
B Rights Certificate, then the Series B Rightsholder completing this Form 4 must
have an Eligible Institution guarantee such Series B Rightsholder's signature.

                                       7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00043-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00043-of-00352.parquet"}]]