SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
FLOWERS DAVID J A
(Last) (First) (Middle)
12300 LIBERTY BLVD.
(Street)
ENGLEWOOD CO 80112
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
LIBERTY MEDIA CORP [ LCAPA ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
Senior Vice President
3. Date of Earliest Transaction (Month/Day/Year)
09/10/2010
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Series A Liberty Capital Common Stock 09/10/2010 M 71,171 A $14.74 191,640 D
Series A Liberty Capital Common Stock 09/10/2010 S 71,171 D $47.87(1) 120,469 D
Series A Liberty Capital Common Stock 09/10/2010 M 1,000 A $14.74 121,469 D
Series A Liberty Capital Common Stock 09/10/2010 S 1,000 D $48.52 120,469 D
Series A Liberty Capital Common Stock 09/10/2010 M 15,000 A $11.93 135,469 D
Series A Liberty Capital Common Stock 09/10/2010 S 15,000 D $47.75(2) 120,469 D
Series A Liberty Capital Common Stock 09/10/2010 M 9,042 A $11.27 129,511 D
Series A Liberty Capital Common Stock 09/10/2010 S 9,042 D $47.78(3) 120,469 D
Series A Liberty Capital Common Stock 1,417(4) I By 401(k) Savings Plan
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (right to buy) $14.74 09/10/2010 M 72,171 (5) 02/28/2011 Series A Liberty Capital Common Stock 72,171 $0 1,672 D
Stock Option (right to buy) $11.93 09/10/2010 M 15,000 (6) 08/02/2012 Series A Liberty Capital Common Stock 15,000 $0 0 D
Stock Option (right to buy) $11.27 09/10/2010 M 9,042 (7) 02/28/2013 Series A Liberty Capital Common Stock 9,042 $0 0 D
Explanation of Responses:
1. The price reflects a weighted average of sales made at prices ranging from $47.50 to $48.46 inclusive. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, information regarding the number of shares sold at each separate price.
2. The price reflects a weighted average of sales made at prices ranging from $47.63 to $47.82 inclusive. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, information regarding the number of shares sold at each separate price.
3. The price reflects a weighted average of sales made at prices ranging from $47.71 to $47.83 inclusive. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, information regarding the number of shares sold at each separate price.
4. The number of shares represents equivalent shares based on the fair market value of the shares of Series A Liberty Capital Common Stock held by the unitized stock fund under the Issuer's 401(k) Savings Plan based on a report from the Plan Administrator dated as of August 31, 2010. The Reporting Person has an interest in the unitized fund, which holds shares of the Issuer's Series A Liberty Starz Common Stock, Series A Liberty Interactive Common Stock, Series A Liberty Capital Common Stock and short-term investments.
5. 100% of the options exercised were exercisable on the transaction date.
6. The options vested in full on 8/2/09.
7. The options vested in full on 2/28/10.
/s/ David J.A. Flowers 09/14/2010
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.