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&lt;p style="text-align: justify; line-height: 10.8pt; margin: 0in 0in 0pt; font-family: Courier; font-size: 12pt;" class="MsoNormal"&gt;&lt;b&gt;&lt;font style="font-family: 'Bookman Old Style','serif'; font-size: 9pt;" class="_mt"&gt;(1)&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;u&gt;Basis of Presentation&lt;/u&gt; &lt;/font&gt;&lt;/b&gt;&lt;/p&gt;The accompanying consolidated financial statements include the accounts of Liberty Media Corporation and its controlled subsidiaries (collectively, "Liberty" or the "Company" unless the context otherwise requires).&amp;nbsp; All significant intercompany accounts and transactions have been eliminated in consolidation.&amp;nbsp; &lt;/div&gt;

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&lt;div&gt;Liberty, through its ownership of interests in subsidiaries and other companies, is primarily engaged in the video and on-line commerce, media, communications and entertainment industries in North America, Europe and Asia.&lt;br /&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;/div&gt;</NonNumbericText><NonNumericTextHeader>(1)&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; Basis of Presentation The accompanying consolidated financial statements include the accounts of Liberty Media</NonNumericTextHeader><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>us-types:textBlockItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>Description containing the entire organization, consolidation and basis of presentation of financial statements disclosure. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows.  Describes procedure if disclosures are provided in more than one note to the financial statements.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
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