1082114--3/25/2008--LIBERTY_MEDIA

related topics

{capital, credit, financial}

{product, market, service}

{competitive, industry, competition}

{system, service, information}

{investment, property, distribution}

{debt, indebtedness, cash}

{operation, international, foreign}

{personnel, key, retain}

{condition, economic, financial}

{customer, product, revenue}

{regulation, change, law}

We do not have the right to manage our business affiliates, which means we are not able to cause those affiliates to operate in a manner that is favorable to us. The liquidity and value of our interests in our business affiliates may be affected by market conditions beyond our control that could cause us to take significant impairment charges due to other than temporary declines in the market value of our available for sale securities. A substantial portion of our debt is held above the operating subsidiary level, and we could be unable in the future to obtain cash in amounts sufficient to service that debt and our other financial obligations. Our subsidiaries and business affiliates depend on a limited number of potential customers for carriage of their programming. Rapid technological advances could render the products and services offered by our subsidiaries and business affiliates obsolete or non-competitive. Certain of our subsidiaries and business affiliates depend on their relationships with third party distribution channels, suppliers and advertisers and any adverse changes in these relationships could adversely affect our results of operations. Adverse events or trends in the industries in which our subsidiaries and business affiliates operate could harm our company. Our subsidiaries and business affiliates are subject to risks of adverse government regulation. The success of certain of our subsidiaries and business affiliates whose businesses involve the Internet depends on maintaining the integrity of their systems and infrastructure. The success of certain of our subsidiaries and business affiliates is dependent upon audience acceptance of its programs and programming services which is difficult to predict. Increased programming and content costs may adversely affect profits. QVC conducts its merchandising businesses under highly competitive conditions. QVC's sales and operating results depend on its ability to predict or respond to consumer preferences. QVC's success depends in large part on its ability to recruit and retain key employees capable of executing its unique business model. QVC has operations outside of the United States that are subject to numerous operational and financial risks.

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1082114--3/25/2008--LIBERTY_MEDIA_LLC