February 19, 2004

Contact: J. Patrick Michaels, Jr.
(813) 226-8844




Tampa, Florida . Communications Equity Associates ("CEA") has announced that Liberty Media International LLC ("Liberty Media"), a subsidiary of Liberty Media Corporation, has entered into an agreement to invest up to $82 million in Mediatti Communications, Inc. ("Mediatti"), a Japanese cable MSO. Mediatti owns and operates broadband networks passing over 600,000 households, mainly in the Tokyo area. Mediatti is controlled by Olympus Capital Holdings Asia, a private equity fund manager, in partnership with Tomen Corporation.

This investment complements Liberty Media's existing interest as one of the primary investors in Jupiter Telecommunications Co., Ltd. ("J-COM"), Japan's largest broadband and cable service provider, based on the number of customers served. Liberty Media is discussing with Sumitomo Corporation, Liberty Media's partner in J-COM, participation in the Mediatti transaction. Liberty Media will initially acquire a 23% ownership stake in Mediatti, and have the ability to increase its ownership by funding up to a total of $82 million, which will primarily be used for future Mediatti acquisitions . "Our investment in Mediatti is a reaffirmation of our commitment to Japanese cable and a complementary strategy to our existing investment in J-COM," said Graham Hollis, Executive Vice President and Chief Financial Officer of Liberty Media International. Mr. Hollis continued, "As the Japanese cable industry prepares to roll out digital service we believe Liberty Media can help drive industry co-operation on issues such as set-top box specifications, expansion of High-Speed Data services, and planning for NVOD/VOD. Such co-operation will significantly benefit Japanese consumers."

"With Liberty Media's experience in the global cable industry and our shared vision for Japanese cable we believe Liberty Media will be instrumental in helping Mediatti forge stronger partnerships with independent cable operators and other MSOs in Japan," said David Shen, Managing Director of Olympus.

Mediatti President Ken Masunaga added: "Mediatti's ultimate goal is to provide the best video, data and communication services to Japanese consumers through our networks. Cable in Japan is extremely well-positioned to compete against satellite, ADSL and FTTH and this transaction with Liberty Media will help accelerate the process of consolidation in the industry."

CEA represented Mediatti in the transaction. Rick Michaels, Chairman of CEA stated, "We are excited about completing our first cable television transaction in Japan and remain committed to assisting other Japanese MSOs in their future expansion plans."


Liberty Media Corporation (NYSE: L, LMC.B) owns interests in a broad range of electronic retailing, video programming, broadband distribution, interactive technology services and communications businesses. Liberty Media and its affiliated companies operate in the United

States, Europe, South America and Asia with some of the world's most recognized and respected brands, including QVC, Encore, STARZ!, Discovery, UnitedGlobalCom, Inc., IAC/ InterActiveCorp, and The News Corporation.

Mediatti is one of Olympus Capital's five investments in Japan and one of approximately 20 investments in the Asia Pacific region. To date, Olympus Capital has committed over $650 million in equity on behalf of its funds and co-investors, of which approximately $300 million has been in Japan, including Arysta LifeScience Corporation, the world's eighth largest agrochemical company, and a joint venture in financial assets with a leading Japanese commercial bank. Olympus Capital has offices in Tokyo, Hong Kong, New York and Seoul.

Founded in 1973, CEA is a leading provider of investment banking services and private equity to the global media and entertainment, communications and information technology industries. With a team of highly experienced personnel worldwide, CEA has an unequaled depth and breadth of industry knowledge, expertise and long-standing industry relationships. CEA has completed over 800 transactions totaling $35 billion in more than 50 countries. CEA's affiliates also manage, co-manage or participate in general partnership interests in a worldwide family of funds with committed capital of approximately $1.15 billion for private equity investments in the industries CEA serves. CEA's reputation and track record of success are built on delivering innovative, value-added solutions and services to clients worldwide. CEA Media Group, LLC is a member of the NASD and SIPC.