-------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION ----------------------------- FORM 4 WASHINGTON, D.C. 20549 OMB APPROVAL -------- ----------------------------- / / CHECK THIS BOX IF NO STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OMB NUMBER: 3235-0287 LONGER SUBJECT TO EXPIRES: JANUARY 31, 2005 SECTION 16. FORM 4 OR Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, ESTIMATED AVERAGE BURDEN FORM 5 OBLIGATIONS MAY Section 17(a) of the Public Utility Holding Company Act of 1935 or HOURS PER RESPONSE .... 0.5 CONTINUE. SEE Section 30(h) of the Investment Company Act of 1940 ----------------------------- INSTRUCTION 1(b). (Print or Type Responses) ------------------------------------------------------------------------------------------------------------------------------------ 1. Name and Address of Reporting Person* 2. Issuer Name AND Ticker or Trading Symbol 6. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Gary Magness, c/o Raymond L. Sutton Liberty Media Corporation; L; LMC.B; LMC.RT ---- ---- --------------------------------------------------------------------------------------------- Officer (give Other (Last) (First) (Middle) 3. I.R.S. Identification 4. Statement for ---- title ---- (specify Number of Reporting Month/Day/Year below) below) Baker & Hostetler LLP, 303 East 17th Avenue, Person, if an entity ----------------- ------------------ Suite 1100 (voluntary) 11/27/02 -------------------------------------------- --------------------- 7. Individual or Joint/Group Filing (Street) 5. If Amendment, (Check Applicable Line) Date of Original _X_Form filed by One Reporting Person (Month/Day/Year) ___Form filed by More than One Denver, CO 80203 Reporting Person ------------------------------------------------------------------------------------------------------------------------------------ (City) (State) (Zip) TABLE I - NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED ------------------------------------------------------------------------------------------------------------------------------------ 1. Title of 2. Trans- 2A. Deemed 3. Trans- 4. Securities Acquired (A) 5. Amount of 6. Owner- 7. Nature Security action Execution action or Disposed of (D) Securities ship of In- (Instr. 3) Date Date, Code (Instr. 3, 4 and 5) Beneficially Form: direct if any (Instr. 8) Owned Follow- Direct Bene- (Month/ (Month/ ing Reported (D) or ficial Day/ Day/ ------------------------------------------ Transaction(s) Indirect Owner- Year) Year) (A) or (Instr. 3 (I) ship Code V Amount (D) Price and 4) (Instr. 4) (Instr. 4) ------------------------------------------------------------------------------------------------------------------------------------ Series A Common Stock 11/27/02 X 102,335 A $6.00 736,895 D ------------------------------------------------------------------------------------------------------------------------------------ Series A Common Stock 11/27/02 X 2,853,063 A $6.00 27,185,975 I (1)(7) ------------------------------------------------------------------------------------------------------------------------------------ Series A Common Stock 11/27/02 X 933,862 A $6.00 7,433,756 I (2)(7) ------------------------------------------------------------------------------------------------------------------------------------ Series A Common Stock 11/27/02 X 41,760 A $6.00 1,057,912 I (3)(7) ------------------------------------------------------------------------------------------------------------------------------------ Series A Common Stock 11/27/02 X 311,288 A $6.00 2,685,444 I (4) ------------------------------------------------------------------------------------------------------------------------------------ Series A Common Stock 11/27/02 X 485 A $6.00 8,537 I (5) ------------------------------------------------------------------------------------------------------------------------------------ Series A Common Stock 11/27/02 X 20 A $6.00 520 D (6) ------------------------------------------------------------------------------------------------------------------------------------

FORM 4 (CONTINUED) TABLE II - DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED (E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES) ----------------------------------------------------------------------------------------------------------------------------------- 1. Title of Derivative Security 2. Conver- 3. Trans- 3A. Deemed 4. Transac- 5. Number of Deriv- 6. Date Exer- (Instr. 3) sion or action Execution tion Code ative Securities Ac- cisable and Ex- Exercise Date Date, (Instr. 8) quired (A) or Dis- piration Date Price of (Month/ if any posed of (D) (Month/Day/ Deriv- Day/ (Month/ (Instr. 3, 4, and 5) Year) ative Year) Day/ Security Year) -------------------------------------- ---------------- Date Expira- Exer- tion Code V (A) (D) cisable Date ----------------------------------------------------------------------------------------------------------------------------------- Subscription Rights $6.00 11/27/02 X 102,335 10/31/02 12/02/02 ----------------------------------------------------------------------------------------------------------------------------------- Subscription Rights $6.00 11/27/02 X 2,853,063 10/31/02 12/02/02 ----------------------------------------------------------------------------------------------------------------------------------- Subscription Rights $6.00 11/27/02 X 933,862 10/31/02 12/02/02 ----------------------------------------------------------------------------------------------------------------------------------- Subscription Rights $6.00 11/27/02 X 41,760 10/31/02 12/02/02 ----------------------------------------------------------------------------------------------------------------------------------- Subscription Rights $6.00 11/27/02 X 311,288 10/31/02 12/02/02 ----------------------------------------------------------------------------------------------------------------------------------- Subscription Rights $6.00 11/27/02 X 485 10/31/02 12/02/02 ----------------------------------------------------------------------------------------------------------------------------------- Subscription Rights $6.00 11/27/02 X 20 10/31/02 12/02/02 ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------- 7. Title and Amount of 8. Price of 9. Number of 10. Ownership 11. Nature of Underlying Securities Derivative Derivative Form of Indirect (Instr. 3 and 4) Security Securities Derivative Beneficial (Instr. 5) Beneficially Securities: Ownership Owned Direct (D) or (Instr. 4) Following Indirect (I) Reported (Instr. 4) Transaction(s) ----------------------- (Instr. 4) Title Amount or Number of Shares ----------------------------------------------------------------------------------------------- Series A Common Stock 102,335 --0-- D ----------------------------------------------------------------------------------------------- Series A Common Stock 2,853,063 --0-- I (1)(7) ----------------------------------------------------------------------------------------------- Series A Common Stock 933,862 --0-- I (2)(7) ----------------------------------------------------------------------------------------------- Series A Common Stock 41,760 --0-- I (3)(7) ----------------------------------------------------------------------------------------------- Series A Common Stock 311,288 --0-- I (4) ----------------------------------------------------------------------------------------------- Series A Common Stock 485 --0-- I (5) ----------------------------------------------------------------------------------------------- Series A Common Stock 20 --0-- D (6) ----------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------- Explanation of Responses: (1) As the co-personal representative of the Estate of Bob Magness. (2) By Magness Securities, LLC. (3) By Magness FT Investment Company, LLC. (4) By GMag, LLC. (5) By Reporting Person's daughter. (6) Owned jointly with Reporting Person's wife. (7) Pursuant to General Instruction 4(b)(iv) to Form 4, the Reporting Person is reporting the exercise of subscription rights held by Magness Securities, LLC and Magness FT Investment Company, LLC and the corresponding acquisition of Series A Common Stock. However, since the Reporting Person only holds a 33% membership interest in Magness Securities, LLC and a 50% interest in Magness FT investment Company, LLC, the Reporting Person disclaims beneficial ownership in such rights and Series A Common Stock except to the extent of his pecuniary interest therein. As co-personal representative of the Estate of Bob Magness the reporting person is reporting the exercise of subscription rights held by the Estate of Bob Magness and the corresponding acquisition of Series A Common Stock. The Reporting Person disclaims beneficial ownership in such rights and Series A Common Stock except to the extent of his pecuniary interest therein. /s/ Raymond L. Sutton 12/2/02 ------------------------------------- --------- Raymond L. Sutton as Attorney-in-Fact Date for Gary Magness **Signature of Reporting Person 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. HTTP://WWW.SEC.GOV/DIVISION/CORPFIN/FORMS/FORM.HTM LAST UPDATE: 09/05/2002

LIBERTY MEDIA CORP /DE/ 4