Loving Liberty?

Byline: JONATHAN BLUM, KAGAN

For a holding company like Liberty, a sum of the parts valuation is relevant. We add the private asset cash flows discounted to today's dollars to the value of the public assets. This creates a total value of about $40 billion or $15.38 per share. That's 55% more than the $9 it traded for last week.

For a more on Liberty, see "Cable Program Investor" at www.kagan.com/cw.

LIBERTY MEDIA PRIVATE MARKET VALUATION AS OF 1/9/2003

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