RNS Number:3556I
AT & T Corp
10 August 2001



News Release

For more information, contact:



June Rochford
908-221-8165


Eileen M. Connolly
908-221-6731


FOR RELEASE FRIDAY, AUGUST 10, 2001



                  AT&T Completes Split Off of Liberty Media


NEW YORK -- AT&T announced today that it has completed the split off of
Liberty Media Corporation, which owns all of the assets attributed to the
Liberty Media Group (NYSE: LMG.A, LMG.B).  The split off was effective at 9:00
a.m. (ET).  Liberty Media Corporation, which is now separate from AT&T, is an
independent, publicly-traded company.



Liberty Media Corporation's Series A common stock and Series B common stock is
listed on the New York Stock Exchange under the symbols "LMC.A" and "LMC.B,"
respectively.



As previously announced, the Internal Revenue Service has ruled that the
redemption of the tracking stock and the split off qualify for tax-free
treatment for federal income tax purposes.



AT&T acquired Liberty Media through its acquisition of Tele-Communications,
Inc. (TCI) in March 1999.  AT&T said that the split off is intended to better
enable Liberty Media to raise capital on its own and use its stock as currency
in acquiring, merging or partnering with other companies and to help the
public markets to better value the company.  The action will also eliminate
regulatory and competitive conflicts of interest between Liberty Media and
AT&T.



Investor Information About the Split Off

AT&T's Board of Directors voted to redeem each outstanding share of its Class
A and Class B Liberty Media tracking stock for one share of Liberty Media
Corporation's Series A and Series B common stock, respectively.



As part of the redemption, shares of Liberty Media Corporation's common stock
will be issued only to former holders of Liberty Media Group tracking stock in
exchange for their shares of Liberty Media Group tracking stock.   Additional
information about the split off, share redemption and distribution is
available on the Internet at www.att.com/ir.



                           #          #          #



The foregoing are "forward-looking statements" which are based on management's
beliefs as well as on a number of assumptions concerning future events made by
and information currently available to management. Readers are cautioned not
to put undue reliance on such forward-looking statements, which are not a
guarantee of performance and are subject to a number of uncertainties and
other factors, many of which are outside AT&T's control, that could cause
actual results to differ materially from such statements. For a more detailed
description of the factors that could cause such a difference, please see AT&
T's filings with the Securities and Exchange Commission. AT&T disclaims any
intention or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise. This
information is presented solely to provide additional information to further
understand the results of AT&T.



This communication shall not constitute an offer to sell or the solicitation
of an offer to buy, nor shall there be any sale of securities in any
jurisdiction in which the offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such
jurisdiction. No offering of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the Securities Act of
1933, as amended.
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