NEW YORK (Standard&Poor's) July 21, 2004--Standard&Poor's Ratings Services revised its outlook on Liberty Media Corp. to negative from stable based on the company's announcement that it will use a combination of assets and $545 million of cash to buy back 120.3 million Liberty class A shares (valued at about $1 billion) issued to Comcast Corp. in the acquisition of QVC Inc. in late 2003. The 'BBB-' rating was affirmed. Separately, the Magness family still owns a significant stake, last reported to be about 105 million A shares, totaling about $900 million at current prices. The 'BBB-' corporate credit rating was affirmed. Denver, Colo.-based Liberty, with about $12 billion maturity value of gross debt as of March
