The ratings on Liberty Media Corp. rely on the breadth, value, and liquidity of its investments; a balance of debt and equity in the financing strategy; and good performance of its wholly owned businesses. Liberty is subject to both the market risks of its financial assets and the operating risks of its majority and wholly owned assets. The company historically has invested in companies in which it can have some voice in management, and over time, grow and potentially consolidate them into more powerful industry players that could offer greater liquidity. More recently, Liberty has pursued opportunities for full ownership of operating companies. On Sept. 17, 2003, Liberty acquired 57% of the remaining 59% in QVC Inc. that it didn't
