Liberty Media Completes Transaction With Cendant To Invest $400 Million In Cendant Common Stock

Cendant Corporation (NYSE:CD) today announced that Liberty Media Corporation has completed its previously announced transaction with the Company to invest $400 million in cash to purchase 18 million shares of Cendant common stock and a two-year warrant to purchase approximately 29 million shares of Cendant common stock at an exercise price of $23.00 per share.

Cendant also announced that Liberty Media Chairman, John C. Malone, Ph.D., will be appointed as a Cendant director at a meeting of the Company`s board later this month.

The Company previously announced that Cendant and Liberty Media have entered into a strategic alliance to develop Internet and related opportunities associated with Cendant`s travel, mortgage, real estate and membership businesses.

Liberty Media holds interests in a broad range of video programming, communications, technology and Internet businesses in the United States, Europe, South America and Asia. Liberty Media`s principal assets include interests in StarzEncore Media Group, Discovery Communications, Inc., Time Warner, Inc., QVC, Inc., Liberty Digital, Inc., USA Networks, Inc., Telewest Communications plc, TV Guide, Inc., General Instrument Corporation, Sprint PCS Group and The News Corporation Limited. More information about Liberty Media and its affiliates is available on Liberty`s web site at