Liberty Media Chairman John Malone Joins Cendant`s Board

Cendant Corporation (NYSE:CD) today announced that Liberty Media Corporation Chairman, John C. Malone, Ph.D., has joined the Company`s board of directors.
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, real estate and direct marketing businesses.

Liberty Media (NYSE: LMG.A and LMG.B) 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 Starz Encore Group, Discovery Communications, Inc., Time Warner Inc., QVC, Inc., Liberty Digital, Inc., USA Networks, Inc., Telewest Communications plc, TV Guide, Inc., Motorola, Inc., Sprint PCS Group and The News Corporation Limited. More information about Liberty Media and its affiliates is available on Liberty Media`s Web site at www.libertymedia.com.
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