SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                               ------------------

                                    FORM 8-K

                                 CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

                          Date of Report: MAY 14, 2003
                  Date of Earliest Event Reported: MAY 14, 2003

                            LIBERTY MEDIA CORPORATION
             (Exact Name of Registrant as Specified in its Charter)

                                    DELAWARE
                 (State or Other Jurisdiction of Incorporation)

           0-20421                                       84-1288730
  (Commission File Number)                (I.R.S. Employer Identification No.)

                               12300 LIBERTY BLVD.
                            ENGLEWOOD, COLORADO 80112
          (Address of principal executive offices, including zip code)

       Registrant's telephone number, including area code: (720) 875-5400



ITEM 9. REGULATION FD DISCLOSURE; ITEM 12. RESULTS OF OPERATIONS AND
FINANCIAL CONDITION

On May 14, 2003, Liberty Media Corporation (the "Company") issued a press
release (the "Press Release") setting forth information, including financial
information regarding certain of its privately held assets, which supplements
the financial statements and related Management's Discussion and Analysis of
Financial Condition and Results of Operations contained in the Company's Form
10-Q for the quarter ended March 31, 2003, which was filed with the Securities
and Exchange Commission (the "SEC") on May 14, 2003. The information included in
the Press Release is not meant to serve as a release of financial results of the
Company. The Press Release also includes certain guidance for 2003.

This Form 8-K and the Press Release attached hereto as an Exhibit 99.1 are being
furnished to the SEC under Item 9 of Form 8-K in satisfaction of the public
disclosure requirements of Regulation FD. This Form 8-K and the Press Release,
insofar as they disclose historical information regarding Liberty's results of
operations or financial condition for the first quarter of 2003, are also being
furnished to the SEC under Item 12 of Form 8-K.




                                    SIGNATURE

      Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.

Date: May 14, 2003

                                    LIBERTY MEDIA CORPORATION


                                    By:   /s/ Christopher W. Shean
                                          --------------------------------
                                          Name:     Christopher W. Shean
                                          Title:    Senior Vice President
                                                      and Controller