FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
RAPLEY DAVID E
   2. Issuer Name and Ticker or Trading Symbol
LIBERTY MEDIA CORP [LCAPA] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
12300 LIBERTY BLVD.		 3. Date of Earliest Transaction (Month/Day/Year)
03/08/2011
(Street)

ENGLEWOOD, CO 80112		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Series A Liberty Capital Common Stock 03/08/2011   M   1,500 A $ 11.9 1,874 D  
Series A Liberty Capital Common Stock 03/08/2011   D   1,500 D $ 73.73 (1) 374 D  
Series A Liberty Capital Common Stock 03/08/2011   M   1,310 A $ 16.97 1,684 D  
Series A Liberty Capital Common Stock 03/08/2011   D   1,310 D $ 73.73 (1) 374 D  
Series A Liberty Capital Common Stock 03/08/2011   M   1,650 A $ 17.26 2,024 D  
Series A Liberty Capital Common Stock 03/08/2011   D   1,650 D $ 73.73 (1) 374 D  
Series A Liberty Capital Common Stock 03/08/2011   M   3,800 A $ 3.57 4,174 D  
Series A Liberty Capital Common Stock 03/08/2011   D   3,800 D $ 73.73 (1) 374 D  
Series A Liberty Capital Common Stock 03/08/2011   M   550 A $ 11.81 924 D  
Series A Liberty Capital Common Stock 03/08/2011   D   550 D $ 73.99 (2) 374 D  
Series A Liberty Capital Common Stock 03/08/2011   M   550 A $ 10.81 924 D  
Series A Liberty Capital Common Stock 03/08/2011   D   550 D $ 73.99 (2) 374 D  
Series A Liberty Capital Common Stock 03/08/2011   M   550 A $ 12.19 924 D  
Series A Liberty Capital Common Stock 03/08/2011   D   550 D $ 73.99 (2) 374 D  
Series A Liberty Interactive Common Stock 03/08/2011   M   16,000 A $ 2.91 17,877 D  
Series A Liberty Interactive Common Stock 03/08/2011   D   16,000 D $ 16.44 (3) 1,877 D  
Series A Liberty Starz Common Stock 03/08/2011   M   600 A $ 25.62 749 D  
Series A Liberty Starz Common Stock 03/08/2011   D   600 D $ 76.89 (4) 149 D  
Series A Liberty Starz Common Stock 03/08/2011   M   524 A $ 35.73 673 D  
Series A Liberty Starz Common Stock 03/08/2011   D   524 D $ 76.89 (4) 149 D  
Series A Liberty Starz Common Stock 03/08/2011   M   660 A $ 36.31 809 D  
Series A Liberty Starz Common Stock 03/08/2011   D   660 D $ 76.89 (4) 149 D  
Series A Liberty Starz 03/08/2011   M   1,160 A $ 26.03 1,309 D  
Series A Liberty Starz Common Stock 03/08/2011   D   1,160 D $ 76.89 (4) 149 D  
Series A Liberty Starz Common Stock 03/08/2011   M   220 A $ 25.43 369 D  
Series A Liberty Starz Common Stock 03/08/2011   D   220 D $ 77.15 (5) 149 D  
Series A Liberty Starz Common Stock 03/08/2011   M   220 A $ 23.44 369 D  
Series A Liberty Starz Common Stock 03/08/2011   D   220 D $ 77.15 (5) 149 D  
Series A Liberty Starz Common Stock 03/08/2011   M   220 A $ 26.2 369 D  
Series A Liberty Starz Common Stock 03/08/2011   D   220 A $ 77.15 (5) 149 D  

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (right to buy) $ 11.9 03/08/2011   M     1,500   (6) 05/05/2016 Series A Liberty Capital Common Stock 1,500 $ 0 0 D  
Stock Option (right to buy) $ 16.97 03/08/2011   M     1,310   (6) 05/10/2017 Series A Liberty Capital Common Stock 1,310 $ 0 0 D  
Stock Option (right to buy) $ 17.26 03/08/2011   M     1,650   (6) 12/24/2014 Series A Liberty Capital Common Stock 1,650 $ 0 0 D  
Stock Option (right to buy) $ 3.57 03/08/2011   M     3,800   (6) 12/16/2015 Series A Liberty Capital Common Stock 3,800 $ 0 0 D  
Stock Appreciation Rights $ 11.81 03/08/2011   M     550   (7) 09/09/2013 Series A Liberty Capital Common Stock 550 $ 0 0 D  
Stock Appreciation Rights $ 10.81 03/08/2011   M     550   (7) 06/01/2014 Series A Liberty Capital Common Stock 550 $ 0 0 D  
Stock Appreciation Rights $ 12.19 03/08/2011   M     550   (7) 06/01/2015 Series A Liberty Capital Common Stock 550 $ 0 0 D  
Stock Option (right to buy) $ 2.91 03/08/2011   M     16,000   (6) 12/16/2015 Series A Liberty Interactive Common Stock 16,000 $ 0 0 D  
Stock Option (right to buy) $ 25.62 03/08/2011   M     600   (6) 05/05/2016 Series A Liberty Starz Common Stock 600 $ 0 0 D  
Stock Option (right to buy) $ 35.73 03/08/2011   M     524   (6) 05/10/2017 Series A Liberty Starz Common Stock 524 $ 0 0 D  
Stock Option (right to buy) $ 36.31 03/08/2011   M     660   (6) 12/24/2014 Series A Liberty Starz Common Stock 660 $ 0 0 D  
Stock Option (right to buy) $ 26.03 03/08/2011   M     1,160   (6) 12/16/2015 Series A Liberty Starz Common Stock 1,160 $ 0 0 D  
Stock Appreciation Rights $ 25.43 03/08/2011   M     220   (7) 09/09/2013 Series A Liberty Starz Common Stock 220 $ 0 0 D  
Stock Appreciation Rights $ 23.44 03/08/2011   M     220   (7) 06/01/2014 Series A Liberty Starz Common Stock 220 $ 0 0 D  
Stock Appreciation Rights $ 26.2 03/08/2011   M     220   (7) 06/01/2015 Series A Liberty Starz Common Stock 220 $ 0 0 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
RAPLEY DAVID E
12300 LIBERTY BLVD.
ENGLEWOOD, CO 80112		   X      

Signatures

 /s/ David E. Rapley   03/10/2011
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) The price reflects a weighted average of sales made at prices ranging from $73.69 to $73.80. The reporting person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, information regarding the number of shares sold at each separate price.
(2) The price reflects a weighted average of sales made at prices ranging from $74.02 to $73.97. The reporting person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a Security holder of the Issuer, information regarding the number of shares sold at each separate price.
(3) The price reflects a weighted average of sales made at prices ranging from $16.41 to $16.46. The reporting person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, information regarding the number of shares sold at each separate price.
(4) The price reflects a weighted average of sales made at prices ranging from $76.86 to $76.94. The reporting person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, information regarding the number of shares sold at each separate price.
(5) The price reflects a weighted average of sales made at prices ranging from $77.14 to $77.16. The reporting person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, information regarding the number of shares sold at each separate price.
(6) The option grant was 100% vested at the time of exercise.
(7) The SARs were 100% vested at the time of exercise.
 
Remarks:
The trading symbol for the Issuer's Series A Liberty Capital Common Stock is LCAPA, Series A Liberty Interactive Common Stock is LINTA and Series A Liberty Starz Common Stock is LSTZA.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

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