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RMS LIMITED PARTNERSHIP CONCLUDES SALE TO LIBERTY MEDIA

 ST. PETERSBURG, Fla., Feb. 12 /PRNewswire/ -- Home Shopping Network, Inc. (NYSE: HSN), announced that its controlling stockholder, RMS Limited Partnership (RMS), today concluded the sale of 20 million shares of the Class B common stock of HSN to a subsidiary of Liberty Media Corporation (Liberty) pursuant to its contract dated Dec. 4, 1992.
 According to that contract, RMS also granted the Liberty subsidiary an assignable option to purchase two million shares of the Class B common stock of Silver King Communications Corporation (Silver King) for $2 million. Silver King owns and operates 12 broadcast television stations in major markets and was recently spun-off to HSN's shareholders. In exchange for the HSN stock and the Silver King option, Liberty paid RMS $58 million in cash and issued 4 million shares of Liberty Class A common stock. The transaction was closed upon termination of an antitrust review following submission of information by the parties in response to a second request by the Department of Justice.
 By virtue of its acquisition of the HSN Class B common stock, which is entitled to 10 votes per share on the election of directors and other matters and votes as a separate class on major corporate transactions, Liberty will be able to exercise voting control over HSN. As of Jan. 31, 1993, HSN had outstanding 64,200,933 shares of common stock net of treasury shares and 24,159,456 shares of Class B common stock. Also, in connection with the transaction, John Malone, Peter Barton, Robert Bennett and John Draper, all officers of Liberty, were named to fill five vacancies on HSN's board of directors. Roy M. Speer will continue to act as chairman of HSN's board of directors.
 Immediately following the closing, the HSN board of directors received a merger proposal from Liberty whereby the shareholders of HSN, other than Liberty, would receive a package of cash and securities valued at $9 for each share of HSN common stock purchased in the merger, consisting of $5 in cash, $1 of Liberty Class A common stock and $3 of stock of a new subsidiary of HSN. The new subsidiary would own all of the assets of HSN's National Call Center and National Ticket Network, and its technology would be used to expand its activities in the subscription television industry. The value of the subsidiary stock will be determined by an appraisal by an independent investment banking firm. Consummation of the merger proposal is conditioned upon the approval of the HSN common stockholders, the negotiation and execution of a definitive merger proposal and other customary terms and conditions.
 Speer stated, "Liberty's investment in HSN represents a strong endorsement of the technological and marketing infrastructure that we have developed over the last several years and presents significant opportunities for HSN to expand its business through use of its tested technology in areas other than video retailing."
 Speer added, "With the completion of the Precision Systems Inc. (PSi) and Silver King Communications, Inc. spin-offs to HSN's shareholders, and the conclusion of the Liberty transaction, management will now be able to devote its full attention to the pursuit of its core competencies -- the Home Shopping Club (HSC), the National Call Center (NCCi), and National Ticket Network (NTN)."
 Peter Barton, president and CEO of Liberty, stated, "This may be the most significant transaction in the history of our company. The resource and strengths of HSN, particularly its National Call Center, will enable Liberty to take advantage of fantastic new opportunities that will arise as the nature of television evolves in the next five years."
 -0- 2/12/93
 /CONTACT: Home Shopping Network corporate communications, 813-572-8585/
 (HSN)


CO: Home Shopping Network ST: Florida IN: REA SU:

JB-SS -- FL004 -- 6064 02/12/93 09:37 EST
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Date:Feb 12, 1993
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